"While the response rate wasn't as high as we had hoped for the first round, in the second round the response went up when we went with similar products."
The multi-touch campaign now runs on a quarterly basis. "As an example, Q3 of 2010 included 188,405 of our customer base that were modeled, with 61,821 receiving direct mail only, and 126,584 receiving both email and direct mail," details Wilcox. All customers were broken up into product groups based on their product propensity for one of the nine products.
"Because the campaign was an integrated multi-touch (meaning that everyone received multiple touch points), there is no precise way to provide a break-out that attributes a conversion to any one particular communication," explains Wilcox.
However, overall the campaign achieved an account response rate of 5 percent, with about 75 percent of new accounts being in the deposit product lines. Statistically, the initial emails had an average open rate of almost 18 percent, with a drop off in the second follow-up emails to 14 percent. Clickthrough rates for the first email averaged around 1.8 percent, with a drop off to 1 percent for the second follow-up emails.
Zions Bank was very happy with the final results, so much so that it's moving the PURL campaign over to the business front.
What made it succeed? The email followup helped to increase results of direct mail, while direct mail captured more email addresses. "So it was true multichannel success," says Wilcox.
What proved challenging? "We were surprised by how many customers used their personalized landing page, even after signing up for a new product. We didn't envision that, so we will be doing that differently going forward," he indicates.
Will this kind of PURL mailing be used again? "Yes, as we're building this out for some kind of business component. We had some skeptical executives who are now singing the praises of this PURL strategy," Wilcox concludes.