Increase in overall campaign response rate
Lift in new customer conversions from direct mail
Lift in new customer conversions from telemarketing
Fortune 100 Financial Services Company Sees 40% Lift in New Customer Conversions
Established firm successfully acquires small business customers despite market fragmentation and high competition
The financial services landscape is constantly innovating and evolving. As a result, competition to reach new merchants is increasingly fierce. Small and medium-sized businesses are a lucrative customer segment due to volume and growth velocity, but the SMB segment is also unstable, harder to pinpoint, and prone to turnover. Even for a Fortune 100 institution with an army of analysts and a firehose of data sources, gaining the breadth and depth for customer insights and a marketable database to effectively scale customer acquisition efforts continued to present unsolvable challenges.
The organization’s analytics and acquisition teams both were stretched across three areas that are crucial to hitting new revenue growth goals.
- Increase campaign response rates in a noisy market–specifically via conventional telemarketing and direct mail.
- Ensure marketing and analytics teams have visibility and access to the total addressable market.
- Focus budgets on highest converting prospects to lift customer signups.
In close partnership across Radius’s success and account teams, the Fortune 100 company identified specific ways to improve their SMB prospect sources, market coverage and segmentation, and personalization. They shifted from the belief that since all small businesses need payment solutions so treat them similarly, to what are the commonalities of those that actually convert and heightened focus on those most likely to convert to customers.
Using Radius, the Fortune 100 company uncovered a more accurate picture of the US small business economy and a deeper visual on the unique attributes–particularly social and web data–that make up their customer base.
- What data points are indicative of a business that is likely to respond? Use that insight to run direct mail and telemarketing campaigns to new businesses with those attributes.
- Test Radius sourced address data against internal data sources.
- Creatively apply prospect insights to direct mail creative and measure engagement impact.
Using the 50 billion signals on over 20 million US businesses in the Radius Business Graph, they could surface the companies that displayed a need for their product and a higher likelihood to purchase.
By combining accurate data, the right targets, and personalized messaging, the Fortune 100 company achieved higher response rates across channels to more than 3 million prospects. Their overall campaign responses increased by 201%.
More importantly, the company had confirmation they were targeting the right prospects, because more were converting to customers. They saw the following conversion stats:
- 30% lift in direct mail conversions
- 40% lift in telemarketing conversions
Lastly, Radius uncovered 11% of the market–primarily new businesses in comparison to closed businesses–the organization did not know existed. Total market visibility and access to market to them has led the organization to expand their use of Radius significantly.
We’ve seen tremendous lift in conversion and reduction in marketing costs with the Radius platform, as we work to bring our products to more small and medium-sized businesses.
The company, an established financial services enterprise, was able to quickly and easily extract additional value using Radius’ predictive capabilities. They achieved improvements in response rates, conversion, and efficiency in the form of a lower cost per acquisition.
By implementing Radius as their predictive marketing platform, the company was able to go beyond one-size-fits-all marketing and instead launch targeted, high-converting campaigns that exceeded the results from previous efforts. In the financial services space, where competition is mounting and SMBs are constantly evolving, the company used Radius to transform their sales and marketing efforts in a measurable and effective way.