How SBI MF grew its online sales by a cool 54%
Cross-channel marketing automation & consumable data are the two powerful mantras.
“ALWAYS” is the answer you get if you ask a marketer if they’re looking for fresh ideas. You are no different, of course.
A BFSI (Banking, Financial Services, and Insurance) marketer has a handful of specific challenges. Think about it: the BFSI industry has been always ahead of the curve when it comes to adopting the latest technologies, from introducing digital platforms, electronic payments, data security, to 24×7 chat services and more… The BFSI industry distinguishes itself as early adopters of technology.
This is what your consumer expects from you: that you will stay ahead of the curve, and help them to stay ahead too. BFSI marketers thus find themselves catering to an audience that is aware and tech-savvy. The challenge is to get their attention and their time. Here’s how SBI MF did so smartly, and grew its online sales by a cool 54% over a period of 13 days.
The situation: SBI Mutual Funds, one of the largest investment management firms in India, managing investment mandates of over 5.4 million investors, wanted to promote its Dual Advantage Fund (DAF), a close-ended hybrid scheme, to investors. It was looking to improve responses to the DAF via channels such as email, SMS, and Voice.
Key challenges: SBI MF was using various offline and online channels that are traditionally available to marketers but they knew they needed a better conversion rate. The greatest challenge was to achieve a sync between the offline and online activities, which were until then taking place in silos.
The call centre team was not directly connected with the online team. While the emailers were going out to prospective consumers, there was no way for the call centre to find out the stage to which the consumer had followed through with the campaign – those who had clicked on the call to action (CTA) button and those who hadn’t, or those who had gone to a transaction stage or had dropped out of it. As a result, they couldn’t segment these consumers and as a result, lead scoring was not possible.
Another major problem was that the database was found to have inconsistencies, with mobile numbers / email IDs etc being inaccurate or invalid at times. As a result, SBI MF did not have a Unified View of their Consumer.
Enter Automation with Netcore Smartech:
Smartech created a Unified View of the Consumer by unifying information from various channels such as email, SMS, Voice, and Facebook Custom Audience, and sent out promotional campaigns as per the users’ responses. Now, SBI MF had a better picture of their consumer. This was omni-channel marketing automation.
We personalised content by running A/B testing to gauge its impact and using the live ticker to trigger urgency. We also made sure to add an option for the users where they could request assistance with the transaction. We scored all these leads from the contact data on the same platform based on the contact activity, which further helped the call centre team with prioritising their customer outreach.
Overall, the DAF campaign recorded the following engagement stats, reflecting the success of cross-channel marketing automation.
- Email – 13.76% open rate, 1.15% click rate, 8.38 click-through open rate
- SMS – 2.43% clicks
- Voice – 7% of total OBD (out-bound dialler calls) listeners opted to receive a call back
- Facebook Custom Audience – over 50,000 impressions with a click-through rate of 1.38%
Ultimately, SBI MF grew its sales by 54%.
To know more, click on the SBI MF success story here.
Mayank is Senior Marketing Technologist & CSM at Netcore Solutions Pvt. Ltd. He enjoys solving digital marketing related challenges faced by today's marketer and also has a passion for outdoor & adventure sports.
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