Historically, marketing and advertising has been about tonnage... big reach = big success. Then we started to improve our targeting, and stopped sending lawn mower ads to people that didn’t have lawns.
Here at Micronotes, we use machine learning to systematically improve targeting accuracy, and what we've observed, over time, is pretty interesting: instead of reaching more people, we're reaching fewer but — overall, we're generating more sales.
Below we can see that fewer customers are interviewing but — the trend is towards higher acceptance rate of offers made.
Separately, we observe a near doubling in year over year sales to date on fewer interviews and about the same number of leads.
This is what good machine learning looks like: more sales from fewer interactions.
Here's how everyone wins:
- Customers receive greater personalization and a better overall banking experience
- A better overall banking experience generates more referrals — lowering acquisition costs
- Financial insititutions generate more cross-sales from the same digital banking population
Overall, as our machines continue to learn, we'll generate more sales with fewer interruptions for enhanced revenue and customer experience. These two objectives are no longer mutually exclusive. If you'd like to learn more about providing a better experience and driving more cross-sales — get in touch, we'll be happy to show you how.