b2b banking case study - odyssiant€¦ · b2b banking case study . introduction introduction 03...

B2B BANKING

CASE STUDY

www.odyssiant.com

INTRODUCTION

INTRODUCTION 03

BENEFITS 03

EXECUTIVE SUMMARY

OBJECTIVES OF PROJECT 04

TOPLINE RESULTS 04

ODYSSIANT 05

RESULTS

ENGAGEMENT & JOURNEYS 06

NEEDS INSIGHT TO SALES ACTIVATION 08

POTENTIAL COMMERCIAL BENEFITS 10

CONTENTS

PERSONAS MAPS CONTENT STRATEGY

PROJECT OVERVIEW

JOURNEY MAP CREATION 12

OUTBOUND CHANNEL - NEWSLETTER 14

CONTENT STRATEGY 17

ODYSSIANT

PEGA INTEGRATION 15

CUSTOMER ENGAGEMENT POST GDPR 15

MARKETING ATTRIBUTION 18

BRIEF CREATE PUBLISHIDEA

INTRODUCTION

The following case study looks at the the results of a B2B Banking implementation of Odyssiant.

The report discusses a new approach for customer communications that was implemented with the aim of creating significantly more effective marketing and results than traditional campaigns. Combined with the journey based content engagement provided by Odys-siant, the project proves the ability to both generate marketing qualified leads for sales from the existing customer base and to increase the quantity and qual-ity of opportunity/leads for other engagement tools such as a Pega decision engine.

As the results of this project show, Odyssiant has direct and immediate benefits for lead generation and sales that will provide a corresponding boost in revenues. By analysing customer needs and creating content that directly resonates with those customer needs, the project demonstrated how brands can engage customers and then use content to steer them towards a sale decision.

Full marketing attribution is possible creating the ability to better manage costs. In addition, brands can expect to see improved customer satisfaction and increased customer insight.

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© 2017 All Rights Reserved.

EXECUTIVE SUMMARY

OBJECTIVES

The objectives of the project were as follows:

• Demonstrate a new way of communicating that creates sustained ongoing engagement with customers, reigniting relationships that have gone quiet.

• Show how customers can be taken on a buying journey using needs-based content.

• Demonstrate a new way of communicating that is not constrained by marketing suppression flags and GDPR.

• Show how Odyssiant can be used to generate leads for Sales.

The tracking data analysis has proved conclusively that Odyssiant delivered on the objectives. Even within the first 6 months the following was achieved:

• 1,277 new Marketing Qualified Leads (MQL).• A 51% conversion rate from first contact to MQL.• Deep insights into customer behaviour through the Needs analysis.

4 | | www.odyssiant.com

Odyssiant helps brands use content to attract and engage with customers and bring them “in”. This differs from inbound decisioning (such as from Pega), where this seeks to “close” the customer on an action when the customer visits an inbound channel such as a contact centre or the online environment. They are complementary as Odyssiant generates leads and contact for Pega to act upon. Odyssiant allows brands to engage customers around their needs, creating the context to identify and fulfil the journeys towards the relevant products. As such, marketing suppression does not apply meaning messages can be ‘pushed’ across the customer base to engage customers on the start of a journey. More importantly though, tracking the content journeys allows brands to identify when customers are ready to buy, what they are going to buy and why they are going to buy it.

Odyssiant does this by providing a journey mapping tool with map templates that are built on a tried and tested psychological framework that reflects your customers decision making process. Each journey starts with the customers needs and content can then be briefed to support the customer in each step of their personal journey towards your product as the solution to fullfil the need.

We all have different needs for the same product or service, Odyssiant gives brands the flexibility to define as many needs as required and then track these with the customers content consumption against the maps.

This case study gives more detail on how Odyssiant does this and the resutls.

ODYSSIANTOdyssiant is an intelligent customer engagement platform. It allows brands to create marketing and sales funnels through structured content journeys and then activates the customer through the journey to sale through its Next-Best-Content AI. It is complementary to inbound decision engines such as Pega and campaign management solutions such as Adobe Campaign.


RESULTS

ENGAGEMENTA newsletter was introduced as an outbound engagement tool to draw customers into content journeys that would produce MQLs. For a full description of the newsletter, see page 14.

Based on a contactable customer base of c11k customers, 96k newsletter emails were sent out over the first six-month period. Over one in five customers (22%) opened the newsletter which, to put in context, was more than 14 percentage points higher than the industry average.

These open rates were driven by using content that was designed around customer needs (rather than product messages) therefore ensuring a higher degree of contextual relevance. As the initial engagement created by the newsletters was then linked to content journeys that created MQLs, the opportunity to sell was as high (20%) as any other marketing activity.

From the initial open rate of the newsletter email, 11% of customers went on to read an article – which is 10 percentage points higher than the industry average.

To demonstrate how Odyssiant successfully met the defined objectives (page 4), three facets need to be examined:

1. Engagement – how Odyssiant engaged customers through the newsletter and drew them into the content hub.

2. Journeys – how the structured content journey maps converted customers into marketing qualified leads.

3. Needs – how the creation of content around customer needs provided the rich context for the MQLs.

OTHER CHANNELS THAT CAN BE USED FOR PUBLISHING:

• PROMOTE CONTENT WITH OTHER MARKETING CHANNELS (AMPLIFY WITH TWEETS FOR EXAMPLE)

• USE SOCIAL MEDIA FOR ENGAGING CUSTOMERS ON THE CONTENT JOURNEYS


JOURNEYS

Two journey maps were created for an Asset Finance product – one for ‘vehicle asset finance’ and one for ‘other asset finance’. This is because there are specific and different needs to each of these areas. For each map three steps were used for the initial part of the journey - Ordinary World, Call to Action and Threshold.

We can then see how the customers engaged along these journeys by looking at the engagement levels in each step. For the first 4 months of the project, the content production focussed only on serving the newsletters to create engagement. From month 5, the bulk of the content started to go live which allowed for complete content journeys to be available for customers. As such, the data from the first four months serves as a control group against the engagement that we saw once the full journeys were in place.

Step analysis: Full Journey

Step analysis: Control Group

MQL 6%

MQL 51%

How Odyssiant Works

Ordinary World

Call to Action

Threshold

Ordinary World

Call to Action

Threshold

By progressing a total of 1,277 customers through to the threshold step, Odyssiant generated a 51% MQL conversion rate. When considering the objectives, this data demonstrates that customers can be taken on content journeys that will create sales opportunities for brands.

Farming

BuildingEngineering

Logistics

Services


Step Need Persona

NEEDS INSIGHT INTO SALES ACTIVATIONIdentifying customer needs was an essential part of the project’s success.

• Engagement levels were high because all content was created to meet the customer and individual persona needs meaning it was more likely to be contextually relevant for the customers

• Journeys could be created for customers to follow because content was planned to meet the needs at each step

By creating each item of content based on one or more needs, we can track how customers engaged with each need and, therefore, which needs attracted the most interest. It is fascinating to see how customers may start with one need but because the journey is personal and we do not restrict the next-best-content across needs, they may end at the Threshold Step with a different need.

Ord

inar

y W

orld

Cal

l to

Act

ion

Thre

shol

d

Farming

BuildingEngineering

Logistics

Services


Percentage of engagement by Need

The possibilities are endless for how this data can be used but here are some examples:

• With the objective of generating leads for Sales in mind, we can see how passing the Need profile of the customer to Sales would lead to a more informed sales meeting (the Need Profile activating the sale.)

• Where a Need is scoring highly by a Persona we could brief more content for that area and conversely cut out content for Needs that are not showing much interest.

• The analytics around Need can feed the Editorial process optimising what content is created and help to determine what is “current” for the newsletter and if social channels are used for amplification it would then provide the content and scheduling strategy for posting.

• The Need profile can be passed to decision engines to create analytic predictive models that can be used in Next-Best-Action coding. The benefit of doing this is that it much more current insight than what they purchased 6 months ago per the transaction data; their content consumption will tell you what they are going to do next. On top of this, the predictive model fed with this data will help find customers with the same Needs who may have not engaged with content yet.


Industry Averages §

With Odyssiant Delta

Contactable customers 11k

emails sent 96k

Opened 7.8% 21k (22%) 82%Click (Step 1) 1% 2,504 (11%) 100+%Marketing Qualified Lead 1,277 (51%)Sales conversion rate* 20% 20%Potential new customers 255

Most Popular Content

296 229 228 173

149 105 94 83

Calculations for potential revenue can be made by looking at the conversion rate at various stages and the results from the project.

*For the sales conversion rate we have taken the industry average as full connection through to sales has not yet been integrated for this project. It is likely, with “warmer” leads that are informed by the Needs insights that this rate could be higher.

(Figures for 6 months of execution.)

§ Industry averages for B2B Banking taken from: https://www.smartinsights.com/ from research with 750 companies representing 3,000 brands in 40 countries.

POTENTIAL COMMERCIAL BENEFITS


Potential Revenues (for one product only)

The revenue is based on an average contract value of c£8k per annum per customer. (Example revenues only, actual values adjusted for commercial sensitivity.) ± Numbers for a full year rounded down from 510 (255*2) 6 month results.

Costs

Incremental Customers

Year 1 Year 2 Year 3 Year 4 Year 5

Year 1 400 ± £3,200,000 £3,200,000 £3,200,000 £3,200,000 £3,200,000

Year 2 400 £3,200,000 £3,200,000 £3,200,000 £3,200,000

Year 3 400 £3,200,000 £3,200,000 £3,200,000

Year 4 400 £3,200,000 £3,200,000

Year 5 400 £3,200,000

Total £48,000,000

Content Ramp Up £200,000

Content Annual £48,000 £48,000 £48,000 £48,000

Editorial £20,000 £20,000 £20,000 £20,000 £20,000

Agency email processing £18,000 £18,000 £18,000 £18,000 £18,000

Odyssiant Software* £20,000 £20,000 £20,000 £20,000 £20,000

Total £624,000

*Based on £10k per map per annum.


PROJECT OVERVIEW

YOU DIDN’T HAVE ALL THE ANSWERS,

BUT YOU KNEW WHAT QUESTIONS

TO ASK TO GET THE ANSWERS FROM US.

The scope of the project was initally constrained to one product area – Asset finance. The channels were email and a content hub.

JOURNEY MAP CREATION

The journey maps are created using customer insights that were gathered from the transaction data in order to understand which target audiences we should focus on (Personas) and what needs they are seeking to satisfy by purchasing the product. We then validated the data insights with market insights from Sales.

The analysis produced three key findings:

• The Property (Construction) sector is the largest target market.

• Light Commercial Vehicles (LCVs) continue to dominate as the main type of asset.

• Roll-off is heavily impacted by seasonality.

It was this insight that determined the need to split ‘vehicle’ and ‘other asset’ finance into two separate journey maps. From the data insight, we concluded that there are 5 main Personas – Farming, Building, Engineering, Logistics and Services.

The Personas were defined by industry for Asset finance, this may not be the case for other areas, such as Fraud for example. We then held mapping workshops with marketing and included Sales.

The mapping workshop were used to design the customer’s buying journey from their perspective and not the business’s. This approach to customer journeys takes into account the customer’s needs via personas and how these change as the customer progresses through their buying journey.


JOURNEYS DESIGNED FOR SUSTAINED ENGAGEMENT

TEMPLATES

This approach creates an end-to-end content journey, where content is the tool being used to facilitate your customer’s journeys. This is done by using a proven psychological model that uses Odyssiant to map the stages someone goes through in their purchasing decisions, giving businesses a whole new level of insight into the mind-set of their customers that need to be addressed in order to progress them through to purchase.

It is this approach that creates the higher levels of engagement and conversion seen within the project as the brand was able to provide contextually relevant engagements that guide customers through their own personal journeys as they can access the content at each step of the journey that best meets their needs.


email

OUTBOUND NEWSLETTER

PUBLISH

An email newsletter was sent once per month to all business customers. Five versions of the newsletter were sent, one for each of the Personas. Each newsletter (by Persona) had three articles selected and set up using Odyssiant.

The newsletter publishing process was driven by Odyssiant and controlled through its Content Library. This includes all relevant tags and short-form newsletter content which the customer then clicked to read the full article in the content hub.

Odyssiant provides an API for the email system. The links that are embedded into the email then provide automatic Next-Best-Content, through the Odyssiant AI, based on the Persona, Journey and Need when the customer clicks through to the content hub.

email text set-up


ODYSSIANT

NEXT-BEST-CONTENT

AI

API

TREATMENT REQUEST

NBC AI TRACK ANALYSE OPTIMISE

ODYSSIANT INTEGRATIONS

Pega Outbound: For “outbound” campaigns, Pega can create a list of who should be contacted for a given campaign and will select “treatments” for each customer to personalise this message. A file is then transferred to a Campaign Management platform for the delivery mechanism. By using statistical predictive response models from Pega, the messages can be targeted at individuals who are more likely to respond, although it is important to note that this does not mean they are more likely to buy. By selecting the customers from within Pega, the contact history can remain in one place so there are very good reasons for doing this.

The challenge lies with “outbound” marketing and campaigning as a whole as this usually seeks to promote a product or service and make offers to the customer. Outbound marketing is constrained by “marketing flags” and therefore the customer base that a brand can contact this way is very reduced. On top of this GDPR will be adding further constraints and customers are now extremely fatigued from this type of communication meaning there are diminishing returns on this type of activity.

Integration to Odyssiant from Pega means that rather than selecting fixed treatments, Pega would ask Odyssiant for the Next-Best-Content for each customer. The content provided is then appropriate to the journey the customer is on and isn’t a “marketing message” which would be subject to the suppression flags and GDPR constraints.

By using an inbound marketing programme, brands are able to engage customers around their needs and not products. As such, marketing suppression does not apply and brands will be able to “push” these messages to all customers to get them started on a journey towards any commercial goal. This is where some confusion lies as to the difference between inbound marketing and outbound campaign management because with an inbound marketing approach you do send messages out. You can therefore use the technologies of outbound campaign management to deliver these messages. What these technologies are not able to help you with is the production of the content that will take the customer from that start point on a journey.


Odyssiant provides a journey mapping tool that allows the definition of who the journey is for, what steps are required for the journey and what needs they will have in each step of that journey:

Your customers are activated through your content journeys with Next-Best-Content (NBC) – the ability to offer the customer the next most relevant piece of content. Odyssiant automatically suggests what content should be next based on your customer journey maps.

HOW ODYSSIANT DRIVES JOURNEYS


MAP PUBLISHBRIEF

Odyssiant provides a flexible workflow for managing the briefing and production processes from the initial brief through to publication.

CONTENT STRATEGY

With the journey maps created in Odyssiant, the next step was to create content briefs within Odyssiant to ensure that each step has a rich breadth of content available for customers. By analysing the goal, the personas, the step and the need, it is possible to create compelling content that drives engagement and pulls customers through the journey.

Once the briefs were created in Odyssiant, they were then sent to a content production agency for content creation.

The content strategist would then use Odyssiant to assess the performance of each item of content in terms of its ability to engage and to pull customers forward through the journey. High performing needs can also be identified and ‘missing needs’ added and tested for effectiveness. By structuring content in this manner, it is possible attribute some of the success of the sale to the content that got the customer to that point. Clearly, this then provides commercial value to the content.

By looking at content for the customers’ entire journey and not just thinking about content at the engagement stage, we can create communications that are connected and provide a seamless experience for your customer. But more importantly the content then becomes a valuable tool for retention and cross and up sell and a mechanism for deepening the relationship with customers.


MARKETING STRATEGY

MARKETING ATTRIBUTION TO SALE

Recent research shows that because of the ubiquity of content, most buyers will be 60% of their way to a purchasing decision before they speak to sales or make a purchase online. Of those that are 60% of their way to a decision, only 26% will ever actually buy anything. That means that of the people actually consuming your content and engaging with you, 74% do not “cross the threshold” and buy from you. In looking at the content that you do produce, 70% of it never gets read/consumed at all. And according to IDC, the combination of prospects disappearing and content not being used could be resulting in as much as 10% loss of annual revenues.

Often, the first challenge with a content strategy is that the goals are set for the things that can easily be measured. This is a problem though as open rate, click-through, dwell time, and time on site are not commercial indicators of success. The ideal situation would be a world where each piece of content could be measured according to its contribution to a sale. This is why implementing Odyssiant for managing audience engagement is now crucial. At every phase of the audience journey – from prospecting and acquisition to service and retention – brands need to deliver intentional content that puts the audience’s interests at the heart of each interaction and creates engagement.

When your content strategy can span your entire customer’s journey then you can begin to understand the commercial value of your marketing and its contribution to your bottom line.


ANALYSE OPTIMISE

INSIGHTS

Identifying a great insight is every marketer’s dream. Great insights reveal a deep discovery about the customer that can be leveraged to create communications/content or position a product in a differentiating and meaningful way. Great insights go beyond what customers are doing in everyday transactions. Instead, great insights impact future choices, attitudes, and behaviours. Customers are telling you what they care about every day - through their content choices. What Odyssiant enables you to do is understand what that content engagement means because we create structured content around pre-defined Needs that we can track back to Steps and Maps.

Normally, insights would require digging deep in transactional data and peeling back the layers of what customers are doing, but this cannot help you with “why?”. Asking the ‘whys’ - why do you do that, how does that make you feel, how does that affect your business - is required to really understand the motivations behind the functional actions which is only possible with the Odyssiant Needs analysis.


Get in touch -

To find out more contact us at Odyssiant.com.

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