Optimizing Go-to-Market Strategy
The bank partnered with Big Village to conduct three phases of insights research, all aimed at informing a go-to-market strategy for the product.
Big Village conducted an online survey to validate sentiments toward the product/ features and identify product enthusiasts. We also implemented a Digital Hive to better understand the preferences / needs / lifestyles of product enthusiasts and test potential messaging, as well as data enhance to connect beliefs and behaviors by confirming how and where enthusiast behave-a-likes engage online.
Moving beyond insights to delivery, Big Village was able to support broader needs, including media optimization strategies that follow product and message optimization.
Further insights included:
Using Insights to Target Enthusiasts: Develop behave-a-like modelling based on segment and profile characteristics, tailor messages to needs, distribute content through frequented channels
Integrating Learnings into CRM: Apply behave-a-like modeling to CRM to refine profiles and identify possible enthusiasts, validate targeting approach based on customer activity/ acquisition, track CRM growth post-campaign
Measuring & Tracking ROI: Run a parallel test to determine how effective targeting is, test and learn to further refine/optimize strategy
Big Village determined multiple action items for TD Bank:
- Start with Prospects: Those who do not hold a premium TD checking product today, including customers and non-customers.
- Test & Control: Send to behave-a-like, place messaging on identified sites.
- Observe Digital Journey: And track in CRM to measure impact on upsell/cross-sell, new client acquisition, retention.
- Continuous Refinement of Profiling/Targeting.