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PURL's for Profit
1. PURL’s for Profit Harnessing Personalized URL’s for Onboarding 1 Matthew Wilcox, Zions Bancorp August 23, 2011
2. Why Multichannel Marketing? People search before they buy People want buying options Your best prospects have been exposed to multiple messages Multichannel marketing delivers better results: Improved retention Increase revenue per purchase Increase in products sold per customer Acquire Retain Engage Grow 2
3. New AIDA Continuum Old Media New Media Acquire Retain 40% 10% 1% Engage Grow Social Media 3
4. 4 What was your last great multichannel marketing experience?
8. While FI Interactive Spend is Growing Rapidly . . . Spend represents one of the largest spends of any industry evaluated by Forrester Research 18% CAGR For Interactive Media 8
11. Channel Choice is Driven by Buying Stage and Trust Trustworthiness of Channels When shopping for a service, consumers are more likely to use interactive channels When ready to make a purchase, consumers rely on more traditional sources including friends and family Women prefer more traditional sources more than men 18-34 year olds prefer mail and newspapers vs. social media Traditional Channels are Trusted More 11
12. Channel Choice Changes During Buying Process Awareness Mass Media Social Media Company Websites POS Direct Mail Email Direct Mail Email Phone Direct Mail Email Phone Email Company Websites Direct Marketing Search Engine ATM Direct Sales Company Website Applications Jump Pages ATM Phone Direct Sales Direct Mail Interest Acquire Engage Cross-Sell Need to Match Channels With Purpose Retain 12
13. 13 So, how do you avoid being road kill with your multichannel marketing efforts?
14. Steps to Success for Zions Bank Started with a clearly defined business model Developed a very attainable business plan Defined business rules and processes Focused on substance as opposed to style Tested and measured 14
15. Multi-Touch Program Overview Integrate both e-mail and offline direct messaging to our clients Goal: Increase share of wallet by focusing on the client’s next most likely product Once successful (acquisition of a new product), the program will repeat itself with a systematic up-sell/cross-sell strategy 15
16. How We Got Started Run a Pilot of 50,000 households in Q4/09 to test the program and process Refine processes for bank-wide implementation Q1/10 Expand to include small business clients Establish Key Performance Indicators (KPI) for revenue and account growth 16
21. Pilot Key Learnings Business logic and program rules were validated for bank-wide rollout Our product benefits weren’t coming across clearly — too “me too” Incorporate metrics from the following areas Web site analytics (what pages and information are our clients looking for?) Personalized Landing Pages E-mail Direct Mail Branch Traffic Paid Search 21
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23. How Has the Creative Evolved New, more colorful design consistent with our new online brand Now incorporate specific offers or use incentives being offered in other areas Credit Card promotion Rate offers Landing pages with product related content from third party sources Byproduct of Website usability study 23
32. Key Program Results The Multi-Touch campaign drove impressive lifts over the non-mailed control group in terms of both account response rate (130%) and average balance (241%). About 84% of new accounts and 95% of balance dollars were in deposit-related product lines. Onboarding program has reduced attrition by approximately 5%. Increase in traffic to PURLs. 32
33. Key Program Results Overall, the campaign achieved an account response rate of 5%, with about 75% of additional accounts encompassing deposit products. Initial emails had an average open rate of almost 18% with slight dip in follow-up emails (down to 14%). Click-through rates for the first email averaged around 1.8%, dropping to 1% for the second emailing. 33
34. What Has Been the Impact on Other Marketing Efforts Reduced the number of “one off” messages via direct and email Cost savings Less list fatigue for emails Incorporation of Retail offerings within program Most communications are sent through multi-touch Each new product conversion gets funneled into Onboarding program 34
Apple Inc—is an American multinational corporation with a focus on designing and manufacturing consumer electronics and closely related software products. Apple sells the iPod, iPhone, iPad, computers and software. The iPod is the market leader in portable music players by a significant margin. The iTunes Store provides music, audiobooks, iPod games, music videos, episodes of television programs, and movies which can be downloaded using iTunes on Mac or Windows, and also on the iPod touch and the iPhone.Best Buy— is a Fortune 100 company and the largest specialty retailer of consumer electronics in the United States and Canada, accounting for 17% of the market. In addition to featuring more high-tech digital gadgets, particularly products promoting the integration of multiple technologies, the new stores were customized to meet the needs of local markets. They also placed a greater emphasis on high-end electronics coupled with service and installation--taking a page from the Magnolia playbook.Nike—a publicly traded sportswear and equipment maker based in the United States. Nike went into collaboration with iPod in order to promote Nike + Ipod products together. The Sports Kit enabling runners to sync and monitor their runs with iTunes and the Nike+. With a charity running event to boast, it increases their sales rapidly.Southwest.com— is an American low-fare airline based in Dallas, Texas, with its largest focus city at Las Vegas' McCarran International Airport.They provide a desktop widget called "Ding". Once installed and registered, this applet receives messages about special fares that are sometimes only offered for a few hours and that can provide substantial savings, particularly for trips that are not booked far in advance.Mini—is an automobile brand owned by the BMW Group which has produced vehicles in Oxford, England since April 2001.As shown on its website, users are able to customize the interior and exterior of the mini, all with the means of an interactive flash embedded on the homepage. Then, potential buyers are able to match and mix the different parts in order to achieve the desired dream car.
Multichannel marketing is not necessarily integrated communications Coordination of message, brand, offer and creative across multiple channels Campaign that lacks continuity makes unrelated impressions Integrated and coordinated marketing makes every impression count with each impression building on the previous regardless of channel
If the customer supplied an email address, the bank first sent an email. If there was no email on file, then a direct mail piece was sent. Based on the response to the piece, customers either received a follow-up email or direct mail piece. Overall, the list was split roughly 50/50 between direct mail and email.
A standard, white #10 envelope was used, without any teasers. Inside, a relatively tame letter greeted the customer, with engagement services listed on the side. What stood out, however, was the personalized URL, as well as “variable images” customized to match the offer and recipient.
Each personalized landing page bore a strong resemblance to the direct mail letter and email message. The email mirrored the letter creative, but subject lines varied. Often, they would include the first name of the prospect in the subject line — something like “Joe, special offer on VOLP checking.”
