New Movers Net-of-Control Checking Response Rate
Hitting a Moving Target
Well-timed and positioned new mover marketing campaigns can more than double the response rates seen in traditional marketing efforts.
Challenge:
Three super regional banks each sought to increase the efficiency of their new to bank consumer checking marketing campaigns. Their goal was to lower their overall cost per account (CPA) without seeing any degradation in the quality (defined here as average balances and retention) of new accounts being opened in their marketing programs today.
Solution:
Through our new movers solution, a subset of our life event trigger suite, the banks began running weekly direct mail campaigns to ensure they were hitting these consumers at the first moment they appeared in our new mover sources. In addition, we helped them develop content, marketing collateral and offers that would resonate specifically with this unique audience.
On average, these banks saw campaign results that yielded 2x higher net-of-control response rates (a metric calculated by removing the normal business response they see without employing any marketing efforts) when compared to their current batch marketing efforts. In terms of quality of accounts, both goals were exceeded with an average 10% increase in retention rate and 15% increase in average account balances when viewed one year after the campaign deployment.