Connect: How to Use Data and Experience Marketing to Create Lifetime Customers by Lars Birkholm Petersen & Ron Person & Christopher Nash

Author:Lars Birkholm Petersen & Ron Person & Christopher Nash [Petersen, Lars Birkholm]
Language: eng
Format: mobi
ISBN: 9781118963623
Publisher: Wiley
Published: 2014-09-04T14:00:00+00:00

Optimize your digital presence to get higher engagement by focusing on the customer first and creating relevant experiences in the different channels used. Use personalization and testing to help learn what is most effective and relevant for the different customers.

Optimize marketing initiatives by measuring marketing performance across channels.

Key performance indicators (KPIs) are tied with strategic objectives and measured toward specific marketing objectives.

Case Story: QT Mutual Bank

How does a bank with a track record for innovation vie for new customers and greater share of wallets in a highly competitive consumer banking market? The answer for QT Mutual Bank (QTMB) was to combine web-based gamification with social media, email, mobile, and data-driven marketing. This helped the bank to create connected customer experiences and achieve a 60 percent increase in quarterly sales growth.

Australia-based QT Mutual Bank offers savings accounts, home loans, credit cards, and financial planning services. With its origins as the Queensland Teachers Credit Union, the bank has a reputation for using technology to magnify its personal banking service. One example is the fact that QTMB was the first financial institution in Australia to install a network of 24-hour ATMs in 1977. In 2011, QTMB became one of Australia's first mutual banks.

Facing an increasingly competitive atmosphere, QTMB looked for innovative ways to serve the community while attracting new customers. With a product range that puts it squarely in competition with a number of other banks, a key objective was to enable QTMB to engage its customers in as personal a conversation as they'd have in a branch—whether they're interacting with QTMB's main website, mobile site, or through social media.

The innovative approach that QTMB and its digital agency developed is a campaign called “Staffroom for Improvement.” It is an annual campaign that awards a cash prize to a deserving school. The prize is used to refurbish the teachers' staff room of the winning school. The campaign was active for three weeks and open to anyone who registered. A gamification concept encouraged people to return, vote daily, and share with their friends. Participants used apples as virtual “apples for the teacher” that functioned as votes.

Participants were allowed to vote once per day but different techniques were used to generate repeated daily voting. For example, a participant's giving power could be boosted by participating in “happy hours.” Participants could also reach higher levels—from Apple Noob to Apple Ninja to Apple Wizard—that would give them increased giving power. A variety of data-driven personalization techniques were used to visually inform logged-in participants about their current giving power.

The Staffroom for Improvement campaign was promoted in QTMB branches, on QTMB.com.au, on the bank's Facebook page, and with a television ad. QTMB's marketers emailed the bank's 70,000 member customers and people who had voted in the previous contest. Visitors where directed to a registration site where a personalized experience helped create context. Results for the campaign were impressive:

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