How do you engage your most enthusiastic customers to use your banking products – whilst encouraging good budgeting behaviour?
The insights
We’re 25% more likely to save by using a budgeting strategy (RFI Savings Research - March 2019).
We knew customers had creative ways to differentiate their debit cards (like stickers and labels).
We also found, through RFI Research, that holding multiple accounts for different spending categories was conducive toward budgetary control and goal setting.
Having different accounts helps you live within your means and keep on track for your goals.
This product campaign was designed to encourage our customers to budget better, and have more fun.
The concept
The concept leveraged ME’s colourful debit cards, calling for customers to ‘Colour code their cash' using the modern-day envelope budgeting technique of ‘bucket budgeting’. So we used stickers as a fun way to encourage budgeting using our colourful Buck cards.
Using the ‘bucket budgeting’ methodology to have a little more fun budgeting, we wanted to personalise our advocate’s banking experience, and educate customers to further understand how having different accounts helps you live within your means and keep on track for your goals.
*RFI Savings Research - March 2019
The process
This content strategy was born from observing our most engaged customers, and understanding what makes them tick. We analysed data, came up with ideas on creative and fun ways to educate and engage and went off to create concepts.
Long-form hero content piece
Content strategy and design
Goals to pursue
Engagement via educational and support content on www.mebank.com.au.
Creating personalisation of bank cards for budgeting control by customising account names.
Create useful content to surface organically on search engines.
Hypothesis
By sending customers with multiple accounts educational content, fun labelling stickers, and support content on how to create and name their ‘budgeting buckets’, we'll inspire them to continue budgeting and spending with ME.
Methodology
Shared a content-led experience for a treatment group of 21,000 savings account customers.
We kept a control group of 2,800 customers (12%) to create a baseline to monitor any change in behaviour.
The signals
EDM engagement
47.5% of the customers who opened the email ordered budgeting stickers.
33.2% of customers engaged with the Educational and technical support content.
Hero content piece
• 2,933 page views with an average time on page of 4min indicated the content resonated.
• 9.65% of page traffic then flowed through to the Budgeting persona page and 4.58% used the budgeting calculator.
The results
The response rate of customers
19% of customers updated and personalised their bank account name post EDM, compared to 12% of the control group.
Digital engagement with our customers who received the content increased by +7%.
Those who ordered stickers had an uplift in spend of 9%, (compared to the control uplift of 3%).
Findings
Customers who ordered a set of stickers on average had a +6% increase in card utilisation and engagement with Internet Banking compared to control group.
We can assume from these results that those customers who personalised their account names in Internet Banking, or ordered stickers to label their cards, are more engaged customers.
They use their ME accounts more frequently, spend more and are stickier customers.
The team
Digital Content Lead: Bec Thexton
Lifecycle Marketing Lead: Erin Catchpole & Adele Pellizzari
Brand Designer: Ben Bullivant