TD Bank
Optimizing Go-To-Market Strategy
CHALLENGE
In an effort to simplify the bank’s product suite, TD US developed a new premium checking product, and sought to determine the extent to which it would resonate among the target Mass Affluent audience.
The bank partnered with ENGINE to conduct three phases of insights research, all aimed at informing a go-to-market strategy for the product.
SOLUTION
ENGINE conducted an online survey to validate sentiments toward the product/ features and identify product enthusiasts. We also implemented a Digital Hive to better understand the preferences / needs / lifestyles of product enthusiasts and test potential messaging, as well as data enhance to connect beliefs and behaviors by confirming how and where enthusiast behave-a-likes engage online. Moving beyond insights to delivery, ENGINE was able to support broader needs, including media optimization strategies that follow product and message optimization.
Further insights included:
- Use Insights to Target Enthusiasts: Develop behave-a-like modelling based on segment and profile characteristics, tailor messages to needs, distribute content through frequented channels
- Integrate Learnings into CRM: Apply behave-a-like modeling to CRM to refine profiles and identify possible enthusiasts, validate targeting approach based on customer activity/ acquisition, track CRM growth post-campaign
- Measure & Track ROI: Run a parallel test to determine how effective targeting is, test and learn to further refine/optimize strategy
IMPACT
ENGINE determined multiple action items for TD Bank:
- Start with Prospects: Those who do not hold a premium TD checking product today, including customers and non-customers.
- Test & Control: Send to behave-a-like, place messaging on identified sites.
- Observe Digital Journey: And track in CRM to measure impact on upsell/cross-sell, new client acquisition, retention.
- Continuous Refinement of Profiling/Targeting.