PrimeCredit sees dramatic uplift in customer responses as a result of streamlining its data processes

How Tealium iQ™ Tag Management and AudienceStream™ CDP advanced PrimeCredit’s digital marketing capabilities

Challenge:
PrimeCredit wanted to boost digital marketing capabilities by simplifying the way its customer data was collected, stored, and processed, to trigger marketing automation.

Solution:
PrimeCredit unified their customer data to drive real-time audience engagement. With Tealium iQ Tag Management and AudienceStream CDP, they streamlined their data collection and made using customer data across their properties and with vendors simpler.

Results:
Faster time to deploy tags and more complete customer data resulted in 50% better customer response rates for mobile users.

The challenges of data collection and marketing automation

PrimeCredit is a well-established financial services company and has offered credit card and personal loan services in Hong Kong for the last 40 years. With consumer behaviour evolving and customers becoming accustomed to performing activities such as applying for loans entirely online – often using mobile devices – the company was keen to expand its digital marketing capabilities in two key ways:

  • First, PrimeCredit wanted a unified tag management system (TMS) to facilitate tag installation procedures. Because it works with multiple media vendors such as Facebook, Google, and Appier, the company had previously required a great deal of IT support around installing tags using Google Tag Manager (GTM), often resulting in marketing campaign delays. The goal was to implement a system to manage media tags more effectively with far less reliance on IT support.
  • Second, PrimeCredit wanted to capture events and trigger marketing automation, helping to find customers in the right place, at the right time and with the right product. The company’s first priority was to focus on existing customers researching and applying for services using its mobile apps, aiming to reduce abandonment rates and increase conversions.

To meet these challenges, the company compared multiple suppliers and found Tealium could provide the ideal solution for PrimeCredit, in addition to its existing tech stack.

“AudienceStream helps us stitch together interactions so we have a single view of the customer and their portfolio. When an event such as an application for a cash advance is triggered we can store it in our data warehouse and consolidate it with other activities and events to gain a complete view.”

Tealium iQ and AudienceStream deliver an integrated solution 

To address the first challenge, PrimeCredit implemented Tealium iQ – an enterprise TMS and the foundation of Tealium’s Customer Data Hub – that enables users to easily deploy and manage vendor tags and to test new technologies. This significantly reduced the work involved in installing tags, lessened reliance on IT support and streamlined the entire tag management process.      

As Fred Wong, Manager, Digital Acquisition and Social Media, of PrimeCredit explains, “With GTM we needed to set various times to send tags to multiple agencies. With Tealium iQ it is easier to consolidate our tech into one seamless system which is more convenient for us.” 

To address the second challenge of marketing automation, PrimeCredit implemented the Tealium AudienceStream Customer Data Platform (CDP), which enables users to unify customer data into a persistent single view and power real-time audience engagement. Tealium iQ and AudienceStream complement one another and bring greater value together, as AudienceStream unifies the data flowing through Tealium iQ into customer profiles, enabling businesses to trigger customer experience action or analysis with cross-channel data.    

Eric Fung, Head of Marketing, PrimeCredit shares, “AudienceStream helps us stitch together interactions so we have a single view of the customer and their portfolio. When an event such as an application for a cash advance is triggered we can store it in our data warehouse and consolidate it with other activities and events to gain a complete view.” 

The implementation of AudienceStream enables PrimeCredit to see when a customer drops off during the process of researching or applying for a service on its mobile apps. It can then trigger follow up communication, such as a notification reminding them to complete their application.   

With data from tags within the TMS foundation representing just a small portion of an organisation’s data collection, AudienceStream allows businesses to unify that data with other sources using turnkey integrations. For instance, PrimeCredit enriches tag data with credit data to help find customers that are more likely to apply for a loan, so communication can be triggered to these customers encouraging them to apply for financial services.

Eric Fung says, “I would like to thank Tealium for its ongoing support. When we implemented Tealium it was quite new to our staff and the IT department, and the team provided training, checked everything was done correctly, and gave great support, helping to ensure a smooth implementation of the whole project.”

Implementing Tealium increases the mobile response rate by 50% 

PrimeCredit has a variety of products and services. In phase one the company implemented AudienceStream with its cash advance service, identifying when customers abandoned their application and triggering follow up communications encouraging them to complete the process. 

Since implementing AudienceStream, the mobile response rate for the cash advance product – which is defined as the percentage of app users completing the application – has increased by over 50%. 

PrimeCredit and Tealium are currently working together to implement similar marketing automation processes with other loan products, as well as to cross-sell services between credit card customers and loan customers.   

Eric Fung says, “I would like to thank Tealium for its ongoing support. When we implemented Tealium it was quite new to our staff and the IT department, and the team provided training, checked everything was done correctly, and gave great support, helping to ensure a smooth implementation of the whole project.”

Resource Type: Case Study
Topic: Customer Data Platforms, Identity Resolution, Tag Management
Product: AudienceStream Customer Data Platform, TiQ Tag Management