Industry: Financial | Location: Europe
Following the financial crash of 2007/2008 the UK government recommended that there should be more competition and choice in the UK retail banking sector. The ability to switch bank accounts in a fixed seven day period was felt to be critical to increasing competition in the market. A UK financial leader and provider of existing clearing and faster payments services used this opportunity to create a faster switching service. To increase awareness of their new service and its website, the firm planned an integrated web and paid media campaign.
The organization wanted to capture individual consumer interactions to identify those interested in switching banks and then subsequently target them off-site with intelligent media that would solidify their confidence in the service. A customer engagement solution was required to measure awareness, consideration and intention of consumers to use this new offering.
To track, segment and deliver advertising retargeting to the approximately half a million annual website visitors, the brand needed a solution that went beyond aggregated engagement scores and utilized a sophisticated web tagging architecture that could track on-site engagement and individual customer journeys. The system would then need to pair this site interaction data with a DMP to track media spend in real-time and create message synchronization across web and paid media to determine next best action and increase spend efficiency. Paid media would include delivery of TV ads, banner display ads and more.
In just over a week, the brand’s agency implemented the Kitewheel Customer Journey Hub to assign individual website visitors with an anonymous user ID. This was then synced with a DMP and assigned to a particular segment for media marketing. A tagging capability allowed the brand to create user profiles against their site engagement. This developed a profile of people who would be likely to use the switching service and then find look-a-like prospects via the DMP who had never been on the site but matched the likely switchers profile and browsing behavior.
Everyday, website data is synced to update all profiles as necessary and move them into one of two workflows. Site visitors are also served an entry and exit poll to gauge their likelihood of switching accounts based on the content they were served. This extra information is then pushed back into the DMP to allow the brand to better target individual site visitors.
Over the first 4 months, the system has analyzed 250,000 distinct visitors’ behavior profiles using Kitewheel to integrate the brand’s AdTech with their web property. By retargeting previous site visitors with relevant content based on their browsing behaviors, click-through rates increased by over 260%. In addition, intelligently targeting likely switchers through the DMP based on their profile achieved a dramatic 10x improvement in acquisition click-through rate from 0.1% to 0.97%. This intelligent and dynamic acquisition campaign turned unknown insights about consumer interaction with both the website and paid ads into known and profitable insights. Work is now underway to improve this award-winning solution and personalize returning site visits based on.
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