Personalisation

Hey there! Does the phrase "Send the right message at the right time to the right customer" sound all too familiar? Well, Raisin, an online savings and investment platform, has been on that exact journey. They’ve taken it a step further, tackling the dilemma with contextual personalisation.

Sara Capobelli, a key player in Raisin’s CRM strategy, shared some fascinating insights during a recent INSIDE CRM Meetup. In this article, I'll walk you through her innovative approach, the bumps along the way, and the impressive results she achieved.

The Beginning: The Challenge

Sara had a tough job. Raisin, as an online savings and investment platform, does not provide financial advice, which meant directly recommending products to customers was off the table. She needed to find alternative ways to engage and retain users without crossing regulatory boundaries.

First Step: A/B Testing

Sara started with some good old-fashioned A/B testing. She tested two versions of a web layer for inactive users: one showing a single product and another showing three products. The three-product version significantly outperformed the single-product version, increasing conversion rate by 37% and boosting order volume per customer by 93%.

Next Move: Personalisation

Encouraged by the success of A/B testing, Sara moved on to personalisation. She tested banners displaying products relevant to users’ browsing behaviour. But guess what? The results were underwhelming. Conversion rate and order volume slightly decreased compared to the three-product A/B test results. Clearly, a different approach was needed.

Latest Experiment: Contextual Personalisation

Contextual personalisation takes personalisation a step further by tailoring the customer experience based on several factors. This approach leverages AI and machine learning to dynamically adjust content shown to users, making interactions more engaging and relevant.

Sara's latest experiment combined A/B testing, personalisation, and AI to develop a contextual personalisation framework, which segments users based on visited pages, age, lifecycle stage, and browsing frequency. The early results were promising: click rates improved by 41.84%, and conversion rate increased by 22.36%, although order volume saw a slight decrease of 16.67% compared to the three-product A/B test.

Key Learnings

1. Continuous Testing: Sara knows she needs to continue experimenting to refine her strategies.

2. A/B Testing Still Matters: While contextual personalisation shows great promise, A/B testing remains a crucial tool.

3. Evaluating Costs: Advanced features like contextual personalisation require careful consideration and clear ROI demonstration.

Q&A Highlights

Q: How many segments can you create for contextual personalisation?

A: It depends on the audience size. Bigger audiences can have more segments, but you need to consider what's practical.

Q: Was the test done on the website or CRM?

A: The test was managed through the CRM tool but executed on the website, integrating user visit data with customer data.

Key Takeaways

• Contextual personalisation combines A/B testing, personalisation, and AI to tailor customer experiences dynamically.

• Sara's journey shows the importance of ongoing testing and refinement in CRM strategies.

• Her innovative approach has led to significant improvements in engagement and conversion rates.

• Evaluating the return on investment is crucial when using advanced features like contextual personalisation.

About the Speaker

Sara Capobelli is the Head of CRM and Customer Experience at Raisin, with over seven years of experience in CRM. She has built Raisin’s CRM team in both Europe and the U.S., gaining insights from both sides of the Atlantic. Recently, switched position to join Mintos as Head of Lifecycle and Retention Marketing.

About the Meetup

Organised by Audrey Mann and Jessica Jantzen, the INSIDE CRM Meetup is a platform for CRM professionals to share insights, strategies, and success stories. It brings together experts from various industries to discuss the latest trends and innovations in customer relationship management.

Disclaimer: This article has been generated with ChatGPT based on an audio transcript and presentation slides from the INSIDE CRM Meetup. The content has been reviewed by the presenter to ensure accuracy and relevance.