Building an Online-Offline Tracking Solution to Drive Customer Acquisition
IMPAQT Case Study: Financial
A leading retail banking chain wanted to increase the potential of Paid Search to drive new customer acquisition in retail bank locations. After having used Search to drive leads to branch locations, the client found that these leads were not converting at an acceptable rate because their Paid Search program was too small and was not connected to account signups and values.
QUESTION:
How could IMPAQT help the client connect actual account signups and values with leads driven by Search?
REVELATION:
IMPAQT immediately saw the need to integrate online and offline tracking solutions that were connected through the back-end customer database to show conversions from Search at the customer and keyword level.
To create this integration, we first enabled the optimization of Search programs based on both online and offline account generation. During this process, we identified keywords and tagged them with a unique tracking parameter to identify and code online conversions.
Next, we created a process for implementing online coupons for promotional offers. Promotions were then targeted to specific regions based on offer and potential client base. These efforts helped us to attach media cost and promotion redeemed to the true cost per acquisition (CPA) of each account.
We then built keyword-level reporting to include account types and performance of each promotion. To create this reporting, we utilized DoubleClick tracking and back-end data warehouse ID mapping to track online conversions. The reporting was built to track offline conversions through the CRM data warehouse utilizing the unique keyword identifiers.
Finally, we established data feeds between the online and offline conversion databases and search reporting program. Costs were assigned at the keyword level based on click and cost-per-click (CPC) activity, and at the account level, based on branch location and promotional offer. We were able to
use region-specific information to build regional targeting and enhance the customer experience and messaging.
The IMPAQT:
The implementation of keyword level tracking, in Q1 2010, at both the branch and online account levels enabled immediate growth in account optimization capabilities:
- By Q2 2010, we exceeded account acquisition goals by 48% and maintained prior campaign lead acquisition CPA.
- In Q3 2010, we continued to grow the volume of the search program by exceeding adjusted account goals by 36% at the same CPA as the prior lead-based program.
Massive changes in the regulatory environment caused significant changes to the manner in which accounts were acquired and caused an increased emphasis on regional level targeting:
- When regional messaging became a regulatory requirement, campaigns could be quickly adjusted based on the data being acquired by region at the keyword and global level.
- When the client altered their product mix, due to regulatory requirements, we were able to quickly adjust to the new products by understanding the performance of each product within each keyword cluster at the regional level.
- Ad copy and landing pages were able to be tested to determine which drove the better acquisition activity at the branch location.
- In March 2011, the CPA target for new accounts was exceeded by 10%.
- In December 2010 and January 2011, in-branch redemptions for business checking accounts rose 56%.
Outstanding customer service was key to the success of this campaign. Find out what type of customer service your vendor should be providing and why.
"Our observations of the vendor's management team show them to have two refreshing attributes that are disappointingly absent from other vendors we reviewed: 1) they take an emotional stake in their company and in their clients' welfare, and 2) they're a practical group who focuses more on doing the work than on how they spin what they do."
The Forrester Wave™: US Search Marketing Agencies, Q1 2011 (January 2011)
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