Keytrade Bank “Members Get Members” Campaign
Thibault de Barsy Marketing & Sales Director
Keytrade Bank
About Keytrade Bank
• Founded in 1997 as the first 100% online bank in Belgium
• Today, subsidiary of Groupe Crédit Agricole
• Present in Belgium, Luxemburg and Switzerland
• 75.000 clients on the Belgian market
• Aggressive growth during the last two years
Rationale for MGM (Members Get Members)
• Starting point : a very high customer satisfaction (according to a competitor’s study)
• Your customer is your best ambassador
• Prospects’ profile = customers’ profile = friends of your customers
• MGM = a catalyst
Campaign Briefing
• Customer acquisition campaign: attracting new customers on recommendation of existing ones (« members get members » system)
• We banned mass media of any sort: pure « word of mouse » campaign (no TV, no radio, no print ad)
• Primary objective: thresold of 500 new customers for Keytrade Bank
• Time period: 15/04/08 – 27/05/08
How it worked (1)
• Core principle: member sponsorship (« parrainage » / « peterschapsactie »)
• As a Keytrade Bank customer, you were prompted to invite your friends and relatives to open a bank account at Keytrade Bank
• For every new person becoming a Keytrade Bank customer, you and your friend received 20 euro as reward on your respective Keytrade Bank accounts (win-win deal).
• The more new members you sponsored, the more money you cashed in from Keytrade Bank.
How it worked (2)
• Activation of Keytrade Bank customers through 2 channels:
* Banner in your private account on KeytradeBank.com
* E-mail sent to Keytrade Bank customers database (61.400 contacts)
• All the trafic was driven to a micro-website where you could send a message to your friends and relatives with a « send to a friend » form
• Possibility to personalize some parts of the message (« Dear X, … ») to increase the impact
• Each new client was identified by a unique promo-code contained in the e-mail template
P.R. 2.0 approach (1)
• Press release on early results sent out one week before the end of the campaign
• Generated media coverage (La Dernière Heure, De Morgen) and some valuable buzz in the blogosphere
• The volume of search on “Keytrade Bank” also increased on Google (see next slide)
• The “word of mouth” also included classifieds, messages in forums and even Google Adwords from Keytrade Bank customers searching for people to sponsor
→ fed the viral effect and attract even more members
P.R. 2.0 approach (2)
“I registered eight blog readers and got 160 euro. Tell it to the world: I’m now a fan of Keytrade Bank”
PWNT blog
Results
So, did we meet our objectives?
• 2.258 customers invited 9.157 friends (average of 4 friends per existing customers who participated to this campaign)
• 1.715 new customers acquired by Keytrade Bank = conversion rate of 18,6% = + 243% above initial expectations !
• Only 6% of them had the "take the money and run" attitude (i.e. retrieved their 20 euro and dropped their new bank accounts)
• Total acquisition cost of each new customer : 54 euro (roughly 100% cheaper than the standard in the banking sector)
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Thank you!
Any question?