By Devon Kinkead, CEO and Founder, Micronotes
It seems like every one of our clients is working right now on winning deposits to fund loan growth. I'm going to showcase how one $1.5 billion community financial institution used conversation marketing to drive $1.2 million in deposit growth in just two months of the second quarter of 2018. This was an extremely simple campaign with only one question and easy fulfillment options:
The audience was broad, as the campaign targeted everyone above 30 years of age who didn’t have a CD. With a click-through rate of 1.8 percent and an interview completion rate of 100 percent, 13 percent of the interviewees responded that they were interested in moving money to our client and wanted to learn more, either by phone or via electronic fulfillment. This campaign resulted in 26 people moving $1.2 million in new CD deposits to our client.
To recap this great campaign success, our client generated more than $1 million in deposits using these campaign best practices:
- Use a big audience if the campaign is mission critical; you can afford the mistargeting costs.
- Keep the interview length short; marketers only have 14 seconds of attention before you start losing most of your audience.
- Lengthen the campaign duration to keep the qualification level high to get more people into the funnel.
- Route call-back leads directly to the front lines for great customer service and make online fulfillment fast and easy.
And lastly, since 87 percent of the audience declined to learn more about the CD, that information can be used to train machine-learning systems to reduce CD targeting errors in future campaigns.