Leading bank leverages digital targeting segments to increase opening balance by 300%
Leading bank seeks to increase initial deposit balances and gain more control over online targeting
CHALLENGE:
Improve ad targeting to increase initial deposit balances
The bank traditionally relied on running campaigns on common financial sites and utilizing premium targeting options across portals
The firm wanted to improve the efficiency of its targeting buy and increase the profitability of new customers
SOLUTION:
Extend offline use of Financial Cohorts® to enhance online targetingBased on the bank’s success in using Financial Cohorts segmentation in its offline efforts, the firm decided to test the digital version to enhance online targeting:
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DEFINE TARGET AUDIENCE: Identified select target Financial Cohorts clusters to target online based on desired investable asset and income levels for new customers
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REFINE TARGET AUDIENCE FOR ONLINE USE: Working through the bank’s preferred online publisher, the bank used the digital version of Financial Cohorts to select which online visitors would be served ads
3. EVALUATE AND ADJUST: After 30 days, the firm narrowed its target audience to online visitors in just the highest performing of the original Financial Cohorts target clusters
RESULTS: 300% increase in average opening balance of new deposit accounts
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INCREASE the average opening balance of new deposit accounts by 300% over other campaigns running within the same time period |
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Results surpassed campaigns that relied on vertical specific sites and enhanced targeting parameters Results may vary based on actual data and situation. |
