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Optimizing Audiences to Improve Acquisition Rates

A top 5 bank was disappointed with the growth of one of its key products. While customer retention was consistently strong, the bank’s customer base was getting older and recent efforts to acquire new customers had fallen short of expectations.

To help jump start acquisition efforts, Big Village was contracted to review and optimize the organization’s current audience strategy, including who the bank was targeting, how they were positioning the product, and how they were approaching outreach.

Big Village executed a four-stage program to deliver on these objectives:

A comprehensive audit of the current audience strategy was executed. This included a review of where the brand was currently investing, how they were positioning the product, how successful they had been at reaching these segments, and what the return was.
A market segmentation was then executed. The segmentation focused on understanding the market not only in terms of their banking behaviors but also their expectations, needs, values, and priorities as it related to banking. These dimensions provided a foundation against which the brand could assess its ability to deliver on the requirements of specific market segments, ultimately resulting in a hierarchical segment strategy the brand could activate against.
Segments were then scaled to EMX, Big Village’s programmatic media arm, for activation using Big Village’s proprietary audience activation approach (‘Big Village Audiences’). This ensured the brand would enjoy optimal precision and scale with any campaign focused on these segments.
Finally, a robust measurement program was installed to keep constant tabs not only on the impact of the campaign but more importantly to ensure the campaign was first reaching these segments efficiently.

The Outcome

Over the year following development of the audience, the brand worked with Big Village to optimize delivery. Acquisition rates ultimately improved 15% over the course of that year.