Retail Acquisitions - Know Your Goals Before You Start

Before you begin, what are you trying to accomplish?

Identifying your campaign goal is the most crucial 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 primarily rely on your specific campaign objectives.

Implementing & Evaluating Your Campaign

WordCom can help you tailor your marketing campaign based on your financial institution’s needs. We recommend that your frequency of messages be once every eight weeks.

Once your campaign has ended, WordCom will measure its success. This can be done in various ways:

• Establish a baseline and generate growth over that baseline: Using this method, we would review the last 3, 6, and 12 months to establish the proper baseline (although specific 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 following:

• 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!

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