Household Capital, a reverse mortgage loan specialist, needed to realise the value of its data through translating it into actionable intelligence that powers CX innovation.
The company implemented Tealium’s customer data platform (CDP) to decipher and unify data to build a real-time lead nurturing ecosystem.
Tealium CDP has enabled Household Capital to rapidly address individual customer needs and run personalised lead nurture campaigns that substantially improve the conversion rate.
Right time, right message and right place; these three elements are the key ingredients for customer experience success. Unifying customer data is critical to precision personalisation that delights the customer. With Tealium CDP, Household Capital has not only deepened customer insight, but curated real-time resonant messaging to create meaningful impact.
From customer data to customer intelligence
Household Capital is an Australian-owned independent reverse mortgage loan specialist founded in 2016, with a mission to help retired Australians ‘live well at home’. It offers retirees a responsible, sustainable and flexible financial solution that allows them to bundle their superannuation savings, home equity and pension entitlements to achieve their retirement goals. Household Capital operates in a niche market within the regulated financial services industry. Many Australians are unaware — or have a limited understanding — of the option of using their home equity to supplement their income in retirement.
Data-driven CX innovation is crucial to Household Capital’s success: the company aims to provide superior service based on data-led insight into customers’ unique needs. Household Capital also needed to convey the benefits of its services to prospective customers in a way that was clear, timely and relevant. Real-time responsiveness to specific needs was key to providing effective service in the short term, whilst the ability to personalise communications was necessary to relationship-building and first-party data collection in the long term.
Leads take numerous forms, from people seeking access to funds to resolve damage caused by a natural disaster to those looking to help their children buy their own home. Whether arising from an emergency or prudent financial planning, Household Capital needed to accurately identify customers’ objectives via real-time quality data access to be able serve them promptly and effectively.
The company implemented Tealium CDP to consolidate and unlock its wealth of first-party data for real-time activation; a move that was critical to advance its CX performance. Household Capital’s priorities were to curate data based on an individual’s position in the customer journey, whilst establishing trust through personalised interactions that demonstrate a perceptive understanding of individual needs. The company also needed to ensure privacy-compliant data management practices. Household Capital used Tealium’s CDP to merge online and offline data, making it actionable and valuable through unifying it into a 360-degree view of each customer to preemptively meet their needs.
Smarter resource allocation for improved profitability
Implementing Tealium’s CDP has proved to be a game-changer for Household Capital by transforming its customer data into customer intelligence. More robust insights into customer behaviours and preferences have enabled relevant, well-timed communications that resonate with individual needs. Stronger insights have also led to better resource allocation and efficiency within the marketing department and broader company.
The automated nature of Tealium CDP’s data collection and synchronisation means that Household Capital’s marketing team can focus on continually optimising personalisation and planning ahead, resulting in more meaningful customer and prospect connections. Recently, Household Capital launched a personalised lead nurture campaign to provide the right information to the right lead at the right time. The campaign leveraged online and offline data to deliver a strategically sequenced set of communications relevant to personal interests to create a thorough understanding of the company’s product and its benefits. The operations team stood by to speak to engaged leads at the appropriate time. Over a six-month period, this campaign directly contributed to 14 per cent of overall conversions.
Tealium’s CDP has strengthened Household Capital’s core value proposition, which hinges on responsiveness to customer needs. The company’s experience shows that it is crucial to provide the right communication based on an individual’s stage in the customer journey, to promptly assist those who need help the most. Having a CDP in place has played a critical role in enabling the swift analysis of leads and delivering effective communications based on real-time access to quality data. Ultimately, the adoption of Tealium CDP has vitally supported Household Capital to sustainably optimise both its CX and service delivery for improved customer loyalty that builds lifetime value.