How GeoProfiles was used to customise offers, creating relevant communication and timely offers customers responded to.
Profit and customer satisfaction were at risk with increasing market saturation levels with a major US bank. Specifically, profit margins limited marketing to only 35% of customer base.
Customers responded to more relevant communication and this improved persistency and increased customer satisfaction
Applying ReMark’s GeoProfiles to the raw data resulted in a marketing strategy tailored to four specific customer segments – family household, auto policyholders, senior citizens and single parents. These were differentiated by product configuration, premium price point, offer and message.
The bank was able to market to 60% of the available names and reported a 25% increase in response rate and a 35% increase in average annual premium. Customers responded to more relevant communication and this improved persistency and increased customer satisfaction.
Data is useless unless you have a way to conduct meaningful analysis that will drive an outcome. GeoProfiles optimised the customer data and preferences to create customised offers to customers with similar preferences.