A leading bank was running online advertising campaigns to promote its deposit products, including CD’s, money markets, IRA’s and high interest checking accounts. The bank traditionally relied on running campaigns on common financial sites and utilizing premium targeting options across portals.
In an effort to increase initial deposit amounts and the long term value of each conversion, the firm sought to gain more control over which online visitors were seeing its ads, improve the efficiency of its targeting buy, and increase the profitability of new customers.
The bank turned to IXI’s financially-based digital targeting options to identify and target online prospects that were more likely to resemble their most profitable customers. Because the bank had already successfully leveraged IXI’s Financial Cohorts asset-based segmentation system offline, it decided to test the digital version of Financial Cohorts to enhance its online targeting.
- Define Target Audience: First, the bank identified select Financial Cohorts clusters to target online. Households in these target clusters included consumers that were likely to have the firm’s desired investable asset and income levels for new customers, as well as desired behavioral and demographic attributes.
- Apply Financial Cohorts Digital to Select Online Visitors to be Served Ads: Working through the bank’s preferred online publisher, the bank used IXI’s digital version of Financial Cohorts to select which online visitors would be served ads. Only those households that were more likely to portray the financial behaviors and characteristics of the target clusters would see the bank’s ads. IXI’s digital solutions neither incorporate nor reveal any personally identifiable information, ensuring that audience privacy is maintained.
- Evaluate and Adjust: After approximately 30 days, the firm evaluated the results and decided to narrow its target audience for its online campaign to online visitors in just the highest performing of the original Financial Cohorts target clusters.
One of the targeted clusters had the following likely financial behaviors and characteristics:
By using select Financial Cohorts Digital clusters to define which online visitors would be served ads, the bank was able to:
- Increase the average opening balance of new deposit accounts by 300% over other campaigns running within the same time period, including those that relied on vertical specific sites and enhanced targeting parameters
If the firm increased its average opening balance by $30,000 and acquired 200 new customers per month, the firm could expect to increase its assets under management by $36 million after a 6 month period.