A Financial services organisation was set up to deliver wealth management consulting and advisory business with a focus on the high net worth, affluent and mass affluent segments in emerging markets. With over 5000 employees and 3 million customers today, the organisation aims to become the # 1 Financial Service Aggregator in the South East Asian Market. With a major focus on the Personal Loans segment, the organisation was looking to Digital Analytics to identify and successfully tap a niche segment for the same.
- Founded in 2016
- Focus: Personal Loans
- Cost of Acquisition : $15
digital analytics goal
- Design, build and create a unique digital identity
- Build and implement a Data Science driven Lead Generation model
(OF DIGITAL ANALYTICS)
A very clear understanding of segment of people whose loans get approved vs those who do not as a result of Data Science
Highly targeted campaigns to identified segments resulting in cost of acquisition drop from $15 to $0.34
THE REDWOOD SOLUTION
1. Analysing Customer Data
On analysing the organisation's past customer data using big data analytical techniques, we identified the various demographic and socio-economic attributes of the segment of people whose loans got approved. With this information, the audience for the Personal Loans segment was then identified.
2. Defining the Target audience
Rather than advertising to a generic audience eligible for Personal Loans, we built out highly personalised campaigns directed exclusively to the segment identified on the basis of data and robust research.
Before marketing, a profile of the audience of the identified segment was built, beyond the basic demographics by augmenting the data with social media data. As result of this a very good understanding of the audiences' interests and digital behaviour was obtained.
3. Building Digital Identities
i. Web Pages: The relevant landing web pages were built keeping in mind the target audience and was consistent in theme with the identified audience's interests.
4. Advertising to the right audience
With the wealth of audience information in hand, highly targeted campaigns were run on the following platforms.
i. Facebook ads campaigns
ii. Google Adwords campaigns
This resulted in massive increase in traffic to the website.
5. Capturing relevant leads
As a result of highly targeted advertising, traffic that hit the website, landed on pages where content, imagery, visuals were absolutely customised for them. This resulted in higher than ever conversion of visitors to leads.
6. Leads became customers
With the identification of the right segment and the right hooks directed towards those segments, the organisation saw an exponential increase in it's conversion rate, with a 98% reduction in the cost of acquisition of customers online.
impact of Redwood's digital solution using the social INTELLIGENCE stack™
As a result of the Digital Marketing solutions made sharper by Digital Analytics, the organisation got a very clear understanding of it's own customers - the segment of people whose loan applications got approved viz-a-viz those whose applications did not, as a result of Data Science. This significant information helped them to run highly targeted marketing campaigns, backed by data, which resulted in a drop in the cost of online customer acquisition from $15 to $0.34.
With the help of Redwood Algorithms The Social Intelligence Stack™, the organisation transformed an otherwise high friction led lead generation model to a Data Science led lead generation model for it's top-selling product.