Case Studies > Finance > Synchrony Bank
Synchrony Bank Expands Millennial Reach with Data-Driven Targeting
RMG’s segmentation strategy helped Synchrony reduce customer age and increase multi-product adoption through a 7-channel campaign.
Highlights
Targeting Millennials for Digital Banking Growth
RMG helped Synchrony Bank reach unbanked and underserved Millennials, reducing the average customer age while maintaining engagement with existing customers.
Multi-Channel Strategy for Maximum Reach
A 12-month test-and-learn plan leveraged 7 channels, including TV, radio, print, direct mail, and digital, to refine messaging and improve customer acquisition.
Data-Driven customer segmentation
Using predictive models, RMG identified the top 4 customer segments most likely to engage with Synchrony’s new online banking services.
Transforming an Acquired Portfolio
RMG’s insights helped Synchrony convert MetLife’s acquired customers into multi-product users, despite limited brand recognition at the time.
Summary
Region
- International
industry
- Finance
Company size
- Large
rmg solutions
- Data Modeling
about
Synchrony Bank was a fairly new bank that wanted to expand to new markets. With the help of RMG they want to segment customers and create a message.
Challenge
Synchrony wanted to kick-start the brand to underserved or unbanked Millennials with an interest in initiating a new online banking relationship. Recognizing the dramatic shift to tablet and mobile banking, the bank wanted to significantly reduce the average age of their customer base while launching a series of new products and services – all while not alienating their historically more mature customer base.
strategy
Data was critical in defining our core audiences as well as identifying our new audience. Starting with segmentation of the existing customer base, we utilized models to help predict likely customers within the top 4 segments. We used the data analytics to assist us in developing messaging and offers and building our test and learn strategy.
solution
We developed a twelve month test and learn plan that validated our data models and analytic strategy. A multi-channel marketing strategy was employed based on demographic and psychographic data of the targeted segments. From that roadmap, we created sub-segments with offers and messages designed to test responsiveness to various campaigns and better define channel preference.
results
RMG provided the data strategy for a successful multi-channel campaign across 7 platforms, including TV, radio, print, digital, and direct mail. Synchrony’s agency handled the ad execution.
The goal was to convert an acquired MetLife portfolio into multi-product Synchrony customers. Despite low brand recognition and no internal marketing team, the campaign delivered strong results.
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