The Credem case: a successful digital campaign
The Credem case is the perfect story of a successful digital campaign based on a marketing strategy built with customized videos Doxee Pvideo. These videos provided a memorable customer experience that benefited customers and the company.
The banking sector, like many other business sectors, also has to deal with digitalization.
Although the use of digital technologies in this field is lower than for others (such as in e-commerce or food, mainly due to the widespread use of delivery apps), there are important signs of diffusion in the banking sector. It is no coincidence that over the years there has been a significant growth of the so-called fintech, technologies that can improve and simplify the delivery of financial services.
Italians, in particular, were enthusiastic about these new realities. The value of the transato piles almost to 6 thousand billions and is destined to touch the threshold of the 9,500 in 2025. In short, an increasingly exponential growth (source: corrierecomunicazioni.it).
The most appreciated features of these realities are those typical of digital platforms, namely the availability of some free services, the fact that you can easily and quickly manage different activities, the transparency of investments and the possibility of having expert support for more complex operations.
Although Italians continue to have, in general, a fair amount of confidence in financial institutions, this growth should be a wake-up call to all banks, which can be slow to evolve.
The presence of these new competitors has shown, on the one hand, the enormous potential of digital technologies applied to the banking sector and, on the other, has set a certain standard of performance that customers now expect.
Consumers are themselves embracing digitalization. The widespread use of the internet and social platforms has influenced the mechanisms and timeframes that every consumer expects to find in every sector.
It is no coincidence, moreover, that giants such as Google and Facebook are thinking of integrating banking services within their platforms to be able to massively invade a market territory that is still largely exploitable using their digital know-how as a competitive advantage.
On the other hand, it is inevitable that the customer, who is now above all a user, will also make decisions based on the type and quality of digital services offered to him. This underscores the importance of adapting the customer experience to these needs.
It is no longer enough to ensure that your products are the cheapest on the market or that your business is the most profitable. Customers already know this and, even so, they may still be motivated to seek out your competitors to compare the different offers.
Instead, customers want something more. They want to feel that they are at the center of something special that is designed especially for them.
But what does that mean?
In essence, it means developing a series of flows and mechanisms that are able to correctly integrate the various available touch points so as to allow the customer to perform the desired actions, in a way that is fast, intuitive, convenient, and personalized. At the same time, the customer should feel at the center of a coherent and connected ecosystem that is capable of satisfactorily responding to all needs.
The ingredients of a perfect customer experience
Intuitiveness, speed, comfort, personalized, and omnichannel.
These are the five key themes around which to build truly memorable customer experience, one that can also bring a real benefit to your business.
In fact, ensuring a high-quality consumer experience for customers is now a necessary condition for a business to remain competitive. There is, in fact, a correlation between the customer experience and the level of retention of its customers.
Offering a memorable experience to consumers strengthens the relationship of trust with them. Ideally, these are customers who are so satisfied that they, in turn, become ambassadors of the company itself.
In addition, a quality customer experience is an important factor in terms of cost savings. Having satisfied customers is five times less expensive than buying new ones and also ensures that they will repurchase from you—a probability of around 60-70%, compared to 5-20% for a new customer.
An approach aimed at customer retention proves successful also in terms of revenue: an increase in the customer retention rate of just 5% is sufficient to generate profits from 25 to up to 95%. From this we can understand why companies that invest more in the customer experience have a growth in profitability of 14% more than those that instead neglect it.
An analysis by Mckinsey also confirms the validity of this data, underlining that customer satisfaction has a strong impact on Total Return to Shareholders (TRS), which is the direct economic return from which shareholders benefit.
Those with high customer satisfaction scores experience impressive value growth (profitability and stock market value), which is up to four times higher than companies that are lagging behind in adopting technologies and strategies to improve the customer experience.
All this shows that customer experience has become an absolutely important competitive factor and that developing it should be at the top of the agenda of any banking institution that looks to operate in a future-forward way.
From words to deeds
While there are clear advantages and characteristics that determine a winning customer experience, achieving it is another matter entirely. Banks do not always have the necessary skills to develop integrated, digital customer-centric strategies on their own.
Trying to develop them in-house can be very time-consuming and resource-intensive. This can further aggravate the competitive delay with respect to other players, in a market where rapid response to external stimuli is essential.
So what do we do?
The first step is undoubtedly to choose a reliable partner that will work alongside the bank and enrich (even digitally) the customer experience.
That’s where Doxee comes into the picture.
Doxee is a leader in CCM solutions and has been helping companies in industries from banking to telecommunications and healthcare use digital technologies to develop their businesses since 2001.
Thanks to its experience and a constant approach to innovation, Doxee combines a strategic vision and digital solutions to design a customer experience according to customer expectations.
In this way, companies can make communication with their customers more effective and provide them with an immersive and engaging experience.
One of the most innovative and relevant services offered by Doxee is Doxee Pvideo®, the personalized video service that helps companies reach customers through original and interactive content. This type of video is particularly effective in light of the characteristics of the customer experience outlined above.
A winning format for a successful digital campaign
Communicating via video is a strategically effective choice, given that the video format is one of the absolute preferred formats for users. This has two substantial advantages.
- The first is that the user receives content in a preferred format and, consequently, is more likely to view it from start to finish.
- The second advantage is that videos and images, in general, are better suited to mobile use. This is not insignificant, considering that Italian users and consumers frequently use the internet (the estimates of diffusion are even higher than last year) and consider the smartphone their preferred device for navigation.
In this way the customer experience begins immediately by adapting to the preferences and habits of customers who will perceive a willingness to meet their needs.
The director of his own Customer Experience
When you watch a video, you generally just passively observe what’s happening. With Doxee’s Pvideo®, the entire structure of the content is designed to be decided by the customer while they’re watching.
In this way, the user is given an increasingly important role in communication where he becomes the protagonist.
With Doxee’s personalized videos, the user has the ability to intervene in the scrolling of content, choosing what he prefers to see thanks to interactive storytelling.
As a result, the consumer’s needs will influence the development of the plot and not the other way around. This creates a unique and inimitable customer experience that is built around the customer.
Personalization and conversion
Interactive storytelling is just one aspect that makes Doxee videos highly personalized communication tools for a successful digital campaign
With Doxee Pvideo®, you can create content adaptable to the needs of each recipient and, in addition, you can also personalize the sequences based on information about the customer.
This means that not only will the video address the user directly by name, but it will also have specific content based on customer characteristics. For example, the video will be different if it is intended for a consumer not yet acquired by the bank or the recipient is an existing customer.
In this way, it will be possible to diversify the message according to specific timescales and purposes, thus entering into key moments of the customer journey and making the content more effective.
This type of personalization makes the customer feel at the center of a tailor-made customer experience, conceived and created especially for him and, at the same time, makes marketing communication less impersonal. As a result, the bank shows that it knows the customer and addresses him directly, by name, according to his needs.
In addition, Doxee Pvideo® also includes clickable call-to-action features that increase the conversion rate of your messages, so that marketing campaigns can be made more effective and traceable in terms of results and it allows you to provide users with a convenient and responsive navigation tool.
Involve customers to know more
Doxee Pvideo® is also a significant resource for collecting data about recipients.
Data is an essential element for a company’s marketing strategy. Organisations in every sector, are looking for professionals who can collect and interpret this data.
Having access to quality data and being able to manage it efficiently is a significant competitive advantage. The more information you have about customers, the easier it is to create precise and detailed profiling.
This is all possible with Doxee Pvideo®.
The customer’s choices are recorded and each navigation action is tracked. This allows the bank to build more effective and relevant messages for the recipients and to offer them a customer experience that is more consistent with their characteristics (and supports the objectives of the campaign).
Effectiveness in the field: the Credem case study
An interesting example of Doxee Pvideo® at work is the case study of Credem.
Credem is a banking institution based in Reggio Emilia, Italy. It was founded in 1910 and today is present in 19 regions across Italy. Over the years, it has operated as a domestic commercial bank with a focus on Wealth Management, Leasing, Private Equity, Corporate Finance, and Telematics Services.
Credem contacted Doxee to activate a communication campaign for financial services dedicated to Ego Classic cardholders and internet banking accounts.
This successful digital campaign utilised Doxee’s personalized videos.
In the first phase, Credem identified Ego Classic cardholders and internet banking account owners, who were sent an email containing the link to a personalized video.
This video, which was aimed directly at customers, contained a loan offer from Credem where recipients could imagine what they would do if only they had more money in the form of a loan.
The video also contained a comprehensive explanation of how to immediately access this loan through internet banking. Using an interactive CTA inside the video, the user could log in from their internet banking account and easily take advantage of the loan from the comfort of their home or office.
The results of the campaign were surprising: The email was opened by 20% of recipients; 78% of recipients activated the video and 60% watched it from beginning to end.
The reason for this success is linked to the fact that through Doxee Pvideo®, Credem has been able to offer a satisfying and personalized customer experience.
- Using Doxee Pvideo® to explain the offer to Ego Classic cardholders and internet banking account owners has made communication simpler and more comprehensible, summarizing a few clear actions to take: intuitiveness.
- The video format made it easier to utilise the video contents, allowing the customer to react immediately to the CTA: speed.
- To do so, the customer did not need to leave home but could accept the offer from any location with an internet connection: comfort.
- The message was made even more effective by the fact that the user received a video designed solely for him. In each video, the customer’s name appeared in the first few seconds of the video and the avatar was male or female according to the recipient: personalization.
- Finally, through Doxee Pvideo®, Credem was able to activate a campaign that exploited several touch points in a consistent and integrated way in order to provide its customers with truly unique and immersive customer experience: omnichannel.
Finally, Doxee’s innovative approach, based on consumer personalization and profiling, not only gave Credem the opportunity to engage its customers by stimulating interaction but allowed the bank to collect valuable information from customers so as to optimize communication and more effectively identify the services to be offered during subsequent campaigns.