In our past blogs, we’ve drilled into the benefits of interview marketing and cross-selling from a sales and revenue perspective. At the core, the Micronotes platform helps financial institutions cross-sell more effectively, which not only reduces marketing costs, but also improves customer loyalty and retention. However, if we approach the problem of digital engagement from a different angle, we can see that using Micronotes can actually save you time… a couple of decades to be exact. If you'd like to listen to our webinar about the topic, the video is below.
At Micronotes, we can interview about 25% of a financial institution’s online population in about 6 months. And interview marketing has demonstrated, on average, a 50X improvement in click-through rates over banner ads (5.0% versus .1%, respectively) .
Based on customer data (above), engagement rates for Micronotes campaigns move in near lockstep with click-through rates, though typically doubling click-through rates. In other words, about twice as many people click on at least one interview as click on an impression.
Assuming a constant ratio of engagement to click-through rate, we can also model customer engagement over time:
Based on our customers' data, Micronotes engages about 25% of the online banking population every 6 months. If we assume that each 25% is a random subset of the population, the compounding effect means that after about 6 years or so, we will have connected with the maximum number of banking customers possible--connected with meaning we've engaged them at least once. Here we've capped out our chart at 80%, assuming that for this bank, there will be 20% of customers that are simply not receptive to any marketing strategy, but this asymptote can be easily adjusted to fit your institution. On the other hand, we’ve plotted banner ad engagement. With click-through rates 50X lower than Micronotes interviews, banner ads engage about half a percent of the population every 6 months. This means that using banner ads would take almost 30 years to reach the same number of customers we engage in 6 months with interviews. And since all that individual customer information is written back to the Micronotes platform for predictive analytics and retargeting -- we see a radical boost in cross-sell productivity. So the question is -- do you really have a decade or two to understand and serve your customers’ needs?