Reactivate dormant customers & exploit a huge, untapped opportunity.
Dedicating resources to strategically engage with a dormant customer base rarely happens, as active customers usually take priority.
This global bank wanted to rationalize its dormant customer base, identify and revive promising customers and gradually strengthen customer relationships in a cost-effective manner.
Skymakers devised a multichannel communication strategy to incentivize dormant customers to start using their debit cards and depositing money in their bank account.
Using individualized communications, customers could be targeted on a one-to-one basis and be revived until they were fully active. Taking into account each customer’s new transactional behavior, future communications could be fine-tuned to take place at the right time, with the appropriate strategy.
The bank revived its dormant customer base without resorting to expensive incentives. The response of customers, who became active, far exceeded the objectives – for example, the average amount deposited at the bank was 562% above target over an interaction period of 6 months.
Further analysis is ongoing, and now that customer engagement is consistent, the bank is in a position to develop customer relationships further and embark on cross-selling.