Kotak Securities partners with DAN to reinvent Customer Acquisition
Dentsu Aegis Network’s (DAN) Data Sciences division has collaborated with Dentsu Webchutney to reinvent ‘Customer Acquisition’ for Kotak Securities. The teams have developed MarTech solutions to reach out to potential consumers with DAN Sync. For the record, DAN Sync is a proprietary custom solution built to link CRM with online marketing endeavours.
The consumer journey is no longer linear. While a lot of the journey is completed offline, the online signals are not strong enough. Meanwhile, acquisition of a new prospect has become increasingly expensive, especially in the cluttered BFSI space.
“The better one is able to harness the intelligence of data mines, the better the end numbers look,” believes Jaimit Doshi, EVP & Head Marketing, Products and Customer Service at Kotak Securities.
Nishant Malsisaria, Director - Media, Dentsu Webchutney identifies the problem. He says, “For Kotak Securities’ Trading account offerings, performance campaigns ran on multiple channels online. However, optimization was possible only for first level leads since a large part of the final conversion is done through offline call centers. The resultant marketing strategy assumed focus on high acquisition rates with lesser control over quality leads, since reverse transfer of marketing intelligence was not happening then.”
With Facebook being one of the key platforms of the acquisition strategy, the task at hand for Dentsu Webchutney was to narrow the acquisition funnel by reaching out to the closest prospects for conversion.
Explaining the strategy, Gautam Mehra, Chief Data Officer (South Asia), Dentsu Aegis Network & CEO DAN Programmatic, says, “The problem with the traditional form of digital advertising is that intelligence built offline is not passed back to inform online strategies. Using a custom built product such as DAN Sync that was created to transfer offline learnings for online optimizations, we deployed the globally renowned DAN Data Labs Product Suite - that uses best in class machine learning algorithms - over the hashed data from the client’s CRM to deliver a new benchmark for the industry.”
“Although expected, the results were astounding enough for augmenting the client’s confidence. The tool performed magnificently well, improving the lead to account open ratio by 500%,” adds Gautam Mehra.