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 \"take the money and run\" 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?
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