Challenging Your Understanding of “The Right Time”
by Blended Digital, on 7 May, 2020
A digital marketing campaigns effectiveness is based on 4 key factors, who you contact, what you send them, how you engage them & when it’s received. Mastering these 4 pillars will give you greater brand engagement and lead to improved conversion rates.
Who, What and How
The “Who” is about understanding your audiences and building out segments for retargeting based on common conversion traits & behaviours that are most likely to want to engage with your content.
The “What” is already a widely understood topic and is achieved through content personalisation, making sure every digital touch point is tailored to the customer, improving their experience with the brand.
The “How” represents the digital touch point used to engage the user. Different people engage with channels in different ways. Some people engage more with social content and others are more likely to be engaged with email content. Ensuring that your digital marketing campaigns reach your audience in via the most effective channels is important.
What is RTIM?
A new point of focus in digital marketing is “When” the communication is received. With the developments in test and learn campaigns we can begin to test our understanding of “the right time” to communicate to prospects and existing customers.
Take a common use case such as cart abandonment and ask your marketing team when they think the correct time to attempt to reconnect with that user is? It’s unlikely that they’ll all give you the same answer, so which is correct? The only way to know for sure is to test your understanding and evolve your campaign over time.
RTIM at ANZ Bank
A recent project that we have completed for ANZ Bank involves deploying a campaign which includes right time interaction management (RTIM). The objective of the campaign is simple, to encourage prospects who have used mortgage tools such as deposit calculators and property profile reports to talk with an ANZ mortgage lender in branch, or via call center. The historical state of the campaign issued prospect data to the relevant party inside ANZ within 2 days. This was mainly due to overnight batch processing between legacy systems.
A new solution was implemented using Adobe Campaign which could distribute leads within minutes of a prospect’s engagement. The challenge was to now identify when the optimal/ right time is to contact them about potential home loans. The prospect is unlikely to want to have a discussion a few minutes after using a calculator or viewing a report on a property, but if too much time goes by, they wouldn’t be as engaged in the buying process. To find this out we tested our own understanding of “right time” and used test and learn principals to identify how much time we should allow before attempting to contact them.
This analysis of RTIM and refinement of the marketing campaign resulted an uplift of 12.7% in meetings scheduled by prospects who wish to discuss home loans after being contacted at the “right time”. This uplift of 12.7% carries an estimated value of +$37m to the bank which certainly provides a high return for the investment from digitally transforming this single campaign.
You can download the full case study here.