Imagine if a bank created a direct marketing automation platform able to communicate to customers in a personal, timely and relevant manner, and drive huge financial gain – then chose to pivot its focus towards helping customers become financially better off, even if it meant losing revenue.
This is exactly what ASB did. Aware that trust in financial institutions was declining, ASB committed to focusing their direct marketing towards delivering Good Customer Outcomes (GCO) that left customers financially better off.
The ASB pipeline had focused on delivering volume – creating a library of conversations to return on our investment in the technology. In any large organisation, changing the priority of a large number of people and processes requires a top-down approach. The strategic direction needed to change in order to be successful.
For FY19, a new target was set for automated campaigns delivering GCOs. These campaigns were set to run daily, using data to identify eligible customers who, through practical actions like saving on fees, could become financially better off.
Relying on previous campaign tracking and financial attribution analysis that demonstrated which communications truly made customers financially better off, ASB developed new campaigns that identified potential cost savings, advised on appropriate products and gave greater financial visibility.
It worked. A strong strategic vision, coupled with processes and tools to facilitate change meant ASB delivered 69 multichannel direct campaigns that resulted in 805,812 Good Customer Outcomes, 160% of their original target.
By responding strategically to the issue of consumer trust, ASB took an already successful marketing automation programme and created hundreds of thousands of Good Customer Outcomes. They can take pride in the way they’ve used the power of marketing automation for good, putting more New Zealanders one step ahead.