Which 1/3 of Your Customers Expects a Major Life Event?

Bank customers buy or shed products within 30 days of a major life event, presenting some major problems for marketers:

  1. Which customers are expecting a major life event?
  2. Which life event is it?
  3. What’s their timing?
  4. What products do they need help with? 

With fewer customers visiting branches, getting at these answers is difficult. One of our customers, however, has solved this problem by conducting a life events campaign wherein they simply ask their customers if they expect a life event when they are done with their online banking business. 

The results after about a month were pretty impressive:

Audience size: 7,091

  • Live: 38 days
  • Impressions: 8,311
  • Interviews: 3,124
  • Click-through rate: 45%
  • Leads: 261
  • Declines: 636
  • Completion rate:  83%

About 1/3 of customers interviewed are expecting a life event and the chart below indicates the percentage of customers responding with each type of life event.  

lifeevent_0.png

A lot of people are facing tuition bills.  Each of these customers was further interviewed as to their exact needs around their particular life event. The Micronotes platform then automatically crafted an offer based on each customer’s individual response, yielding 261 product-specific life events leads in 30 days out of an online audience of 7,091. 

You’d need a 30-day active online banking audience size of about 240,000 to get that number of leads with banner ads and landing pages.  That’s the power of interview marketing productivity.