Optimize acquisition marketing
After discovering a decrease in targeted marketing effectiveness, a US financial institution used Pitney Bowes Software solutions to optimize its acquisition marketing.
Challenge
After many successful cross-sell marketing campaigns for home equity loans, they found its direct mail marketing in decline. With proper analysis, they found many of its cross-sell financial customers chose equity loans without receiving the marketing material.The organization then sought a financial services solution to improve the true return for Home Equity Lines of Credit (HELOC) cross-sell marketing campaigns. What would be needed was an uplift modelling solution to test the response rate between treated and control groups.
Solution
The organization had already created two data models with functions similar to uplift modelling, with limited but unrepeatable success. What was needed was an uplift solution with the capacity to update to optimize acquisition marketing in multiple campaigns.The organization is now on its fourth generation of uplift models for its HELOC acquisition marketing campaigns and delivering it’s highest-ever levels of cross-sells. The success of the financial services solution, Portrait Uplift, has even created a demand for its use in other marketing initiatives by the company.
Portrait Uplift from Pitney Bowes Software continues to enable this organization to identify customers who will respond favourably to marketing material, delivering increased return on marketing investment (ROMI).
Benefits
- Increased incremental cross sell by over 300%
- Delivered over $1 million increase in incremental revenue from just two campaigns
- Reduced direct marketing volume by up to 40%, increasing profitability
- Increased incremental responses for one Line of Credit campaign 189% year-on-year
- 73% increase in incremental direct deposit accounts opened from a single campaign
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