From digital silos to personalised audiences: How to achieve digital maturity
Accordant and nabtrade, NAB’s online investing platform, discuss how they streamlined nabtrade’s business to achieve digital maturity by implementing Adobe Marketing Cloud and Adobe Advertising Cloud.
All the gear and no idea
Across the world, competition in the banking landscape continues to heat up with new technology and mobile applications threatening to displace banks. To survive and stay competitive, financial institutions are partnering with digital specialists to roll out new initiatives, invest in innovative digital technologies and deepen their customer relationships.
In 2015, nabtrade, NAB’s online investing platform, which provides insights and trading opportunities to customers, was feeling the market pressure along with more aggressive growth targets set by the larger business. Today, through partnership with Accordant, nabtrade is paving the way for how businesses can optimise search and target customers effectively and efficiently.
As a standalone business unit, removed from NAB’s centralised marketing function, nabtrade had access to the best marketing technology available, but lacked the technical expertise to effectively use the tools to meet its growing targets.
What was needed to achieve digital maturity in its marketing was a streamlined marketing and advertising strategy that was targeted, advanced and personalised for nabtrade’s audiences.
Engaging the right partner
To help achieve its goals, nabtrade brought in Accordant, a leading data-driven experience and personalisation agency. Together the companies developed a blended team of inhouse and outsourced capability. The first thing the team noticed was that although nabtrade had existing advertising and marketing technology, the two were disconnected.
“They didn’t have any data in common,” said Steve Knowles, CEO of Accordant. “They came from different providers, they never had worked in unison before, and we knew that in order to proceed we needed a connected technology that was going to scale through the next two years of activity planned.”
Accordant then implemented Adobe Advertising Cloud, which had the ability to integrate with nabtrade’s existing marketing technology: Adobe Marketing Cloud.
Phase 1: Building channel efficiency
Now that nabtrade’s technologies were streamlined, nabtrade and Accordant had two main objectives: increase cost efficiency in paid search and improve on-site conversion.
By implementing Adobe Media Optimiser, a programmatic ad-buying solution which enables businesses to use search, display and social ads to deliver relevant content to high-value audiences, the team saw a 20 per cent increase of new accounts being acquired in their first month.
And, by enlisting test-and-learn activity, such as looking at calls to action, value propositions, URL affinities, and verbiage on the pricing page, the team garnered some great results. As a direct result of placing the pricing page on nabtrade’s homepage the team was able to improve the home site conversion rate by 10 percent.
Phase 2: Cross channel integration
By harnessing the power of Adobe Analytics, along with Adobe Media Optimiser and Adobe Target, the team had a single set of trustworthy data to optimise to, plan and report from, and were therefore able to move focus to data and channel integration. “With Adobe Analytics underpinning everything, we could see a lot more data,” said Arianne Miller, Head of Customer Experience at nabtrade. “We weren’t just seeing the number of accounts that we were acquiring through search, but we could see their on-site conversion and then their post-purchase behaviour.”
By feeding post-purchase information through to Adobe Media Optimiser, Accordant and nabtrade were able to bid and optimise based on the right kinds of terms and clients they were targeting. By targeting customers who were more likely to deposit cash, the team saw a 67 percent uplift in the cash activation rates of the clients acquired through paid search.
Phase 3: Audience centric activity
Personalisation of content and customer experience has proven to be a valuable asset. As the team gained more information about visitors and customers through Adobe Analytics, they were able to deliver more sophisticated and personalised customer experiences.
Utilising Adobe Audience Manager, nabtrade and Accordant were able to identify and really hone in on their audiences. “Adobe Audience Manager allows us to stitch data together from different sources,” said Knowles. “We can pull data from Adobe Analytics, we can pull data from a data warehouse, we can pull data from a CRM tool, and we can combine that data to have a much richer view of a customer.”
The team could then categorise audiences and then broadcast and deliver a consistent and customised message to specific audiences using Adobe Target and Adobe Media Optimiser.
Achieving digital maturity
To tackle aggressive growth targets, and to remain competitive in a disrupted industry, Accordant worked with nabtrade to optimise search and target customers effectively and efficiently. By using Adobe Marketing Cloud and Adobe Advertising Cloud to streamline advertising and marketing technology, Accordant was able to build efficiencies across nabtrade’s channels, integrate and leverage data, and deliver more sophisticated personalised customer experiences.