Oppurtunity/Issue
A large retail bank in Austria needed to elevate their marketing strategy.
The bank was looking for a growth hacking strategy to counter their biggest inflexibilities in marketing.
Our client’s challenges included:
- Customer tracking across channels
- Assessing and testing measures, hindered by various data silios
- A focus on big campaigns (making it difficult to efficiently implement unconventional ideas)
APPROACH/SOLUTION
We set out to identify and test potential growth hacks and further establish growth hacking within our client's team.
We achieved this by following a clear step-by-step approach using scientific methods and assessing their main improvement levers.
- Analyzing our client's existing customer journey for selecting investment plans and identifying potential growth hacks
- Developing hypotheses and tests to validate their growth hacking potential
- Analyzing and testing results and deriving final recommendations
OUTCOME/RESULT
We helped our client to increase three of their most important key metrics.
We increased their click ratio by 8-10 percent, increased their path to purchase by 10-12 percent, and topped up their conversion rates by 3-4 percent!
These results were made possible by:
- Identifying 26 individual growth hacks (both digital and offline) across the entire customer journey
- Testing nine critical hypotheses (such as revamping their product finder and establishing a referral program for their investment plans) and validating the potential of eight prioritized growth hacks
- Identifying five distinct customer segments and three strong behavioral bases for their individual targeting
- Deepening our client's growth hacking proficiency by including three separate business units in the testing
- Conducting a gap analysis to assess the bank's existing growth hacking capabilities
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