By Kevin Flanagan, Marketing Director, Micronotes
The best way to judge a client’s success in using the product or service you sell is to look at the results.
Numbers don’t lie. And as the person responsible for driving Micronotes’ marketing efforts, it’s enlightening to see the results our clients achieve from using our artificial intelligence-driven marketing automation solution for digital banking.
I recently attended a review of the results one of our clients—a West Coast financial institution with several billion dollars in assets—achieved in 2018. I liked what I saw, and so did the client.
If you’re not familiar with how Micronotes works, our solution enables banks and credit unions to ask their digital banking users a few targeted questions, either during or at the conclusion of online and mobile banking sessions. Clients have a vast library of campaigns they can run to provide information or recommend products and services to their customers. The application of machine learning to the responses enables our clients to refine their campaigns—and improve their results.
Here’s a snapshot of what this client achieved last year by engaging digital banking users:
This client ran a total of 74 Micronotes campaigns last year. About half of the campaigns recommended a product or service to targeted users. The rest were informational—what we call Quick Facts—which are intended to share useful information about topics including security, holidays and more. This approach ultimately generates more leads and sales than constant sales pitches.
These 74 campaigns resulted in almost 175,000 completed interviews. The campaigns that focused on selling a product or service generated more than 7,600 warm leads (and many more cool leads). And of those leads, 745 became sales directly attributable to Micronotes.
To put those numbers in further perspective, Micronotes estimates that the average financial institution should generate one sale each year per 100 active digital banking users. So, if your institution has 100,000 or 1,000,000 or 10,000,000 active digital users, you can see just how many sales are possible when you stop guessing—and start validating—what customers want.