NetGain! already an industry leader in cross-sell and loyalty solutions, Affinion Group developed NetGain to address the critical first step in the customer lifecycle - acquisition. Attrition caused by customer movement or defection increases the pressure to restore the customer base, core deposits, and fee income. While acquiring customers isn't a new goal, the tactics readily available to marketers have evolved. Financial institutions have tested multiple approaches - mass market advertising, direct mail, and in-branch promotions - and in the process, have spent a lot to acquire new relationships and accounts. Today, more than ever, the need to spend marketing dollars efficiently and effectively is a major concern for financial institutions.
NetGain's strategy leverages real insight by taking into account a variety of demographic and psychographic data to determine at the household level who has the highest propensity to respond to specific products at the category level (e.g. deposits, lending). Employing an industry-leading segmentation approach based on the needs, attitudes, and behaviors of consumers, NetGain utilizes direct mail to appeal to the entire spectrum of banking customers not just those attracted to free checking offers. This strategy helps institutions acquire more profitable and longer lasting relationships with customers and prospects.
By aligning the product offer and message with the desired target, the end result is a win-win: a more effective and profitable campaign for our clients and products that more effectively satisfy their customers' needs.
The solution is completely turnkey. It starts with an analysis of the top competitors in the financial institution's footprint. Next, it aligns each target segment with the appropriate product. List procurement, the application of product-specific response models, and data processing to create the mail file is performed; meanwhile creative is developed for each product and tailored to the applicable audience segment and the financial institution's brand. Once the campaign has been produced and mailed, preliminary results and forecasts are provided, then final analysis is tallied to determine the success and provide learning for the next campaign. NetGain has consistently proven to deliver profitable acquisition results based on return on marketing investment, customer profitability, response rate, and cost per acquisition.
Though initially conceived for same-store deposit growth, the strategy has been expanded to include new movers, lending, small business and wealth management.
Tackle the critical first step of acquisition with NetGain!