Heritage Bank tackles trigger-based campaigning with cross-functional approach

GM of marketing for customer-owned banking group shares how deploying a new campaign management solution is paying customer satisfaction dividends

An inability to produce targeted, trigger-based communications to customers has become a problem of the past for Heritage Bank after deploying a new campaign management platform.

Heritage Bank is a customer-owned bank, with foundations in Queensland’s regional areas going as far back as the 1870s. Its general manager of product and marketing, Jane Calder, said an outdated direct marketing approach, which required teams to manually pull lists, clean data and coordinate before sending, had limited the brand’s ability to conduct tailored, trigger-based activity with customers.

While Heritage Bank has some customer segmentation in place, basic on-boarding for a transaction account, trigger-based campaigns after a certain number of days to activate a debit card or encourage credit deposits, converting to e-statements or win-back campaigns were untapped because each required a separate campaign.

“With financial services, there are these known playbooks of obvious trigger points we couldn’t get to,” she told CMO. Unstructured data and campaign development across teams added time and complexity to how campaigns went to market, and it could take 4-5 weeks for activity to get underway. In addition, communications were mass produced.  

Following a broad market scan and tender, Heritage Bank chose to bring on SAS’s Campaign Management platform, kicking off rollout in March and going live in August this year. The platform has allowed the team to kickstart a series of trigger-based campaigns in market.

“We now have a list as long as your arm of new campaigns to roll out, and we are picking out the ones that make sense for us to do first and foremost,” Calder said. “It’s a mix of sales, cross-sell, service enhancements, all with a view to deepen that customer relationship.”

The rollout process required the team to make sure data controls were in place with third-party partners for activity use. Fresh arrangements had to put in place, for example, for sending data to the bank’s insurance partner to undertake modelling.

“As well as the campaign management implementation, we had a lot of other relationships to dot the Is and cross the Ts from a data governance point of view,” Calder said.   

The initial focus since going live has been on outbound campaigns via EDMs, SMS and direct mail. “We have a quite complex matrix for each campaign based on which trigger, channel, and outcomes being sought and investment needed to drive an outcome,” Calder explained.  

Heritage Bank has now scaled up from 14 mass marketing campaigns annually to 40 targeted campaigns a week. Calder said another highlight was minimal opt-outs, particularly on insurance, where Heritage Bank has put in place propensity modelling to drive sales.

“We’re pleased with the results – in terms of sales outcomes, but also using it to clean up our data, as we’re putting a Census wash over the top to ensure we have good customer data,” she said.

For Calder, the key win is the ability to scale up and do more campaigns, and drive more value to achieve revenue gains.

“That comes through with better conversion rates and more opportunities that we’re able to target through different types of customers,” she said. “Because our communications are far more relevant and targeted, it’s more resonant with the consumer, and we’re looking at our customer satisfaction and advocacy levels, too.”  

Team collaboration and skills

To get the work done, marketing partnered with IT, the data team and an enterprise office project manager. Calder said she was fortunate her IT leader had worked globally on these sorts of projects before, and the pair joined forces from the beginning.

“IT was on-board from the get go. Also, a lot of IT people putting in a data warehouse often don’t see outcomes unless something like this program comes into play,” Calder continued. “They could see the way the work they’d done was having a business outcome.

“Bringing them on that journey, so they could understand that what they were doing was driving that outcome, turned the lightbulb on for that team. So we didn’t have major roadblocks at all.”

The work has also required new skillsets within the marketing function in terms of data analysis. Heritage Bank’s direct marketing manager has also taken on the project full-time, a role that required training on the customer intelligence suite and upping the ante on third-party relationships. SAS assisted with a series of test campaigns, and consultants supported the internal team.

“It is moving a marketer used to doing EDMs and a creative bent to being all about the data, the insights and what we can do to drive value,” Calder added. “It’s really extending the skillsets of the marketing team to do this trigger-based communications.”

Calder said the priority is to address as many elements of the financial services life stage playbook as Heritage Bank can, then start to expand the capabilities to other channels. Inbound is next port of call and integrating with the CRM platform, followed by integration with digital channels.

Read more about how other brands are tackling more targeted marketing:


Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+:google.com/+CmoAu

 

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments
cmo-xs-promo

Latest Videos

More Videos

I couldn't understand one things why on earth people only talk aboutimpact of digital transformation on banking and finance field instead...

Rajesh Acharya

Digital take-up and experiences help drive Suncorp's solid FY21 performance

Read more

I really appreciate your article. Love your Article. By reading your article, its created an idea in my mind about loyalty strategy to ke...

Jack Reacher

Report: Marketers failing to realise the benefits of customer loyalty programs

Read more

One month’s research and we’ve handpicked this generation’s 50 most talented Women CEOs, leading the top multinational companies around t...

Vaishnavi Pillai

Women in leadership the focus on International Women’s Day

Read more

Great post!

deen8

What felix Mobile is doing to keep customer support cost-effective

Read more

That is true, integration of salesforce and digital advertising would make wonders.This can actually help firms to measure and evaluate t...

Neelam

Salesforce debuts first digital marketing enhancements off the back of Krux acquisition

Read more

Blog Posts

When friction can be a brand’s best friend

I always enjoy those oft-forgotten, in-between moments in any experience. These moments are not necessarily part of any defined experience per se. They likely wouldn’t show up in an organisation’s plans or ideas to help make the customer journey or user flow as simple, easy and seamless as possible.

Rich Curtis

CEO, FutureBrand A/NZ

How much attention should we be paying to the ‘attention economy’?

There’s been a lot of buzz in the advertising industry lately about what’s coined the ‘attention economy’. And it’s fast becoming the new battleground for media channels to prove their wares and to develop and espouse new attention metrics.

Nickie Scriven

CEO, Zenith

Sometimes the best solutions are some of the most counterintuitive

Exceptional CMOs do exceptional things for themselves and for those they inspire. At your best you are creative, innovative and inspirational. We have a problem though. We now live in a corporate world that demands sensibility where everything you do is measurable and stakeholders demand predictability – the antithesis of breakthrough and transformation.

Hamish Thomson

Author, former regional president and global brand head, Mars Incorporated

Sign in