Data science-led CRM Strategy delivers powerful impact for M&S Bank
Challenge
M&S Bank had open and click rates higher than at any time in their history, but with an ageing customer base that wasn’t growing with new younger customers, they needed a solution that would optimise their existing base.
Solution
To get more out of their customer base in a cost-effective and timely manner, while minimising risk Profusion designed a strategy of incremental improvement.
Significant gains could be delivered by diversifying risk across multiple projects. Each project would have a small but significant effect, but the results would stack and also combine to deliver more than the sum of their parts
Profusion created a detailed 12-month strategy in the form of a calendar that would enable M&S Bank and the entire marketing team to effortlessly lead on and determine the best channel and content strategy per campaign alongside Profusion.
The strategy centered on optimisation, retention, and establishing customer lifetime value by utilising the in-house expertise of Profusion technology consultants and data scientists.
Result
Within 12 months, M&S Bank had reduced their unengaged customers by 25% and increased overall engagement benchmarks by 30%
Key project results included:
Send Time Optimiser – AI to deliver at the right time for each individual = engagement increase of 250%
Data driven profiling (segmentation in email) = engagement increase of 135%
Interactivity in email – click rates of 43%. Insights used for future profiling
Behavioural triggers - engagement increase of 900%. Removed 100k from receiving blanket emails
A journey to approach upsell emails - triggered follow ups with new content generated 66% open rates and 15% click rates
Sound good?