–Marketing Database and Campaign Manager, Top 5 Bank
A top U.S. bank’s direct mail strategy focused on selling more products to existing customers. Their existing targeting models analyzed up to 4000 pieces of information and sometimes took months to build, resulting in inefficient campaign execution.
The marketing department needed to improve its direct mail campaign planning process. They wanted to:
- Simplify their targeting models without sacrificing results
- Increase response rates
- Identify customers and prospects most likely to be interested in a specific product
The bank used Investyles wealth data to sharpen its targeting criteria. “Investyles is not a prediction of wealth; it is actual data,” the campaign manager explained.
Investyles wealth ratings and tendency measures enabled the bank to:
- Segment customers and prospects based on their financial potential
- Locate the right segments to target for specific product campaigns
- Identify opportunities to up-sell and cross-sell investment products
- Find qualified prospects to pursue
Investyles proved to be one of the top variables in the models the bank used to market its investment products, thus improving campaign planning efficiency. Just as important, the bank reported Investyles resulted in a 50% lift in response rate for several campaigns.
And when the marketing department was short on time, they used Investyles alone to define the target audience. “If I have a pressing campaign for an investment product and need to use Investyles alone, I can still cut the target audience in half and double my response rates. This saves me tons of money on printing and execution,” says the bank’s campaign manager.