Vienna Life's clients were facing the same problem for years - they didn't have enough knowledge and time to manage their investments products efficiently. That led them for financial losses and lack of overall satisfaction. As a result, Vienna Life started to losing clients. The remedy for this situation is a new free financial service, which helps in managing investments products. The main goal of a marketing campaign was to encourage at least 3000 customers to activate this service. As this service was absolutely new and unrecognized by the customers, at first we wanted to use a nurturing strategy.
To start with, we divided our customers into smaller segments with specific financial status on their investment accounts. Each of them received different kinds of marketing communication, so we can fit better to their financial perspective. Below I’m pointing out some of those segments:
-customers with a loss on their investment products
-customers who haven’t done any changes to their investment account for 6 months or more
-customers who haven’t logged in to online transactional system for 6 months or more
To distinguish content between segments, we used dynamic content in emails. Displayed content depended on customer membership in above segments. We used knowledge from the LVC course called “Conversion” to develop this solution. To personalize email content with a customer data we already owned, we used field merges which are easily accessed in email creator. Thanks to that, we could put customer first and last name and their investment value in an e-mail. To ensure best e-mail open rate, we used A/B testing to find the most suitable subject line for each e-mail.
To intensify our marketing communication, we searched for SMS add-on to Eloqua in Oracle App Cloud. After a brief research, we decided to choose Ubiquity Platform, as they weren’t charging for any additional cost, only of platform set up and actual SMS cost. The integration process was rather easy and after a few days was operational. As we haven’t used SMS channel in the past much, after the first SMS campaign, we observed a 500% growth of unique visitors on the landing page. What is more, SMS in Eloqua are highly customizable as you can put field merges into them.
The main point of the campaign was a landing page which contained expanded info about a service. Aside from text information, we have also created and uploaded to YouTube 3 simple videos explaining main functionalities of a new investment service.
Landing page also provided 3 ways of service activation:
-by transactional online system
-by calling our helpline
-by submitting an online form
Aside from Google Analytics script, we put an Eloqua tracking script on a landing page so we can look up exact visitors. Also, we put appropriate page tags to this landing page. Thanks to that in the end, we received two hot-lead segments:
-customers who visited our Landing Page 3 times or more, but haven’t activated service yet
-customers who clicked 2-3 e-mails about new service
Those two segments were imported to our CRM system to make it available for our Sales Reps. The conversion rate on these nurtured segments was 40% (for comparison, cold segments had 10% conversion rate).
During this campaign we have also tested Engage module and profiling. Part of our Sales Team were enabled to use Eloqua Engage to send email prepared by the marketing department. The main advantages of this solution were:
-Sales Reps tend to send unprofessional e-mails (in terms of marketing automation), so in this process they were using only this e-mails, which very previously approved by marketing department
-Sales Reps had access to email statistics (e-mail open, CTR) which are not available for example, in Outlook
We have prepared a scoring model based on customer engagement into new service communication and personal financial indicators. Thanks to that, Sales Reps could just enter Profiler in Eloqua and quickly look up specific customer and estimate their conversion chances. Another advantage of this action was familiarization our sales forces with Profiler and Engage by showing them decent and actual profit that can be gained by using these solutions.
Thanks to the nurturing approach to campaign communication, our company managed to reach 100% of a KPI goal within ½ designed campaign time. What is more, leads acquired by this approach have 4 times bigger conversion rate than previously acquired leads. Basic e-mail indicators (open rate and CTR) were also 2 times better than in campaigns that weren’t targeted, but just sent out to all contacts.
Recommended Oracle University Courses for this implementation:
-Conversion: Lead Score Model
-Conversion: Segmentation of Lead Scores
-Engagement: Personalizing Campaigns
-Targeting: Web tracking & page tagging
-RPM: Targeting & Nurturing
In my opinion, most of Oracle University courses are useful and I gained a lot of new skills and knowledge thanks to them, nevertheless some of them require to have at least basic Eloqua knowledge to fully benefit from them.
Vienna Life Team