ADA integrates CDP to enhance operations, drive growth, and boost revenue for a credit service client
The Results
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The Execution
The client, a credit service company, grappled with challenges related to ineffective marketing efforts and missed revenue opportunities. The business units heavily relied on the BI team for data extracts due to siloed datasets, causing operational inefficiencies, execution delays, and straining resources.
Data Fragmentation and Management Complexity
As the company expanded, the surge in customer data across multiple systems and marketing channels led to fragmented data silos. This resulted in incomplete records and inconsistent data quality, impacting all business units. This fragmentation hindered a comprehensive view of the customer journey, undermining the accuracy of customer analysis for segmentation strategy and activation approaches.
Inadequate Customer Segmentation and Campaign Strategy
The absence of a unified customer dataset and analysis capabilities resulted in inefficient and ineffective customer segmentation strategies. The marketing team's inability to perform informed data analysis impeded the creation of personalised and high-converting campaigns, leading to less impactful marketing efforts and lost revenue opportunities.
ADA implemented a Customer Data Platform (CDP) to resolve the challenges faced by the client.
The Approach
With the implementation of the Customer Data Platform (CDP), the client could unify customer data from all sources, cleanse it, and make it available for analysis, segmentation, and activation. The solution enabled the client to personalise interactions and deliver a better customer experience. By consolidating customer data into a single source of truth, they could perform credit criteria analysis and improve the SLA / abandoned rate when handling customer inquiries. Furthermore, the CDP solution eliminated the need for multiple tabs to view customer information in our core system, thereby increasing productivity.
The Master Segment Creation feature was used to develop a Centralised Customer Data Repository. This repository efficiently stores all relevant customer data, including personal details, contact information, current active product details, past application history, card transaction details, loan repayment history, etc. Additionally, a comprehensive Data Dictionary was created for business users.
This implementation provided the client with a unified 360-degree view of customer data, significantly enhancing data integrity and management. It aided in the accurate creation of customer segments, enhancing marketing and customer service strategies.
The client employed the Audience Studio feature for seamless customer segmentation creation. An advanced Propensity Scoring model at the Product Category Level was developed. This model assigns propensity scores to customers for each product SKU or Scheme, assessing the likelihood of a customer successfully applying for specific products across six main product categories. The scores range from 0 to 1, indicating the level of fit between the product category and the customer's needs and preferences.
The function streamlined the segmentation process, allowing for quick and intuitive creation and management of customer segments. Meanwhile, the Propensity Scoring model provided a quantifiable measure of a customer's likelihood to engage in cross-selling campaigns.
This dual approach not only improved the accuracy and efficiency of targeting in marketing campaigns but also optimised resource allocation by focusing efforts on customers with the highest propensity to convert, significantly enhancing the effectiveness of marketing strategies.
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