CASE STUDY: How a Global Financial Leader Solved the Multichannel Marketing Challenge

You already know what multichannel marketing can do for your company (and if you aren’t sure, read this). You’ve likely also experienced the challenges that managing multiple channels can bring (more on those here).

So, why do some companies excel at communicating with prospects, customers and other stakeholders while others struggle? Many factors go into a successful program, but without the right technology, the challenges can easily overwhelm the benefits.

Some marketers try to run sophisticated marketing initiatives using a communication system made up of mismatched elements that don’t work together. Maybe you have one of these, too, with elements like a social media messaging program from one vendor, a recommendation engine from another and a freebie analytics package, all bolted onto a homemade email messaging system.

It sounds like a contradiction, but the more complex your communications become, the more streamlined your messaging system must become. All the various parts must work together and be managed easily by everyone, from IT on the back end to all front-end users who communicate to your various publics.

Instead of flipping back and forth between this dashboard and that spreadsheet, your marketers can click between tabs. Instead of managing a complicated maintenance and upgrade schedule on each individual component, your IT staff has a single engine to tune.

If these are some of your main challenges with your multichannel marketing program, read below to see how the solution to a problem within a single division of a major corporation ended up being implemented throughout the entire organization.

Case Study: Global Bank

“Global Bank” is the code name we’ve given this Fortune 100 financial-services company, a household name in banking, credit, real estate and other financial services, with operations hosted around the world.

The challenge:

Global Bank had been using a patchwork of in-house and third-party messaging platforms to manage and send customer communications and marketing messages across multiple channels. This created a disconnected and inconsistent message environment and caused vexing problems for both the IT staff and the marketing and customer-service people in the bank’s various business units.

Each unique product in the mix had its own support staff and interface and needed extensive IT time to set up, maintain and upgrade. The inconsistency and lack of integration among the messaging tools made it hard for product managers to explain the benefits of using them to the business-unit staffs. This, in turn, made messaging and marketing campaigns less effective.

The solution:

Global Bank brought in Brick Street’s CONNECT to send new-product alerts to customers in its North American credit-card business. However, CONNECT’s successful performance – through seamless message integration across channels, flexible integration with existing bank systems and on-premises data security – led the bank’s internal product management team to expand CONNECT beyond the initial credit-card unit and to use it for a much wider range of messages.

Today, CONNECT drives sophisticated and coordinated cross-channel messaging campaigns across Global’s diverse business units, which include mortgage, retail, auto finance insurance payment and cash management.

What started as a basic set of new-product alerts has evolved into a messaging environment with multiple goals:

  • Promoting new products
  • Moving customers into digital channels
  • Sending automated lifecycle messages based on customer behavior
  • Generating proactive communications and alerts, such as payment reminders or fraud warnings

The results:

The CONNECT platform was able to help the bank achieve greater customer loyalty and engagement and to generate hundreds of millions in receivables since implementation in 2001. Roughly 889 million messages were sent in 2012 alone.

Here are a few numbers:

  • The Credit Card business unit booked more than 16,000 balance transfers totaling $36 million in receivables.
  • The Consumer Lending unit cross-sold more than 3,000 loans totaling $61 million in receivables in a single campaign.
  • The Consumer Lending unit also launched an eight-campaign series using CONNECT in which 3,800 loans representing $85 million in receivables were sold.
  • The Auto Loans department generated 925 auto loans ($17 million in receivables) in a single campaign.

The Next Step: How’d We Do That?

Would you believe me if I told you Global Bank achieved those numbers (and many more that space prevents me from listing here) using just two dedicated team members? That’s just one part of the amazing story that CONNECT helped this international company achieve.

In my next blog post, I will explain how CONNECT’s various features and integrations make the magic happen for companies of all sizes and messaging needs. Stay tuned!

Related Resources

Case Study: Helping a top global bank tame cross-channel messaging

“What multichannel marketing can do for your company”

“Multichannel marketing: It rules the marketing world”

Brick Street Email Subscriptions

Keep up on the latest multichannel marketing news with Brick Street’s monthly email newsletter. It connects marketers to technology. Get it now.

If you enjoy reading our blog posts and do not wish to use a RSS reader, please subscribe to this blog and get the multichannel marketing know-how you need, as soon as it’s published.

Image courtesy of  GL Stock Images

Speak Your Mind

*