CHALLENGE
The team at Neyber observed that, although many people were engaging with their “Find My Rate” loan tool and starting the loan application process, the vast majority abandoned the application prior to completion. They set out to create an email winback campaign to improve conversion on this tool, with an initial goal of reaching a 20 percent conversion rate.
SOLUTION
They quickly discovered that the data needed to identify these abandoned applications wasn’t available for query. So before they could concentrate on building the campaign, they first had to make a business case to get this data flowing into their email service provider. Knowing that timeliness is critical, they also wanted to ensure that the email would be delivered within four hours after a customer interacted with the loan application—which required overcoming a data delay within their API.
With their data problems solved, the team at Neyber turned to the campaign itself. They knew the campaign could potentially come off as too sales-y, so they wanted to take a very engaging, personal approach with the email content. In order to improve the relevance of the email, they added a field to the application form asking the reason for the loan. They then used this data point to dynamically display related emojis in the email subject line. The team regularly relies on Return Path’s deliverability tools to ensure consistent inbox placement, and in this case they utilized those tools to pilot the campaign to a smaller segment of customers. Once they ensured their email wasn’t being viewed as spam, they were able to safely ramp up their send volume.
RESULTS
Neyber’s winback campaign far outpaced their 20 percent conversion goal, with an impressive conversion rate of 63 percent. In addition, they saw extremely healthy performance metrics for this campaign, including open and click-through rates that were well above their program average.