FI Firm Drives Omni-channel Targeted Marketing Efforts

Leveraging Financial Data and Segmentation Expertise

A leading brokerage firm wanted to combine its internal survey-developed attitudinal data with estimated consumer financial data and other granular metrics. With this combined data set, the team worked with the firm to devise a process for assigning customers and prospects to custom segments that could be applied in multiple marketing channels to support the firm’s new communications strategy and drive new business.

Challenge: Build a Data-driven Approach to Drive Omni-channel Marketing Efforts

A leading brokerage firm was launching a new communications strategy and wanted to build marketing efforts to support the new brand positioning. The firm wanted to reposition itself as a company that understands its customers and can help various investor types meet their specific investment needs.

In the past, the firm had relied on broad-based advertising to promote its brand. For the new strategy, the marketing team wanted to take a data-driven approach to both build awareness of its new positioning and also drive new business. They had already conducted extensive internal surveys that they wanted to incorporate into their targeting efforts, but knew they needed unique behavioral financial data and a sophisticated modeling approach to be able to assign prospects and customers into the messaging segments. In addition, the firm wanted to make sure that their custom segments could be applied both offline and online for branding and business development.

IXITM Network Member Financial Services Firm

Combine internal and external data to create a sophisticated data-driven marketing system that would support the firm’s new communications strategy and generate new business.

Utilize financial data, analytics, and modeling expertise to assign customers and prospects to a set of attitudinal targeting segments built by the financial services firm that could be applied to multiple channels. 

Addressable TV campaign to custom segments resulted in an over 500% lift in new account assets; segments could also be applied via online, mobile, direct mail, and other channels to enhance budget efficiency and offer consistent messaging.

Solution: Combine Data, Analytics, and Modeling to Allocate Consumer Records to Targeted Customer Segments

The team worked with the firm to create a process for implementing the firm’s new segmentation schema to market to multiple investor types, as per the following steps:

  • Start with firm data: The team started with the firm’s attitudinal survey data and a file of survey respondents that had been allocated to a set of messaging segments based on results of the survey.
  • Append financial metrics to survey respondent file: Financial measures were appended to the firm’s file to identify which metrics best corresponded to each segment. These included: WealthComplete® (wealth estimates), Investyles® (advice orientation, risk tolerance and many others measures of financial potential), estimated income and spending, aggregated credit information, demographic and geographic information, and other proprietary measures.
  • Develop custom segment allocation model: The team identified relationships between key financial metrics and segment membership, and developed a series of models to allocate target customer and prospect households to the multiple consumer segments that were developed by the firm.
  • Ensure all offline data can be used online: Critical to the overall process was the requirement that segments could be marketed to via offline and online channels. This was accomplished via an onboarding process performed by the team for the firm’s clients and prospects. 

500% lift in new account assets by targeting specific audiences via addressable TV

Results: Custom Segments Drove Over 500% Lift in  New Account Assets for Addressable TV Campaign

The custom segments enabled the firm to better market to consumers with desired characteristics and ensured that marketing efforts could be viewed by investors who are likely to be a good match for the firm’s brand and offerings. The firm could now apply the custom segments for both online and offline marketing:

Ads could be directed toward consumers in the custom segments via online, addressable TV, and mobile channels thus enhancing budget efficiency. To maximize spend, ads could be served to a narrower subset of households as opposed to the entire universe of digital consumers.

Point of service representatives could be empowered with additional insights on customers and prospects. The firm could also use the segments to tailor direct mail efforts.

The firm achieved positive results for an addressable TV campaign targeting the consumers in the new custom segments. Ads were directed only toward consumers in the new segments. Results showed targeting to custom segments via addressable TV achieved: 

  • Over 30% lift in the number of new accounts opened
  • Over 500% lift in new account assets

The firm is also evaluating marketing to consumers in the custom segments via additional channels in order to reach its audience with a consistent message across multiple touch-points.

2018 Case Study. Results may vary based on actual data and situation.


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