At the recent Digital Branding Analytics Miami 2019 Conference, Evan Carroll shared an interesting case study of Westpac Bank of Australia’s “KnowMe” Program. According to Evan, if your conversion rate is 2%, that means you’re likely annoying 98% of the rest of the people that you are marketing to. He calls this:
“The annoyed majority”– Evan Carroll
The significance is quite profound. Think of all the marketing resources that get wasted. Think of all the potential customers you are turning off by your tactics – and all of the likely customers you aren’t speaking to.
So what did Westpac do? They developed a system that generated a “next-best offer” to each customer. Basically, when a customer was on the phone with a Westpac representative, this empowered the rep to offer a product or service that was highly-tailored to the individual customer.
As such, their conversion rate shot up to 40%+. What a different experience for reps – and for customers.
Care to hear more of Evan’s remarks from #DBAmiami Conference? Check out the full video below: