Boosting Share of Wallet: A Midwestern Bank’s Success with EngagementIQ

Challenge:

A Midwestern Bank faced the challenge of juggling numerous marketing initiatives with a team already stretched thin. Lacking the time and resources to develop and manage a comprehensive marketing program, they needed a partner who could efficiently maximize their marketing budget and deliver results. Their goal was to identify low-hanging fruit to grow customer share of wallet and increase the number of products per customer.

Solution:

WordCom introduced EngagementIQ, leveraging advanced predictive analytics, machine learning, and personalized segmentation to design a cross-sell program. Demographic and financial behavior data was appended to the bank’s customer data, creating a 360-degree view of their customer base. The campaign targeted customers more likely to have high-balance deposit products with a combination of mail and digital communications. The top-scoring customers received mail and digital follow-ups, while a secondary group was tested with digital-only channels. The program began with a focus on deposit products and later expanded to include equity and mortgage offers, ensuring the right offer reached the right customer each month.

Results:

• 10,975 Households targeted
• $15,689,261 in deposit balances
• 2.4% CD/Money Market Household response rate
• $59.50 cost per account
• $459.37 deposit dollar per dollar spent

The combination of targeted mail and digital follow-ups resulted in a response rate 3.5 times higher than the digital-only group, demonstrating the effectiveness of a tailored, omni-channel approach in meeting growth goals and building strong customer relationships.

EngagementIQ Case Study Notes:

Goals:

• Maximize marketing budget / make the most impact. They wanted low hanging fruit so we recommended a cross-sell program to grow customer share of wallet / # of products per customer.

Challenge

• They have a lot of balls in the air, the marketing team is pulled in too many directions. No time to create or run a program, they needed a partner. They also don't have the resources to properly track and discover insights. 
  

Solution:

• Appended data to their bank’s customer data using WordCom’s customerIQ, which is a service that allows you to append valuable data to your customer file, including demographics, life event triggers, next most likely product, attrition scores, and more. By combining this data with your data, you can gain a 360-degree view of your customer base and identify opportunities to improve engagement, increase revenue, and reduce attrition.
• Designed mailers and digital communications to be specific to the offer.
• A predictive model was used to identify customers more likely to have high balance deposit products
• The top scoring customers were sent mail that was supplemented with digital to the household and Social Match.  The remaining group was still more likely than 75% of other customers to need a high deposit product but we were testing the less expensive digital only channels.  The group that received the mail and digital responded at a rate 3.5 times higher than the digital only group.
• The first couple months focused on deposit products but the program has expanded to include equity and mortgage offers to have an omni-channel communication program that targets the right customer with the right offer each month.

Results:

• 10,975 Households communicated to (approx. 2 times)
• 119 days of tracking
• $15,689,261 in deposit balances
• 57 Money markets ($4,603,496)
• 208 CDs ($8,466,625)
• CD/Money Market Household response rate - 2.4%
• $59.50 cost per account (all accounts)
• Deposit dollar per dollar spent ($15,689,261/$34,154) - $459.37