RangDe, India’s first and pioneering social peer-to-peer (P2P) lending platform, aims to revolutionize credit access and enable financial inclusion for every individual in India.
Rang De utilizes technology, human resources, and design thinking to create an efficient and user-friendly platform for credit accessibility and social investment. The platform is designed to make credit affordable for investees (borrowers) and enhance the investment experience for social investors (lenders).

Rang De operates within the peer-to-peer lending space, offering a digital platform for individuals and micro-entities in India, like farmers, artisans, and small business owners, who are typically excluded from formal financial institutions. The platform provides low-interest loans, thus promoting economic growth and income generation, and aims to promote sustainable growth for enterprises and investees by providing access to low-cost credit.

Objectives:

Support team based:

1. An easy-to-use, robust solution for promotional and customer service emails
2. Setting up user journeys and funnels to reactivate lapsed/inactive users
3. Setting up segments according to demographic and behavioral data

Marketing and growth based:

1. Need for high user retention through content marketing through channels like email and web/app content
2. Personalization of a high degree for marketing communication to user segments
3. Tracking the success of marketing and growth efforts aimed at the existing user base
4. Driving engagement through targeted communication

Product based:

1. Tracking high-level as well as granular analytics of products as per a variety of events set up
2. Triggering funnels and journeys according to the usage trend of the product
3. Setting up and tracking user cohorts and analyzing their interactions with the product
4. Need for secure setups across data and processes

Challenges:

1. Inability to attract sufficient users to the platform
2. Getting users who are dropping off the platform to complete their KYC & initiate repeat purchases
3. Converting maximum registrations into social investors
4. Automate user engagement initiatives
5. Retain existing social investors
6. Lack of an advanced and real-time user segmentation

Results?

To know more about how RangDe managed to achieve their objectives, download the case study.

To begin your journey with WebEngage’s Startup Program, take a demo now.

The post Fintech Platform RangDe Increases Its MAU By 26% Within 5 Months With WebEngage appeared first on Webengage.

CASHe is a credit-enabled financial technology platform that offers consumer lending products like short-term personal loans, buy now pay later and credit line services to salaried millennials.

Launched in 2017, CASHe provides hassle-free financial assistance utilizing its proprietary decision models that are powered by its AI/ML-backed platform called the Social Loan Quotient (SLQ). SLQ assesses a person’s true ability and willingness to repay, leading to a considerable reduction in the average cost of credit. Since the launch of operations, CASHe has disbursed loans worth $1,5500 million to over 10 million registered users and more than 20 million app downloads with over 30,000 downloads and 3,000 loan applications witnessed every day. The company’s loyal customer base of over 5,00,000 comprises over 75% repeat users.

Objective

CASHe offers unsecured loans to users via its AI-based credit scoring mechanism regardless of the user’s credit history. CASHe aimed to deliver omnichannel campaigns to reduce user drop-offs and engage existing users to complete their profile journeys for instant loan disbursement.

Challenges

• Exhaustive sales funnel
• Increase in user churn from different stages of the customer lifecycle

Why WebEngage?

In order to boost campaign performance and nudge more and more users towards profile completion on the CASHe app, the brand wanted to inculcate different types of communication channels and strategies.

Along with the existing channels (SMS, Email, and Push) CASHe also wanted to add another channel in terms of voice and thus the Interactive Voice response System also called IVR was adopted.

WebEngage in action

The team at WebEngage recommended CASHe to build different IVR specific omnichannel journeys to engage dormant users who dropped out of the user journey without completing their profile. With WebEngage’s funnel analysis feature the brand was able to identify leakage in the journey and plug in an IVR communication real-time. This strategy led to reduction in user’s drop-offs, redirecting the users towards further steps based on where they are in the journey.

The WebEngage Impact

With WebEngage’s consistent support and robust automation efforts, the brand was able to run multiple campaigns at scale and effectively achieve its business KPIs.
Here’s what CASHe achieved in terms of results:

• 35% users routed via IVR and redirected further down the funnel
• 47% growth in MAUs in a year
• 75% increase in repeat user base in a year

The post CASHe, India’s online credit lending app, magnifies its repeat user base by 75% using IVR integration on WebEngage’s platform appeared first on Webengage.

Scripbox is India’s leading digital wealth manager. Founded in 2012, it is recognized for creating simple and elegant user experiences in a complex domain. Scripbox uses proprietary algorithms to deliver a full-stack of wealth management solutions.

Scripbox is led by Atul Shinghal, Founder and CEO, and Sanjiv Singhal, Founder, and Chief Product Officer. Scripbox has been recognized as the 2nd most influential financial services brand globally by LinkedIn and has received the Financial Express’ Best Bank Award.

What makes Scripbox stand out from the crowd?
Users can:

• Consolidate and track their wealth in one place
• Review and modify their investments to ensure that their wealth grows
• Explore multiple investment options to choose and invest well

Scripbox’s Objective

• Leveraging automated workflows to drive engagement and retention
• Leveraging contextual and personalized communication strategy to deliver value-driven content
• Using communications as a viable acquisition strategy while making sure no customer is spammed with notifications

Scripbox’s Challenges

• Advanced campaign management requirements using multiple channels to cater to the audience
• Lack of an advanced and real-time action-driven user segmentation
• Unable to optimize marketing attributes to boost acquisition and retention efforts
• Lack of an automation mechanism to deliver personalized content

Why did Scripbox pick WebEngage as its marketing automation platform?

The most fundamental problem that WebEngage solved for Scripbox was attribution.
Understanding and mapping which customer was converting against which event, getting more clarity about the customer, and seeing what channels they were engaging with was something they hoped to understand with WebEngage.

Scripbox also wanted to ensure that no communication was spamming the customer. And this is where WebEngage stepped in to help Scripbox attain its business goals.

Solution

Having used WebEngage’s services before, Scripbox wasted no time onboarding u1s and beginning their user engagement journey. Using Journey Designer, they automated their omnichannel services and engagement tactics to achieve the best results. WebEngage further acted as an analytics platform giving direct insights into the audience’s properties and behaviors.

Initially, Scripbox began with their segmentation based on user demographic like age groups, however, they didn’t get the desired results.
Later they built user segments based on domestic and NRI residents, which was a successful campaign and produced significant results.

Bifurcating customers into segments allowed the brand to capture their traits and actions separately, which gave Scripbox a jump toward solving its user segmentation woes. Moreover, the dashboard features like ‘Send Intelligently,’ ‘A/B testing,’ and personalization opportunities contributed to leveraging communication channels more effectively, enabling the brand to communicate the right message to the right users without any hassle. It also helped the brand measure and compare the campaign performance to optimize the best-performing ones.

Furthermore, Scripbox engaged its users with enriching marketing campaigns using rich media and personalization elements, thereby avoiding the risk of spamming users with non-contextual messages.

Key Results

With the help of WebEngage’s Retention Marketing Platform, Scripbox saw:

• A 3X rise in user engagement – leading to more retention and conversion in the 2nd quarter
• Less user spamming – sending users more relevant pieces of content
• 25-30% growth in email open rates
• Detailed insights about the users and their behavior
• Frequency capping in the campaigns leading to a reduction in the unsubscribe rate by 25% in Q1 2022

The post Scripbox witnesses a 25-30% growth in email open rates through WebEngage’s marketing automation appeared first on Webengage.

Merolagani is a fintech platform, that provides its end users with live stock quotes, news, announcements, annual and quarterly reports, analysis, and portfolio management tools. They aim to spread financial literacy, information and training to the general public about the scenario of the share markets in Nepal and the NEPSE.

Merolagani is a part of Asterisk Technology, an IT company promoted to build systems for the Nepalese capital market. The financial company intends to achieve transparency and clarity through a customer-centric approach, in which the customer’s business objectives enjoy top priority.
In a nutshell, they don’t intend just to market and sell their products and services but also to provide the best services and products that enable their customers to optimize their output and assist in attaining their goals and objectives.

Merolagani also poses as a media platform for news pieces related to the share market, corporate, automobile, and other sectors.

Merolagani provides six primary services:

• Portfolio tracker
• Analyze market
• Analyze watchlists
• Newsletters published
• Technical lesson and analysis
• Suggestions for what’s good to buy and sell

USPs:

• Accuracy of information provided
• More than 80% of its predictions are accurate
• The user base of Merolagani – 36 lakhs of repeat engagers (known and unknown users)

Objective

To increase Merolagani’s active user base by retaining dormant users and sending campaigns to educate general people.

Challenges

After the share market crashed, fewer people wanted to keep up-to-date with news/information related to stocks, hence:

• Getting people to engage with push/email notifications was hard
• Incentivizing people to engage with the brand became a task
• Retaining dormant users and working with their portfolios turned out to be a hurdle

Features Used

• Push notifications
• Email marketing
• SMS

Solution

WebEngage was the first marketing platform in use for Merolagani. The fintech brand was able to engage with the rural audience after onboarding WebEngage. Trying to reach tier 2 and tier 3 areas has always been a task, but by leveraging the dashboard analytics, journey designer, and A/B testing, Merolagani could crack through the shell.

Moreover, known and unknown users saw good engagement and conversion rates. There was increased engagement time on the website and a sharp increase in reactivating dormant users/unknown users.

They were able to track known and unknown users, understand the journey (through Paths), and devise a conversion strategy.

The post Merolagani increases its Total User Base from 8.9L to 35L through WebEngage’s Conversion Tactics appeared first on Webengage.

CASHe is a credit-enabled financial technology platform that offers consumer lending products like short-term personal loans, buy now pay later and credit line services to salaried millennials.

Launched in 2017, CASHe provides hassle-free financial assistance utilizing its proprietary decision models that are powered by its AI/ML-backed platform called the Social Loan Quotient (SLQ). SLQ assesses a person’s true ability and willingness to repay, leading to a considerable reduction in the average cost of credit. Since the launch of operations, CASHe has disbursed loans worth $300 million to over 1.5 million borrowers across India.

Adopting the right retention platform that meets CASHe’s needs

CASHe adopted the WebEngage Retention Operating System to:

• Deliver a seamless credit experience
• Increase the percentage of repeat loans

Here’s a glimpse of some of the use cases CASHe has implemented using WebEngage. If you want to get detailed insights into CASHe’s success story, you must check out the detailed version. 👇

Goals

• Convert potential leads into prospective borrowers
• Increase the percentage of repeat loans

Challenges

• Lack of a unified view of each lead (potential borrower)
• Keeping track of borrowers’ actions at scale

Solutions

Hyper-personalized, omnichannel campaigns at scale

The Customer Success Manager (CSM) at WebEngage suggested that the Marketing team at CASHe to consolidate the leads’ data on the WebEngage dashboard and have a unified view of each lead.

Subsequently, CASHe leverages the WebEngage Journey Designer to engage leads on their preferred channels and encourage them to become borrowers.

Event-based, relevant nudges at the right time

To increase the percentage of repeat loans, the team at CASHe decided to create an event-based journey on the WebEngage dashboard. Using this journey, they send automated, timely communication to existing borrowers to take repeat loans for their needs.

Nishant Mehta

Executive - Digital Marketing, CASHe

Using the WebEngage dashboard, we’ve been able to automate our user engagement initiatives and save massive human hours. We are now well-equipped to send data-backed, hyper-personalized campaigns at scale. Some of the campaigns we’ve sent have resulted in more than 40% growth in repeat loans by borrowers.

Results

CASHe has been able to automate its borrower engagement and retention initiatives, convert potential leads into prospective borrowers, and increase the percentage of repeat loans. CASHe continues to utilize WebEngage’s Retention Operating System and deliver a seamless credit experience to salaried millennials.

The WebEngage effect on CASHe

The post CASHe, India’s most accessible credit lending app, witnesses a 300% increase in the value of loans disbursed appeared first on Webengage.

Angel One is India’s leading retail stockbroking house that offers a gamut of retail-centric services -ranging from E-broking and Investment Advisory to Portfolio & Wealth Management Services, Commodities Trading, and much more.

Angel One provides its value-added services to over a million retail investors through its nationwide network. It has one of the largest trading terminal bases in the country. It also has the largest sub-broker network on the National Stock Exchange. With over 1.4 million active NSE clients, Angel One is among the top 3 retail broking businesses in India.

Adopting the right retention platform that meets Angel One’s needs

Angel One adopted the WebEngage Retention Operating System to educate its users with best investment practices. This resulted in an inevitable increase in the inflow of leads.

Here’s a glimpse of the use cases they’ve implemented using WebEngage. If you want to get detailed insights into Angel One’s success story, you must check out the detailed version.👇

Goals

• Convert anonymous visitors into customers
• Engage with users in their preferred language for maximum conversions

Challenges

• Lack of a unified customer view
• Manual approach to building a lead funnel

Solutions

1. Identification of ‘unknown website visitors’ through nurturing workflows

The team at Angel One leverages Web Push Notifications on the WebEngage dashboard to engage with unknown website visitors. And encourage them to share their contact information using a content-led approach.

They have a pool of knowledge-sharing articles that help in addressing user concerns. These are based on FAQs and stages of the user journey. Once a user visits any of the knowledge-center pages to seek information, a series of resources are shared over a period of 5-days. Which encouraging users to sign-up and create a free Demat account.

2. Running welcome campaigns via web push notifications

Angel one wants the maximum number of leads to open a Demat Account and start trading. Now, to nurture these leads, Angel One sends a welcome campaign using WebEngage’s Journey Designer. A user is sent a series of web push notifications educating them about the basics of stock trading. This helps build trust, credibility, and comfort in the minds of the users. Which eventually increases their stickiness on the website.

3. Delivering localized user engagement

To boost engagement on the Angel One website, the team at Angel One sends communication in users’ preferred language like Malayalam, Kannada, Telugu, Tamil, Hindi, and Gujarati by leveraging WebEngage’s personalization engine. This ensures their users relate well with the content which eventually leads to an increase in lead influx.

4. Implementing interactive/enticing lead forms using multimedia/rich content

Angel One leverages rich notification content like gifs, images, videos, etc. using the WebEngage dashboard to attract more leads. And encourage them to open a Demat Account and start trading by offering free coupons and discounts through WebEngage’s on-site survey forms.

5. Retaining users that block web push notifications

Web push notifications play a crucial role when it comes to delivering stellar user engagement at Angel One. To re-activate users who block access to Web Push Notifications, Angel One introduces FOMO in the minds of the website visitors. They use onsite notifications with rich media to encourage users to re-enable push notification access. They also provide a step-by-step process to do it.

Results 

The post Angel One, India’s leading stock broking firm, witnesses a 2X boost in website conversions in 6 months appeared first on Webengage.

Acko is a general insurance company that started in 2017 as India’s leading digital insurer and is currently the fastest-growing insurance company in India with over 60 million policyholders. They make it easier for their users to buy/renew insurance policies online, wiping out the need for paperwork. Users can secure insurance for cars, two-wheelers, taxis, and health using Acko’s website and mobile app.

Adopting the right retention platform that meets Acko’s expectations

Acko adopted the WebEngage Retention Operating System to:

• Convert maximum leads into policyholders
• Automate user engagement initiatives
• Retain its policyholders

Here’s a glimpse of some of the use cases they implemented using WebEngage. If you want to get detailed insights into Acko’s success story, you must check out the detailed version.👇

Goals

• Win-back dropped leads
• Increase the number of policy renewals
• Automate the claim settlement process

Challenges

• Lack of consolidated lead data
• Contextually reaching out to policyholders at the right time
• Monitoring policyholders’ actions at scale

Solutions

Data-driven, action-based win-back campaigns

The Customer Success Manager (CSM) at WebEngage suggested that the Marketing team at Acko implement data-backed win-back campaigns to engage the dropped leads.

Acting upon the suggestion, they’ve created action-based journeys using the WebEngage Journey Designer to encourage the dropped leads to purchase their preferred policies.

Timely, contextual communication using user journeys

The Marketing team at Acko wanted to increase the policy renewals by sending timely, contextual communication to the policyholders. To do this, they adopted a multi-channel engagement approach using the WebEngage Journey Designer.

With the help of user actions (events), Acko sends timely, contextual messages to policyholders, reminding them to renew their policies on time. To ensure maximum engagement with the communication, they also leverages WebEngage’s Send-Time optimization functionality.

Suraj Raika

Assistant Manager - Digital Marketing, Acko

With multichannel targeting capabilities in a single platform, WebEngage has helped us identify the right opportunities for growth and act upon them to deliver an end-to-end insurance experience to our prospects and policyholders.

Event-based, automated claim settlement process

To automate the claim settlement process, Acko takes an event-based approach to track user actions on its app/website and then map relevant events (user actions) on the WebEngage dashboard. Using this events data, they then send contextual communication to the policyholders whenever they raise a claim request on the app/website.

Results

The team at Acko has been able to automate its user engagement initiatives, convert leads into policyholders and boost its policy renewals. Acko continues to deliver a seamless insurance buying experience and drive exponential business growth.

The WebEngage Effect on Acko

The post Acko, India’s leading digital insurer, increases its policy renewals by 17.32% appeared first on Webengage.

FamPay is India’s first neobank for teenagers. Backed by Y Combinator and Sequoia Capital alongside other prominent investors, the startup was founded in 2019 by IITians Sambhav Jain and Kush Taneja. With FamPay and its numberless card, minors can successfully make online (UPI & P2P) and offline payments without the need to set up a bank account. Parents can top up their child’s FamPay account and let them spend the funds under their supervision. FamPay aims to raise a new, financially aware generation of Indians who understand the fundamentals of personal finance and are capable of making decisions in their best long-term interest.

Joining the WebEngage Startup Program’s Class of 2020-21

FamPay was coming out of stealth mode in early 2020. Enrolling for the WebEngage Startup Program’s Class of 2020-21 seemed like the perfect choice to get the growth mode fired up right from the initial phase. With a host of facilities provided on the app, it was also the right time for FamPay to start leveraging a full-stack marketing automation platform.

What is the WebEngage Startup Program? 

The post FamPay, India’s first neobank for teenagers, witnesses 22% increase in transactions within 6 months! appeared first on Webengage.

The Insurance sector in India consists of a total of 57 insurance companies. Out of which 24 companies are the life insurance providers, and the remaining 33 are non-life insurers. Edelweiss Tokio Life is a new generation life insurer with a presence in 93 cities through its 121 branches.

Established in 2011, Edelweiss Tokio Life is a joint venture between Edelweiss Financial Services, a diversified financial services company, and Tokio Marine Holdings, a global insurance giant. 

The insurer’s positioning ‘Zindagi Unlimited’ succinctly sums up its role as an enabler in the lives of customers. To protect their dreams and aspirations, the insurer takes a proactive role in understanding the limitations faced by customers and creates innovative solutions to remove these hindrances in their lives.

With a strong focus on customer centricity, the insurer is known for its award-winning and innovative products and services. Its strong lineage equips them with the expertise to address the customers’ needs. Headquartered in Mumbai, the insurer serves over 2 lakh customers (as of March 2019) through its multi-channel business.

The Objective

Customer loyalty is undoubtedly crucial for Edelweiss Tokio Life to building sustainable long-term growth. In a mere span of 8 years, they have achieved a persistency ratio of 88.9% and their endeavor is to scale it up even further by this financial year.

To achieve such success, Edelweiss Tokio Life focuses not just on sales – but also on acquiring quality customers and giving them the right experience throughout their journey.

Shown below is the basic journey every new customer follows at Edelweiss Tokio Life.

Attract (New lead) → Interact → Qualify → Nurture → Close → Feedback

The team at Edelweiss Tokio Life proactively finds ways to make their customer’s journey interactive and simple at every touchpoint. 

Out of all the stages mentioned above, lead nurturing plays a pivotal role in creating a seamless customer experience.

Lead Nurturing

To put it simply, lead nurturing for insurance companies means devoting time to build meaningful relationships with each prospect. However, building relationships and fostering loyalty is tough for companies, especially if you have thousands of customers. This is where the marketers or businesses as a whole need to move about carefully.

The Challenge with Lead Nurturing

Edelweiss Tokio Life faced the following challenges to set-up a lead nurturing process, which was as interactive and meaningful as the rest of the customer’s journey: 

1. Communicating successfully with the customer in the digital age, primarily via mobile 
2. Leveraging customer data and insights to map complete customer lifecycle
3. Qualifying and segmenting prospects to nurture them with content specific to their needs, and;
4. Keeping costs down while increasing efficiencies throughout their customer lifecycle

The Solution

To successfully nurture each lead, WebEngage equipped Edelweiss Tokio Life with the right technology support at every step of their lead nurturing process.

Basis the flow represented above, here’s the detailed explanation for the same.

➜ Customer requests for online support via various touchpoints ➜ Basis which Edelweiss Tokio’s Life’s Customer Relation Management (CRM) or precisely their Lead Management System (LMS), assigns a disposition status to the customer 

In the Banking, Financial Services, and Insurance (BFSI) industry, this step is denoted as ‘customer disposition’ and varies from customer-to-customer. 

At Edelweiss Tokio Life, there are close to 30-35 dispositions, based on the initial interactions with the customer.

➜ Based on their disposition status, the customer enters an appropriate segment on WebEngage

WebEngage groups the dispositions under 10 broader segments. Some of these segments include: 

• Non-contactable: Customers who are now unreachable due to some reason
• Follow-up: Customers with whom further discussions are required
• Call-back: Customers are interested but want more details at a suitable time and so on
• Nurtured: The customer is on board and knows enough about the brand to make an informed choice

➜ Each segment refers to a unique journey on WebEngage

To accurately follow up with its vast database, the team at Edelweiss Tokio Life creates journeys for each user segment. Different scenarios are then visually mapped, and real-time communication is triggered using WebEngage’s Journey Designer.

These user journeys form a crucial part of the lead nurturing strategy. 

➜ Zooming Into Edelweiss Tokio Life’s Lead Nurturing Journeys

Edelweiss Tokio Life’s drip marketing campaign for lead nurturing is spread over a total of 90 days from the first interaction. The tool further divides the drips into 3 phases depending on the maturity and interaction level of the user. 

To help you understand these journeys better, we have highlighted some of the vital features below:

1. Segmentation

💡In theory, segmentation is the process of breaking down your user base or market into small groups. The tool does this to better understand them and create specific marketing strategies to engage with them and drive conversions. There are several ways in which marketers can segment their user base, location, purchase history, lifecycle stage, etc. 

The tool segments the pool of customers into smaller groups, based on their disposition status. Each segment has a unique journey to ensure each lead is covered and nurtured appropriately from the beginning. Additionally, Edelweiss Tokio Life puts adequate segment checks throughout the lead nurturing journey.

These regular checks guarantee: 

• That each journey remains valid for a particular segment only
• The workflow guides every customer along a unique path, based on their actions and reactions to messaging and events.
• Each customer receives contextual communication. Eg, product knowledge for recently acquired customers or testimonials for those who are contemplating a purchase.

2. API Blocks

💡API blocks in journeys allow you to transfer real-time information, from WebEngage to your third-party systems (advertising, data-warehousing, live-chats, etc.) or your internal database. 

An API is triggered if a customer clicks on the ‘Call back’ CTA mentioned in emails. The API further relays this information to the concerned teams at Edelweiss Tokio Life so that necessary actions can be taken. This action becomes the ‘conversion event’ for the campaign and helps in tracking its performance.

3. Exit Triggers for Journey Mapping

💡The primary goal of most marketing campaigns is to evoke a desired action from the users – ranging from getting users to read your new blog, avail special offers to watch a video, etc. Once the user accomplishes the goal, journey exit triggers can easily manage the user’s exit from the current journey. This ensures the tool engages your users with campaigns that match their present actions.

The moment a customer clicks on an email, the ‘user attribute’ on WebEngage gets updated (e.g., a change from ‘Not interested’ to ‘Interested’) and the customer enters another journey. The new journey’s communication strategy then nurtures the customers.

This journey mapping using exit triggers ensures:

• No redundant communication goes to customers 
• Automated messaging nurtures customers as per their current disposition status 
• Emails are hyper-personalized by leveraging real-time user data and behavioral data in the most optimal way.

💡Hyper-personalization: Real-time communication and hyper-personalization lay the foundation for delivering one-on-one messages to users. The way you track your user’s actions and preferences in your app and website plays a crucial role. It fuels your personalization strategy – from personalizing a campaign’s message, images, links, and email attachments to using REST APIs to request data from your servers.

4. Campaign Performance Indicators

💡As users interact with the drip campaign, each interaction is tracked as a campaign event or a performance indicator. This helps you to analyze the campaign’s impact on user engagement, conversions, and revenue.

Data-driven messaging is one of the most scientific ways to deliver contextual experiences tailored to each user. Using the campaign performance indicators on the ‘Campaign Comparison’ screen, Edelweiss Tokio Life tracks data for all the communication in one clean view. 

Splitting campaign performance by campaign events – clicks, conversions, revenue, etc. shows which campaign is providing the maximum impact. Shown above is a sample overview (we’ve changed the exact numbers).

These indicators help:

• Identify bottlenecks and key conversion steps 
• See which campaign is giving the maximum impact
• Optimize user journeys further

The Results

Edelweiss Tokio Life used a personalized approach to lead nurturing, creating unique customer experiences and tailored content using WebEngage’s Journey Designer. The result was a massive uplift in conversions and customer loyalty. 

Their email opens were as high as 20-30%, which is notable in the BFSI industry. With timely and contextual messages, Edelweiss Tokio Life registered an increase of around 10% in the call-backs made. The uplift in conversions (closures) ranged from 10-50%, across various disposition statuses.

What worked for Edelweiss Tokio Life: 

The six things that improved Edelweiss Tokio Life’s email marketing campaigns and lead generation rates include:

✅ Personalizing email campaigns where users didn’t have to re-enter their details for a call-back.
✅ Understanding target audiences, their needs, and key motivation drivers to draft appealing content.
✅ Experimenting with email send times and their frequency made a significant impact on their open and click-through rates (CTR).
✅ Optimizing their content for all devices. Be it mobile, tablet, or desktop.
✅ Tracking campaign performance regularly helped them make iterations at the correct places immediately for a more significant impact.
✅ Integrating all this smoothly with their LMS or CRM to help the team identify the best sales opportunities.

Providing a world-class experience to the customers is a top priority for marketers today. As old as it might have become, email marketing still stands tall and strong for marketers globally.  

Robust integration with WebEngage helped Edelweiss Tokio Life send out more than thousands of emails each day to their massive user base, resulting in impressive click-throughs and conversions. 

On the other side, WebEngage is working relentlessly to give its clients access to a powerful email solution that specializes in deliverability, accuracy, and efficiency. With a recent product launch, WebEngage now offers in-house comprehensive email deliverability and mapping service. It makes using email marketing as a vital tool in your marketing communications and strategy easier. Explore WebEngage all the more right away!

Is Email Marketing A Pain Point For You?

Talk To Us

The post How Edelweiss Tokio Life uses a personalized approach to lead nurturing with WebEngage Journey Designer and builds a truly multi-channel business appeared first on Webengage.

Bajaj Finserv EMI Store (BFES) is the next generation of digital marketplaces that offers easy shopping solutions, making online electronics shopping easier than ever before.

Customers can browse through the online electronics store’s catalog, compare and purchase lifestyle products – gadgets and electronics like smartphones, televisions, air conditioners, etc. and pay for them in installments with easy No Cost EMI schemes. By adopting a hyper-local business model, the platform enables customers to view products from retailers located in their vicinity, tapping into their network of 43,000 merchants across India.

Lucrative schemes like 0 down payment & no cost EMI make the shopping experience a lot easier, without having to burn a large hole in customer’s pockets. Bajaj Finserv EMI Store also brings the convenience of EMI online shopping, to your fingertips!

To make a purchase, customers first buy a Bajaj Finserv EMI card that comes with a pre-approved loan amount and can be used for both, online and offline transactions. As a result of the hyper-local model, customers enjoy Bajaj EMI card benefits like 4-hour delivery system, applicable to select products available on the store.

The availability of easy finance options through no-cost EMI options fuelled a wave of economic growth in metros and smaller towns, but posed a unique problem to the marketing team at BFES – the surge of traffic on the website wasn’t leading to a steady rise in conversion and revenue. With such a massive and diverse user base, they needed to work harder to ensure the incoming traffic kept moving towards a purchase.

A Leaky Conversion Funnel

Bajaj Finserv’s conversion funnel showed that a considerable chunk of the incoming traffic never moved beyond the awareness stage. They left without performing significant actions on the website.

This sequence of user behavior on the website can be visualized in a funnel, which enables you to see where customers are falling off in your nurturing process, and make refinements in those areas.

Why were so many drop-offs happening?

The inability to reach out to users at the right time on the right channel with a personalized message led to a lot of users dropping-off the funnel.

• The number of touch-points for the user had increased
• At the same time, user expectations had been constantly evolving
• Competitors had been coming up with more tempting offers for the target audience

The leaks were inevitable. But this meant a massive untapped potential for BFES if they could get some of those drop-offs back on track.

Also read: Conversion funnel optimization for financial services companies [Part-1]

Roadblocks

It was incredibly difficult to scale personalized engagement campaigns for the large user base of 15 million+ users. These were some of the roadblocks that BFES encountered:

• Faceless nature of online platforms
• Inability to pinpoint the source(s) of funnel drop-offs
• Inaccuracy in targeting the right segment so as not to annoy a lot of their current and potential customers
• Unavailability of the right channel(s) to sell to unknown users

Solution

The team at WebEngage offered a customized onboarding-support-success solution and built a detailed project plan that ensured widespread adoption of the dashboard. Here are the steps they took:

Built infrastructure → Analyzed data to pinpoint drop-offs → Created a retargeting ecosystem → Inserted the right plugs → Measured conversion boost

Step #1: Built Infrastructure

The first step to fixing a leaky funnel was to know the source of the leaks. For this, WebEngage built a robust user infrastructure, by capturing every user’s data and tracking their movements across various sessions. As all this data flowed into the database, it created a detailed and in-depth profile of each user on the WebEngage dashboard.

Demographics, acquisition, activity and device data stitched together to create an enriched profile for both anonymous and known users

Several user reports were generated to understand the incoming traffic better. One of them was the user acquisition report, that highlighted partner websites and SEM activities that were the top traffic sources.

BFES employed various marketing activities to drive traffic to their website. The figure shows the split of Bajaj Finserv EMI Store’s acquisition source.

Step #2: Analyzed Data to pinpoint drop-offs

By now, BFES knew which sources had acquired the most number of users. But what they needed was how valuable those users were. That’s when they started splitting users by acquisition source.

BFES created funnels on the dashboard to gauge user behavior and performance of each acquisition source. For example, splitting the New User Funnel by acquisition source and comparing each funnel-step showed which source’s conversion rates lagged behind others.

In addition to conversion rates, each analysis was broken down into the following metrics:

• Number of website visits
• Number of transactions
• Average order value

In this figure, you can see the percentage of each group that moved on from one step to the next in the conversion funnel. At the top, you can see the final conversion rate and the average time to conversion of each group. Exact numbers have been changed.

The study showed that users coming from partner websites had a better conversion rate than other sources. Significant drop-offs occurred at the consideration stage for visitors acquired via SEO/SEM activities. This became the major source of the leaks. These users landed on the homepage/product page (awareness stage), browsed the catalog at times and exited without checking out, thereby dropping off from the funnel.

BFES needed a cost-effective way to overcome high drop-offs and maximize marketing ROI.

Find out where you are losing users →

Step #3: Created a Retargeting Ecosystem

Based on the insights discovered so far, the team decided to carve out a retargeting strategy for users acquired by SEO/SEM initiatives.

A pillar of any digital marketers strategy, retargeting is one of the most cost-effective ways to overcome high drop-offs

Step #4: Inserted the right plugs

As >90% of the SEO/SEM users were anonymous, BFES could not target them with the usual email or SMS marketing. Instead, WebEngage suggested BFES go ahead with:

• Web push messages
• Website notifications

Web Push Messages:

Through this channel, BFES reached out to their anonymous users (desktop or mobile). Even when they were not present on the website. All users who had opted-in to receive web push notifications through the website and had not blocked web push notifications were considered reachable through web push.

BFES conducted experiments to encourage newly acquired users to come back to the website, browse and complete a purchase. 

Rich notifications on WebEngage

Initially, they started out with bulk campaigns to all SEO/SEM users but gradually shifted focus to specific subsets of users for better efficiency.

The key to doing this was through customer segmentation. User’s browsing history, interest, reachability, level of activity were taken into account to sharpen the targeting. BFES gave special attention to filter users by their city names before sending the message. Such checks were crucial for maintaining a balanced supply-demand of goods in their hyper-local set-up.

User Segmentation that precisely matched the requirements of different sections of the incoming traffic

A series of rich notifications were then used to offer unique experiences to each target segment.

Also read: WebEngage’s Report on the State of Web Push Notifications

Website Notifications:

All users who had interacted with their website, desktop or mobile, over the last 30 days were considered reachable through website notifications.

BFES conducted multiple A/B tests on their website to drive conversions

Through WebEngage’s Send Winner of A/B Testing Automatically feature, BFES tested different variations of their campaigns before automatically sending the winning variation to the larger audience. The ability to implement A/B test insights in real-time led to more effective campaigns that drove significant revenues.

Step #5: Measured Conversion Boost

The retargeting campaigns gave outstanding results. Over the last six months, more than 1 million unique users who had dropped-off after their first website visit, clicked on the web push and re-entered the funnel.

Out of these, 25% of users went to the checkout page immediately. while 3% went back to browse the product catalog within 24 hours, proving the effectiveness of timely messages.

BFES team found the flexibility of WebEngage’s funnel feature to be a huge help in assessing their marketing communication. The ability to control how much time it took to get through the funnel and choose between system and custom event attributes at each funnel step enabled them to compare between different acquisition sources easily.

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Furthermore, it was now possible for everyone in the marketing team to explore user behavior on the WebEngage dashboard and find answers to their questions. This cut down any analyst bottleneck and enabled faster testing and execution cycles.

WebEngage’s retargeting campaigns rendered a 25-28% uplift in user engagement (clicks to pages browsed/product viewed). The sharpened targeting by BFES, further led to the number of transactions soaring over time, even with a steady outflux of web push messages.

3.5x transactions over the last six months

As of today, retargeting communication from WebEngage contributes to 17% of the overall transactions made on the website. True story.

Results

Here’s a quick summary of BFES’ user engagement performance since integrating with WebEngage:

Final Thought

Retargeting is one of the most cost-effective ways to overcome high drop-offs. Strategies involving content marketing, AdWords, and SEO are great for driving traffic, but they don’t help with conversion optimization. Conversely, retargeting can help increase conversions, but it can’t solely drive people to the website. BFES found success because while they drove traffic, they tailored their retargeting strategy to precisely match the requirements of different sections of the traffic.

Why WebEngage?

• Ease of use
• Unified user profiles
• Anonymous user engagement
• Flexible funnel feature
• Easy revenue attribution

The post How WebEngage helps Bajaj Finserv create India’s fastest growing EMI network by personalizing user engagement at scale appeared first on Webengage.