Responsys Integrates Email, Web and Search to Increase Marketing Relevance at E-LOAN

By Siara Nazir
in

E-LOAN is a nationwide financial services company dedicated to providing consumers with a simple, easy and open way to obtain loans or open online savings accounts. The company, which is credited with transforming the lending and savings experience, has funded over $32 billion in mortgage and consumer loans to date.

The Challenge

In order to provide the best customer experience in the ever-changing financial markets, E-LOAN needed to effectively communicate relevant information to customers who interacted with the company simultaneously through its most effective channels. This was especially critical with time-sensitive major financial events such as Federal Reserve interest rate adjustments that had an immediate and potentially major impact on customers’ financial portfolios. E-LOAN needed to find a way to immediately trigger consistent messaging within minutes of a Fed announcement.

The Solution

E-LOAN turned to Responsys Interact, an industry-leading on-demand marketing technology, to execute coordinated campaigns across channels, provide robust data integration, advanced automation, and sophisticated targeting capabilities—all on demand. Messaging was created and mirrored across search, email and Web site efforts. Responsys played a key role in ensuring the right consumer saw the decision made by the Fed as soon as the decision was announced. Email acted as the trigger and search and the Web site were supporting channels in the endeavor.

Email messaging acted as the catalyst, triggering changes in the Web site, and search supported these changes. Timing for all channels was crucial to the success of this campaign and the timing of emails in the Responsys interface was key to launching this initiative.

The Results

Through Responsys, E-LOAN has improved the customer experience and increased conversion by 17 percent with the initial launch of this strategy. Further optimization of the program along with segmentation will increase conversions in the future. The marketing team at E-LOAN is now able to easily deliver timely, relevant and consistent customer communications through its core outbound marketing channels. E-LOAN is also extensively testing campaigns and using knowledge gained in one channel to improve the performance of the others and optimize overall marketing effectiveness.

E-LOAN debuted the new integrated approach in its marketing campaigns earlier this year around the Federal Reserve interest rate adjustment. Within minutes of the Federal Reserve announcement, E-LOAN customers received triggered emails about the rate cut—and the impact on their individual financial portfolios. The same core messages were extended to users of the major search engines and visitors to the E-LOAN site. Real-time testing of email content, such as spotlighting the exact rate cut versus a more general subject line, was used to immediately fine tune marketing relevance in all three channels. E-LOAN is also able to effectively segment customers based on the type of product they use and then leverage this analysis to tailor language and keyword strategy across channels.

About E-LOAN, Inc.

E-LOAN is a nationwide financial services company dedicated to providing consumers with a simple, easy and open way to obtain mortgage, auto loans, home equity loans, and online savings and certificate of deposit accounts. Since its launch in 1997, E-LOAN has drawn upon its pro consumer values to improve the lending and online savings experience in revolutionary ways. By eliminating the traditional incentive structure that charges consumers higher rates and giving consumers free access to credit scores, E-LOAN is providing a uniquely open, fair and honest process. Three independent studies conducted by TRUSTe and The Ponemon Institute ranked E-LOAN as one of the Top 20 Most Trusted Companies for Privacy in America.

Siara Nazir is Director, Customer Acquisition & Retention for E-LOAN.

Published October 1, 2008