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PURL's for Profit

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  • 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.”
  • Transcript

    • 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?
    • 5. 5
    • 6. What’s Consistent With The Best Multichannel Experiences?
      It’s About YOU!
      6
    • 7. 7
      What channels should you use to reach your customers?
    • 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
    • 9. Consumers Still Like Traditional Media
      9
    • 10. Why Direct Mail?
      FI Channel Use Mirrors HealthCare
      10
    • 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
    • 17. Original Flowchart
      17
    • 18. Original Branch Letter (sample)
      18
    • 19. Original E-mail (sample)
      19
    • 20. Original Personalized Landing Page (sample)
      20
    • 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
    • 22. Adjustments Prior to Bank-Wide Launch
      Less in-your-face selling (especially on landing page)
      Clients expressed a desire for additional, third-party information to help validate purchases
      More product offers
      New, more visually engaging creative
      • And create separate versions between Emails A and B
      22
    • 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
    • 24. Revised Direct Mail
      24
    • 25. Revised Email
      25
    • 26. Revised Landing Pages
      26
    • 27. Onboarding Flowchart
      27
    • 28. Onboarding Creative
      28
    • 29. How Has the Economy Impacted Our Program?
      More emphasis on credit related products
      Renewed focus on moving clients to electronic channels
      • Use of e-mail, banner ads, and paid search has increased due to cost efficiencies
      Heavier reliance on online product applications vs. opening products in branches
      29
    • 30. ‘11 Credit Emails
      30
    • 31. ‘11 Credit Emails
      31
    • 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
    • 35. 35
      Matthew.Wilcox@zionsbancorp.com
      801-316-1664
      Mattwilcoxpro.com
      @mattwilcoxpro

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