An optimized Customer Journey increased response rates by 50%.

  • Industry: Financial
  • Client: Financial Institution
  • Location: North America

The Need:

Optimize the customer journey in order to improve ROI.

The Challenge:

With so much effort dedicated to mass communications that was both expensive and inefficient, the client needed to improve targeting and provide more timely and relevant communications.

Unique journeys were set up to respond effectively to customer's actions.

The Solution:

Leveraging CentricIQ’s Customer Lifecycle Management solution, we developed a sophisticated decision and optimization model to trigger the next best offer for every single customer. It was based on a customer’s transactional history, demographic profile, the likelihood to purchase, product profitability, and modelled data. Trigger-based event communications were set up to respond quickly and effectively to each customer action.

They included unique and automated direct mail packages and emails, with personalized creative based on listening to previous interactions. Contact rules were established to ensure customers would never get more than two communications per month. Finally, we developed a unique “signature” for every customer. It was a code carrying all the information required to develop each communication which ensured that the most logical communications was prioritized and personalized for each customer.

The Results:

This customer journey strategy reduced touch-point costs by 35%, improved ROI by 40%, and reduced over-solicitation of prospects. We reduced the volume of communications and increased response rates by as much as 50%.