case studies
brief
Prior to 2005 Hitachi Capital, http://www.hitachicapital.co.uk/, didn't market to consumers acquired through retail partners. To capitalise on this opportunity a new marketing team was established, and JaywingDMG became involved after a competitive tender process involving six companies, building a flexible marketing database that would create a singular customer view.
This was delivered within a three month time frame and very quickly enabled customer level communications to be managed and sent. During the first six months several campaigns were tested, but initial results were not in line with expectations or income targets. John Atkinson, Hitachi Capital's Head of Marketing, asked JaywingDMG to work with the team to develop a more cohesive customer communications strategy.
deliverables
Initially in 2005
Marketing database - delivered in 3 months
2006
- Customer analysis - Hitachi Capital customers showed a higher propensity towards taking out certain products such as mortgage payment protection and critical illness cover; insight that was used to drive product development and the communications strategy.
- Customer communications strategy - due to the nature of Hitachi Capital's relationship with the customer, initiated via a third party, brand awareness was limited. Therefore it was essential to build the relationship with the customer.
- Customer Journey - welcome programme, event drive communications, retention campaigns targeted at fixed term agreements coming to an end
- Champion/challenger strategies - a series of multi channel communications (post, email, web and outbound telephone) which consisted of both service and cross sales activities. To identify the optimal communications strategy to increase response rates key variables were tested such as channel, timing, featured offer and product pricing.
- Campaign management - using JaywingDMG experts and JaywingDMG's unique platform Communications Builder
- Data enhancement - Additional data sources continue to be added to the database to enhance further the campaign selection capability and
- Continual analysis and refinement takes place.
2009
JaywingDMG implemented the use of Faststats to give Hitachi Capital remote access to their data. Hitachi Capital can now get instant access to perform basic analysis to support campaign planning, customer profiling and provide reports to its retail partners.
JaywingDMG continues to provide consultancy support to Hitachi Capital in marketing activity plus other areas too; analytical support is given to their commercial business team to help with retention of existing retail partners and acquiring new ones, additionally the Jaywing team manages Hitachi Capital's list data and is working on a number of other projects. These include the development of credit and fraud models, plus an initiative to understand whether more income could be generated from their inbound call centre by promoting their own product set and partnering with a complimentary financial services provider.
results
During year one Hitachi Capital's income increased by 258%, followed by a 203% increase in year two. Current figures indicate year three being on track for a further 200% increase. The relationship has also improved the value of each transaction generated. The average loan size since the strategy was implemented has increased by 60%, as have response rates across the product portfolio. The insight gained from in-depth data analysis has also meant Hitachi Capital is attuned to the needs of its customers, developing new product offerings to satisfy this need.
