Determining the opportunity and creating client treatment groups
Bank needs to identify the optimal audience for direct-mail campaign
CHALLENGE: Bank wants to target best clients for a cross-sell campaign
The bank knew what financial products and balances its clients held with them, but did not have a way to identify which clients had the most potential for growth, resulting
in a sub-optimal direct-mail target list
The firm wanted to:
Understand the total financial opportunity held by its clients
- Determine its campaign target audience by identifying clients with significant asset growth potential
By using WealthComplete, the bank can:
GAUGE the total opportunity and its share of wallet for its entire customer base
- SEGMENT its customer base and identify high growth potential “Develop” clients to target for its campaign. “Develop” households have a less than average balance at the bank, but likely have high total investable assets
RESULTS: Bank uses total assets estimates to segment customer base and select high opportunity customers for its direct-mail campaign
The bank DEVELOPED TREATMENT GROUPS based on clients’ assets at the firm and total estimated assets.
By capturing just a percent of the Develop segment’s opportunity via a direct-mail cross-sell campaign, the bank can reasonably expect to generate a significant amount of assets:
Results may vary based on actual data and situation.