AMURA - SUCCESS STORY

Executive SummaryBank of Baroda is one of the most successful consumer banks in the rural and semi-urban sectors in

India. It has a huge audience base primarily due to best-in-class customer experience.

Amura helped the Bank enhance their home loans offering by facilitating the online product

marketing channel. We implemented a systematic growth marketing strategy to improve lead

delivery and achieve a reduction in lead acquisition cost of almost 400% within a short period of time

IntroductionBank of Baroda, with an established offline customer service model, were still facing issues

optimizing the digital channel to its full potential. The below case study pertains to the successful

online campaign Amura ran for their Home Loan Product.

Challenges

Creating awareness about

online banking amongst

its target audience which is

primarily rural or semi urban

Limited budget allocated

for the campaign

End-to-end conversion cycle

for home loan purchase is long

and TOM (top of the mind)

recall declines progressively

during that period

Our Strategy & Approach

Comprehensive approach

A growth marketing strategy was formulated to focus on customer acquisition and a faster go-to marketstrategy by marketing the product through the digital channel in addition to creating a strong consumer base. The strategy was augmented with the use of various technology tools like ad automation system, CRM systems, sales systems and marketing & sales analytics that enabled real-time tracking of business KPIs

Amura focussed on the entire consumer lifecycle rather than the traditional “Top of the Funnel” marketingapproach. We built an integrated growth marketing strategy that analyzed the effectiveness of the campaign at each stage of the marketing plan. Target audience was segregated into existing customers & new customers and customized approach was developed for each segment

For new customers,we created a lead scoring model based on

For existing CASA customers,we created a data model based on

• Response to ads

• Response on website

• Response post enquiry

• CIBIL score

• existing real estate properties and other financial liabilities

• Average quarterly balance in bank accounts

• Demographics

This approach helped in focusing marketing efforts on high intent customers with good

ticket value thereby squeezing the sales cycle and lowering the cost of sale.

Data-driven decision making

Experimentation

At every stage, contextual messaging was used to improve consumer engagement andmaintaining a strong TOM recall.

DROOLS, a “rules management system” integrated CIBIL score at the backend to build preliminary lead score. Leads were then cross referenced with real estate data to get a final robust lead score. Leads were prioritized by the sales team on the basis of their final scores.

This scientific data driven approach resulted in significant reduction of CPL on Google and Facebook

For existing customers, the processing fee for home loans was waived off, which saw an increase in lead flow.

Amura combined “custom affinity” and “in-market” audience along with Its “lookalike” to create the right target audience pool. This experiment was highly effective in generating leads from high- intent audience.

Execution

• Developed product marketing campaign on CASA (Current and savings account) data based on existing customer demographics.

• Customized the communication channel across customer segments to improve the effectiveness of the campaign

• Used sequential communication to deliver contextual and relevant messages to potential customers. As a result saw marked improvement in the CTR metric for the campaign

• Created target audience pools using data from marketing partners like Facebook for the campaign

• Incentivised existing clients with discounted offers to increase the leads flow

• Targeted long tail keywords to drive lower CPCs, higher CTR and better quality score

InnovationIntegrated the EMI calculators, home loan eligibility criteria, and various other financial tools to drive better engagementDynamic landing pages were developed to provide specific informationto the consumers based on:

• Keywords searched for

• Ad copy on which customer has clicked

• Existing/new customers

• Modulated Content bucket based on interaction

Implemented lead score mechanism to prioritise and improve the efficiency of the sales team Set up a segmentation engine to send highly personalised mailsUtilized “Mixpanel” automation tool, as a base analytics engine and integrated all the data including calls and emails for reporting purposes Integrated call centre analytics and lead scoring with CRM tool to reach the right customer at the right timeImplemented intelligent call routing for better connectivity and absolute zero lag in customer’s call

Problems solved

• Rationalized marketing budgets to allocate spends to brand category keywords for targeting high intent customers & get better results

• Set up bid on micro-conversions in Google Adwords. Using Mixpanel, correlated the micro-conversions and conversions to reduce the CPL

• Derived insights into customer behaviour using existing Custom Audience lists

Results

Increase in the leaddelivery

200%Reduction in theCost per lead as

compared to earliercampaigns

400%Increase in

pages/sessioncompared to earlier

campaign

25%

Siddhartha Kinare

Email: sidkin@amuatech.com

Call: 9689919143

Vinayak Katkar

Email: vinayak@amuratech.com

Call: 9011099941Enquire Now