For financial institutions looking to boost their rate of retail acquisitions, marketing campaigns can be customized to pursue many different goals. But the first step is identifying those goals. Doing so will help you learn how your campaign should be designed (i.e., “what levers need to be pulledâ€), which can help to ensure your ultimate success.
Before you begin, what are you trying to accomplish?
Identifying your campaign goal is perhaps the most important step of the entire campaign. That’s because the campaign design will largely depend on your objectives, as shown in the table below:
As you can see, the development and design of the campaign will largely rely on your specific campaign objectives.
Implementing & evaluating your campaign
WordCom can help you tailor your marketing campaign based on your financial institution’s specific needs. We recommend that your frequency of message be once every eight weeks.
Once your campaign has ended, WordCom will measure the success. This can be done in various ways:
- Establish a baseline and generating growth over that baseline: Using this method, we would review the last 3, 6, and 12 months to establish the proper baseline (although certain market disruptions, such as COVID-19, are taken into consideration)
- Measure a simple response rate based on industry averages
- Establish and measure against a non-mailed statistically valid control group
When the last measuring technique is chosen, WordCom can help you decide or determine:
- The difference between an offer and creative control (inside the modeled group) and a model control (outside the modeled group)
- Whether you should measure against a static control (i.e., always use the same group) or a dynamic control (using a group that changes every time)
- What you should expect to gain on a control group (e.g., an 80%-150% lift in account openings)
Determining campaign goals ahead of time will go a long way in getting you on the right path to a successful program!