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Case Study:First National Bank

Innoviate Delivers Personalized, Multi-Channel Campaigns with Raidar

About InnoviateInnoviate is a customer-centric relationship management agency located in South Africa with a global presence of o�ices and partners.

With 22 years of experience in marketing, communications, CRM, and loyalty, Innoviate has delivered multi-channel, award-winning campaigns for high profile organizations,utilising the Raidar platform.

From CRM management to campaign data analysis, Innoviate delivers a 360-degree customer lifecycle program. They use the data they collect from their CRM specialist services to create personalized and relevant campaigns for their clients.

Innoviate has been recognized for:

● Best Digital Media Integrated Campaign 2009 - FNBCredit Card

● Best Digital Media Email Campaign 2009 -DiscoveryCard Spend & Win Campaign

● Best Digital Media Campaign Website & Microsite2011 - MINI-O-POLY (MINI) Retention Campaign

● Best Digital Media: Multiple Integrated MediaCampaign 2010 - BMW XI Campaign

To learn more, visit http://www.innoviate.net/

eTRA

ND

PRO

MO

ONE 2 ONE GROUP

STUD

IO

CRMM

Teaming Up

First National Bank &

Innoviate

Once at their PURL, FNB invitees gave their RSVP for Innoviate’s presentation, received logistic information about the meeting, and answered a brief survey regarding lifestyle preferences.

On the day of the presentation, Innoviate arrived with unique direct mail packages for every member of FNB’s marketing department. The direct mail packages were personalized for each FNB marketing executive, reflecting the lifestyle information they provided in their RSVP.

Rather than presenting previously successful campaigns they ran with other clients or creating a hypothetical campaign for FNB that hadn’t yet proven to be successful, Innoviate did something di�erent.

By directly engaging the marketing executives of FNB through a demo campaign that illustrated their capabilities, Innoviate was successful in winning FNB as a client.

Client AcquisitionIn 2008, Innoviate began their e�orts to gain First National Bank (FNB) as a new client.

Innoviate cold called FNB, one of the 4 largest banks in South Africa, and followed up with an email highlighting their agency’s services and capabilities. FNB arranged for Innoviate to present their ideas to FNB’s marketing department.

Innoviate demonstrated their ability to create dynamic, personalized campaigns by utilizing their presentation as an opportunity to showcase their marketing campaigns in action.

The Innoviate team created a demo campaign to invite FNB’s marketing department to Innoviate’s presentation. Each member of FNB’s marketing team received a direct mail and email that led them to their Personalized URL (PURL).

FNB & Innoviate Timeline

2008 2009 2010 2011 2012 2013 20142009Innoviate launches their first o�icial campaign for FNB. This Debt Relief Campaign targeted 37,000 customers via direct mail, email, and PURL. At their PURL, customers were shown personal stories from people who successfully overcame debt and were able to choose from 4 financial debt relief plans. Results:● 44% response● 34% ROI/uptake● Direct Marketing Association

awarded Innoviate with theAssegai Award for Best DigitalCampaign

2008Innoviate deploys successful demo campaigns for FNB including finance, retail, and insurance campaigns

2015 2016

2010Innoviate launches Swipe & Win Campaign and o�icial Welcome Emails for new FNB customers

2011Innoviate creates retail campaigns including Super Savers and Loyalty & Rewards Programs. These programs o�ered customers benefits for shopping online with their FNB credit cards

*2012-2014FNB asks Innoviate to manage their credit card renewal loyalty program. This eBook overviews this campaign.

2014-2016A�er the success of the initial FNB credit card renewal campaign, Innoviate extended its renewal campaigns to additional FNB divisions, including Private Wealth, Business Banking, and Private Banking.

FNB Credit Card Renewal Loyalty CampaignCreative StrategyDuring the progression of this agency-client relationship, Innoviate transformed FNB’s communication with their customers from traditional and mass-produced to modern and customer-centered.

Modern and customer-centered companies acknowledge that customers are interacting with advertising messages di�erently today than they ever have before. Therefore, the channels that are used and messages that are sent need to accommodate for the change in consumers’ expectations.

By utilizing multiple channels and personalized communication, customers are able to interact with FNB in a way that is more relevant and convenient to them.

For this credit card renewal loyalty program, FNB wanted to create a personalized, secure, and convenient user experience for customers. To accomplish this, Innoviate segmented the campaign according to credit card level and leveraged direct mail, email, SMS text messaging, and PURLs to ensure they were able to engage with customers through multiple touch points.

While FNB wanted to accommodate the renewal process to meet customer’s preferences and expectations, they also wanted to respond to customer’s additional financial needs. To do so, FNB familiarized customers with their additional services throughout the credit card renewal process.

The two key takeaways that made this campaign successful are:

1. Creating a multi-channel, customer-centered campaign2. Cross-selling additional FNB benefits and services

throughout the credit card renewal process

DIRECT MAILMARKETING

PERSONALIZEDURLs

TARGETED EMAILMARKETING

MOBILE TEXTMESSAGING

PERSONALIZEDPDFs

ObjectivesFNB and Innoviate worked together to plan and execute a credit card renewal loyalty program with these objectives:

1. Achieve a 15-20% credit card renewal and loyalty rate

2. Segment the campaign across varying credit card levels including Platinum, Gold, Classic, & Petro Cards

3. Generate leads for additional services including Petro Cards, eBucks Rewards, traveling accommodations, email

newsletter, online banking, insurance packages, and annual credit limit increases

4. Reduce cost of calls into the contact center by fulfilling renewals through their website

5. Utilize digital and direct channels to increase e�iciency within the card renewal process

6. Improve customer retention & loyalty and reduce atttrition

Multi-ChannelCampaign

Direct Mail

Email

Microsite Email

First touch of communication. Leads cardholder to PURL.

SMS & PDF

Sent 2 months a�er direct mail piece. Leads cardholder

to PURL.

Confirmation email automatically sent

with each customer’s personalized order.

1. Renew credit card2. Order additional FNB

services

Sent to cardholders who have not engaged with direct mail or email to be on the look out for another

email.

SMS

Sent to cardholders before emails were sent out to

alert customers of an email coming soon to their inbox.

1.

2.

3. 3a

4. 5.

Two months prior to the launch of the digital credit card renewal campaign, FNB sent each cardholder a personalized direct mail piece.

The direct mail piece included new credit card design options and a link for each cardholder’s PURL.

This first touch of communication increased customers' awareness of their credit card’s expiration date and prepared them to see FNB again in their email inbox.

1. Direct Mail Piece

2. Personalized EmailTwo months a�er the initial direct mail piece, FNB migrated their campaign to a fully digital platform. Cardholders received one of two personalized emails from FNB:

1. General email: Sent to Platinum level customers torenew at their current card level.

2. Swap email: Sent to Gold and Classic levelcustomers to renew their cards by “swapping,” orupgrading, to a Platinum level card. Although thisemail emphasized upgrading, customers could stillchoose to renew at their current level.

If cardholders did not engage with the email, they were sent an SMS text message as a reminder that their credit card was due for renewal.

A personalized confirmation email was also sent to customers a�er they completed the renewal process. This email provided a detailed summary of the services, benefits, and rewards they chose.

Swap Email

3. Personalized MicrositeAlthough FNB was confident that customers felt assured of the online transaction's security based on feedback they received from the debt relief campaign, FNB reinforced their high security standards with messaging on the PURLs. By providing a safe digital interaction between FNB and their customers, Innoviate allowed cardholders to conveniently renew their credit card online.

Once at their PURL, customers chose their new card design and updated their contact information.

This easy to use microsite allowed for:1. Cardholders to feel engaged by choosing a personalized

credit card design2. Cardholders to conveniently update their contact

information without spending their time or FNB’sresources using the FNB call center

3. FNB to automatically update their client database in real-time

By launching this campaign via direct mail, email, SMS text, and web, Innoviate was able to communicate with their target audience through the multiple channels that FNB customers interact with on a daily basis.

Customers found the digital platform easy to navigate, quick to use, and very secure. With their previous information and card level provided, renewing their credit card simply took a few clicks to complete.

Mobile ResponsivenessAlong with delivering the campaign on multiple channels, Innoviate ensured their digital campaign was mobile friendly. Smartphones and tablets are now being used to conduct online transactions and to access financial information. Enabling the email and microsite to be responsive for all devices was another customer-centered accomplishment in this campaign.

Cross-Selling Additional FNB

Services

Additional FNB ServicesIn e�orts to increase FNB’s service unit per customer, Innoviate wanted to create awareness and engagement with FNB’s additional services and benefits.

To accomplish this goal, Innoviate created multiple landing pages in the credit card renewal campaign that allowed cardholders to shop around for additional services a�er they updated their contact information and chose their new card design.

The additional services that FNB o�ered to cardholders included:

1. Petro Cards2. eBucks Rewards Program3. Transportation accommodations4. Email statements, Newsletter, and FNB Online

Banking Guide5. SuperSavers - retail marketing campaigns6. Application for annual credit card limit increase7. Insurance packages

Customers can order email statements, FNB Newsletters, and view the FNB Online Banking Guide

By supplementing the credit card renewal campaign with additional rewards and benefits, FNB was able to:

● Take advantage of customers’ captured attention and introduce them to additional services that were easy to addto their credit card renewal order

● Cut marketing costs by combining multiple campaigns into one collective loyalty program

Customers discover how they can use SLOW, a transportation accommodation in the City and at airports

Campaign Results

With the target metric for credit card renewal being 15-20%, Innoviate far exceeded their client’s expectations with their impressive renewal results on all levels.

1. Same Level RenewalsSame Level Renewals represent the percent of cardholders who renewed their credit card at their current level.

Each month Innoviate ran the credit card renewal campaign, testing was performed on di�erent variables to find what resulted in the highest renewal rates. Throughout the campaign, SMS text, email design, personalization, and subject lines were tested and analyzed using data analytics to see which methods produced the best results.

In both May and August, where renewals peak, Innoviate found a sweet spot in their testing. They incorporated SMS text messages, optimized email design, and used subject lines that had proved to be most successful in the previous months.

By manipulating certain variables of the campaign each month and using data to analyze their results, Innoviate was able to leverage Raidar’s technology to continually learn the best practices for FNB’s campaign.

FNB Same Level Credit Card Renewal Rates

31

38

44

4138

43

23

32

40

32 33 34

18

23

30

2427 27

2. Swap RenewalsSwap Renewals represent the percent of cardholders who renewed their credit card at a higher level.

Similar to Same Level Renewals, the combination of adding SMS text, optimizing email design, and utilizing more responsive subject lines significantly increased swap credit card renewal rates in May and August.

With swaps from lower-tiered credit cards to Platinum credit cards reaching 41%, more than double the expected metric, Innoviate delivered results far above their clients expectations.

FNB Swap Credit Card Renewal Rates

27 28

29 25

23

41

19

24

32

25

27 28

17

22

35

Actual vs. Expected Renewal Rates

Expected vs. Actual Swap Credit Card Renewal Rates

Expected vs. Actual Same Level Card Renewal Rates

*results from final month of renewal campaign *results from final month of renewal campaign

3. Additional BenefitsThe opt-in rates for additional services during the month of August, across all credit card renewals, is shown in the table to the le�.

Rather than run separate campaigns for each benefit, FNB included opt-ins for their additional services in their credit card renewal campaign. This ultimately saved FNB time, resources, and money.

Innoviate not only exceeded their client’s expectations for the credit card renewal rates, but also increased customers’ awareness and engagement of additional FNB services.

The Secret Behind a Happy Agency-Client RelationshipLets take a look at a couple more numbers.

In 1984, the average client-agency relationship was 7.2 years. By 1997, that number declined to 5.3 years. Today the average client-agency relationship is thought to be less than 3 years (The Bedford Group). So how has Innoviate kept FNB a happy client for 6 years (and counting) while the trend seems to show clients cutting the relationship short?

According to Innoviate, technology and creativity work together to keep FNB happy. Each year, their campaigns continually improve by capitalizing on advancing technology and generating creative, customer-centered campaigns. By focusing on these two key areas, Innoviate continues to create campaigns for FNB that are data-proven to be successful.