How (and Where) to have Relevant Conversations with
the Right Consumers for You
Kasasa CMO, Keith Brannan
87%
of consumers use more than one device at a time. Accenture “Digital Video and Connected Consumer”
Win their attention with cross-channel marketing
What is cross-channel marketing?
It’s an approach to marketing that ensures consumers get exposure to a consistent message across the channels of media most relevant for that consumer type.
EmailDirect mailDigital advertisingSocial media advertisingBroadcast (Internet and terrestrial)PandoraOut of home
Email is a must-have
77%
of online consumers prefer email for permission-based marketing messages.ExactTarget — Survey of 1,500 online consumers (age 15 and up)
Your cross-channel strategy
Effective email marketing relies on a combination of factors.
The good news is:
Email is budget-friendly.Proven success for financial institutions.When done properly, it enhances all your other marketing efforts.
Irresistible recipe for email
Thoughtful Targeting+ Compelling offer+ Relevant message + Timely delivery
= Engaged consumers
Pitfalls to avoid
TARGETING? DESIGN & COPY?NO TRACKING OR OPTIMIZATION?
Mailing just to mailBlasting all demographics with the same messageMailing the same message too many times to the same consumer
Weak email copy and designPoor website landing pages
Lack of performance trackingNot monitoring the preferences of the consumer
What you need
An automated system that lets you:
1. Immediately act on changes in your data or transaction results.2. Access to consumer data from your community so you can acquire a list
of the right people.3. Host email creative and compliance in a library you can utilize to build
campaigns.
4. You must have something to offer for someone to open your email. 5. Good data control and practices for opt-in.6. Consumer options to complete the purchase or move through the
purchase funnel.
What you need (continued…)
Challenges of cross-channel automation
Start with clear objectives
Do you want consumers to:
Open new accounts?Switch accounts?Utilize the products/services they already have (i.e. debit card adoption, e-statements)?Purchase new products (i.e. loans, LOC, other deposit or investment products)?
Let’s peer down the tech/vendor rabbit hole
CRMData warehousingData sources, such as FICO and ExperianDigital asset managementCampaign managementDemand-side platformsMedia channel integration, such as print and emailExplosive growth in endpoint platforms such as Constant Contact and Onovative
The Marketing Technology Landscape — 2012
The Marketing Landscape — 2017 — 5000 companies
Vendor analysis can be costly and risky
Too many options
Time it takes to decide on a path
Risk of meeting business requirements
Implementation risks
Resource and skill risks
Execution risks after implementation
Marketing expertise is less than half the battleOnce you choose a vendor, you still need to navigate the relationship.
Integrating data to get the most from your toolsDesign or edit email creative assets Integration with the technology team Setting up marketing channels and cadence for deliveryVerifying and testing that the functionality works end-to-endDetermine and implement measurement plansManagement and continuous improvement
Utilize the full arsenal for consistent engagement
1
15 4530 601
60
Cross – Channel Details
One list to drive all engagement
Personalized creative
Cross channel alternating cadence supported by consistency in social channel
Direct Mail, Social, Email utilizing new platform
Measurement is mission-critical
Continuous improvement is your only road to marketing success.
How should you measure success?
1. Engagement is the first and best measurement because you must have a volume of touches to reach today’s consumer
2. Website traffic or landing page traffic as a measure of action
3. Total conversions of new accounts or activities based on the marketing messages
4. Monitor desired actions in proximity to distribution (2-week reporting window)
Email case studyMidsize credit union
Case study: Midsize credit union, MN
Objective:Generate new Kasasa Cash Back accounts and grow deposits
Plan:Six week cross-sell campaign
Case study: Midsize credit union, MN
Execution:
Budget: $4,400 ($2,200 per campaign)Each campaign consisted of 3 touches, sent a week apart Sent to non-DDA customers without a Kasasa accountList size: 7,000 (the same list was used for both campaigns)No account opening incentive was offered
Case study: Midsize credit union, MN
Results:1. Total targeted impressions: 38,0002. Average campaign open rate: 28%
(compared to a 22% financial services industry average)
3. Total leads generated via landing page: 98 (64 in December and 34 in February)
4. Overall campaign impact: 34% lift in Kasasa Cash Back accounts opened
5. ROI: 1,637%
34%Lift in Kasasa Cash Back accounts opened
Who else is embracing cross-channel marketing and marketing automation?
…but they all have scale...
A problem of scale, data, and capacity
You need data for cross-channel marketing.
You don’t need a massive budget.
Partner with someone who can put their scale to work for you.
Invested for the long haul
Cross-channel marketing and integration at Kasasa
Performance Marketing – Acquisition Life Cycle Marketing – Cross Selling
Start with the right segmentationPerformance Marketing — Acquisition
KEY DEMOGRAPHICS
Life Stage: Couples range from 25-54 in age and typically have multiple children at home
Education/Career: Middle and working class families, with a few skewing to upper middle class
Average HH Income: $66,722
2.65xmore likely to be a customer
Age 32;College Debt
$30K
Found in Urban and Metro Areas
Mobile Aficionado,
Internet, Radio
$66K IncomeHome Owner
3 Kids
Increase performance with smart programs
Life Cycle Marketing— Cross Sell
Always-on Programs
Use consumer transaction data to drive new programs, messaging and new predictive models
Cross-channel marketing and integration at KasasaKasasa has access to material and programs to run across many channels:
DigitalSocialEmailDirect mail
TVPandoraIn-branchEvents
Monthly engagement report
The other fish in the sea
When evaluating vendors be sure to avoid:
Features you don’t needSystems requiring you to hire staff just to support the toolSystems that don’t come with any financial service knowledge or creativeSystems that can’t act on your data all the time without daily attention from your team
Are you prepared to automate?
Cross-channel marketing and marketing automation is the future. And it’s a complex challenge.
We’ve helped more than 400 community banks and credit unions develop results-driven marketing plans. We can help you integrate email marketing into your larger automation plan.
Questions?