Emakina Academy #11 : "members get members" campaign for Keytrade Bank

Keytrade Bank “Members Get Members” Campaign Thibault de Barsy Marketing & Sales Director Keytrade Bank

About Keytrade Bank •  Founded in 1997 as the first 100% online bank in Belgium •  Today, subsidiary of Groupe Crédit Agricole •  Present in Belgium, Luxemburg and Switzerland •  75.000 clients on the Belgian market •  Aggressive growth during the last two years

Rationale for MGM (Members Get Members) •  Starting point : a very high customer satisfaction (according to a competitor’s study) •  Your customer is your best ambassador •  Prospects’ profile = customers’ profile = friends of your customers •  MGM = a catalyst

Campaign Briefing •  Customer acquisition campaign: attracting new customers on recommendation of existing ones (« members get members » system) •  We banned mass media of any sort: pure « word of mouse » campaign (no TV, no radio, no print ad) •  Primary objective: thresold of 500 new customers for Keytrade Bank •  Time period: 15/04/08 – 27/05/08

How it worked (1) •  Core principle: member sponsorship (« parrainage » / « peterschapsactie ») •  As a Keytrade Bank customer, you were prompted to invite your friends and relatives to open a bank account at Keytrade Bank •  For every new person becoming a Keytrade Bank customer, you and your friend received 20 euro as reward on your respective Keytrade Bank accounts (win-win deal). •  The more new members you sponsored, the more money you cashed in from Keytrade Bank.

How it worked (2) •  Activation of Keytrade Bank customers through 2 channels: * Banner in your private account on KeytradeBank.com * E-mail sent to Keytrade Bank customers database (61.400 contacts) •  All the trafic was driven to a micro-website where you could send a message to your friends and relatives with a « send to a friend » form •  Possibility to personalize some parts of the message (« Dear X, … ») to increase the impact •  Each new client was identified by a unique promo-code contained in the e-mail template

P.R. 2.0 approach (1) •  Press release on early results sent out one week before the end of the campaign •  Generated media coverage (La Dernière Heure, De Morgen) and some valuable buzz in the blogosphere •  The volume of search on “Keytrade Bank” also increased on Google (see next slide) •  The “word of mouth” also included classifieds, messages in forums and even Google Adwords from Keytrade Bank customers searching for people to sponsor → fed the viral effect and attract even more members

P.R. 2.0 approach (2) “I registered eight blog readers and got 160 euro. Tell it to the world: I’m now a fan of Keytrade Bank” PWNT blog

Results So, did we meet our objectives? •  2.258 customers invited 9.157 friends (average of 4 friends per existing customers who participated to this campaign) •  1.715 new customers acquired by Keytrade Bank = conversion rate of 18,6% = + 243% above initial expectations ! •  Only 6% of them had the quot;take the money and runquot; attitude (i.e. retrieved their 20 euro and dropped their new bank accounts) •  Total acquisition cost of each new customer : 54 euro (roughly 100% cheaper than the standard in the banking sector)

Thank you! Any question? 22

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Emakina Academy #11 : "members get members" campaign for Keytrade Bank

by Emakina on Nov 06, 2008

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Emakina Academy #11 : "members get members" campaign for Keytrade Bank — Presentation Transcript