Insights
Case Studies
Financial Services
Optimizing Loan Application Mail Package to Lift Response Rates in Target Segments
Opportunity
A client merger and subsequent rebrand inspired a national personal lending organization to overhaul its direct mail approach.
THE GOAL:
Ensure the client was targeting potential and existing loan applicants with the most effective outreach possible.
Solution
IWCO recommended a Test and Learn strategy to optimize the client organization’s segmentation strategy, formats, copy, and design of its direct mail campaign for loan applications.
The Test and Learn approach included:
A/B split testing: Including mail packages with personalized plastic cards vs. packages with no card
Multivariate testing model
Leveraged IWCO’s dynamic content management (DCM) capability
Results
The Test and Learn strategy revealed specific card attributes that improved response included:
- Tactile material within the mail package
- Personalized information included on the loan card
IMPACT
Over 9 years, IWCO’s partnership leveraged strategic testing and insights to deliver the following enhancements:
13% increased response rate
in the homeowner loan segment
20% increased response rate
in the renter loan segment
11 - 48% increased response rate
across ALL segments
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