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16-CaseStudy-Payoneer (1)


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16-CaseStudy-Payoneer (1)

  1. 1. IBM Commerce | IBM Marketing Cloud Integrating IBM Marketing Cloud with our campaign management system has enabled us to reach customers in a much more personalized way, and it’s been very effective. The digital channel mix is becoming more and more important, but to take users on a consistent journey, extremely targeted and personalized content will become increasingly critical. The goal is to carry on this conversation in a scalable, intelligent and automated way to grow the business value of each individual customer. IBM Marketing Cloud allows us to do exactly that. PAGE 1 Payoneer Online payments platform provider achieves open rates of 53% and click-through rates of 32% using dynamic content. “Innovative payments solutions for a borderless world” is how Payoneer positions its online cross-border payments handling service. Founded in 2005 and based in New York, Payoneer promises its customers lower fees, faster payments and greater flexibility when transferring money in 150 currencies and between 200 countries. Given its longevity and the fact that it’s ranked in the top 100 of Inc. 5000’s Financial Services companies, it’s a commitment that has clearly resonated with its target audience of SMBs and independent professionals who need a secure, efficient international payments platform. Cross-selling through portfolio education Payoneer’s business model is based on its customers’ usage of its payment platform for receiving payments from businesses in other countries. It is free for customers to sign up for Payoneer, so as soon they receive their account, Payoneer needs to focus its energies on getting them to start using the platform and introducing its customers to all of the services that could be relevant to them. In other words, Payoneer’s growth is dependent upon its customers’ success. In order to release this revenue brake, Payoneer’s managers realized they needed to find a way to help customers become even more successful by educating them about the portfolio. To do so, they needed to: • Understand customer behavior better by tracking and processing user behavior and running data queries at scale. • Generate awareness about other products by combining marketing messages with high-attention account statement communications. • Increase customer engagement with personalized content by automating the integration of dynamic content into email campaigns. In order to achieve these objectives, Payoneer turned to IBM. “ ”Jonny Steel, VP Marketing, Payoneer
  2. 2. PAGE 2 IBM Commerce | IBM Marketing Cloud The power of personalized content The integration of IBM Marketing Cloud with Payoneer’s own campaign management platform is enabling the company to create cross-sell email campaigns that integrate statement and new product information. In each mail, customers see the transaction figure for their existing currency account(s) and a link to ”learn more” about other services such as global receiving accounts in another currency. Not only does this make customers aware that Payoneer offers other services, it also helps them realize that opening an account in another currency could help them grow their businesses. How does it work? Payoneer’s campaign management system is able to combine multiple individual parameters into a single statement, including services that individual customers haven’t yet purchased. In addition, it keeps a record of which services have been offered in the past, enabling Payoneer to incorporate this information into future communications. By integrating this system with IBM Marketing Cloud, the relevant information can be combined within relational tables and then extracted to create the dynamic content required to send every customer a personalized email. This ensures that, for example, customers with a U.S. dollar account get offered the chance to learn about Euro and Yen accounts, and vice versa. The clicks speak for themselves The emails containing educational triggers about new business-building opportunities have proven highly effective. These campaigns have achieved open rates of 53 percent, — compared with an average of 40 percent for other Payoneer emails — and average click- through rates of 32 percent. In addition, 50 percent of customers who click through learn about one additional product, and 25 percent learn about two additional products. As a result, email is likely to take a more prominent role in Payoneer’s future marketing communications. “The digital channel mix is becoming more and more important, but to take users on a consistent journey, extremely targeted, personalized emails will become increasingly critical,” says Jonny Steel, VP Marketing of Payoneer. “The goal is to carry on this conversation in a scalable, intelligent and automated way to grow the business value of each individual customer. IBM Marketing Cloud is allowing us to do exactly that.” The Challenges • No clear picture of customer behavior • Low customer awareness of complementary products • No way of creating automated, personalized email messages The Benefits • Email open rate of 53% • Average click-through rates of 32% • 50% learned about 1 additional product, 25% learned about 2 About IBM Marketing Cloud: IBM Marketing Cloud, part of the IBM Marketing Solutions portfolio, powers the delivery of exceptional experiences for customers across the buyer journey by leveraging customer data and behaviors, providing analytical insights and automating relevant cross-channel interactions. The cloud-based digital marketing platform provides email marketing, lead management and mobile engagement functionality to inform and drive personalized interactions in real time. To find out more, please contact us at 1-866-745-8767 or +44 20 7202 5930 and visit