Commercial Lender
A SUCCESS STORY PRESENTED BY
PQR Codes Redefine Retargeting Strategy for Commercial Lender
The Challenge
A large financial institution with a national presence purchase list and marketed to them using direct mail, email, and digital advertising.
The direct mail had a QR code that directed leads to a website where they could apply. With a QR code, they could see they were getting traffic to the website, but the financial services marketing team did not know who, specifically, was coming after receiving the direct mail piece.
The Solution
The organization chose to switch to a Personalized QR (PQR) code. The PQR code was a transparent way to collect data, and the experience for the lead would not change. They would still scan and go to the standard web page where they could apply for a loan.
The PQR code would allow the financial institution to identify hand-raisers. These warm leads had enough interest in securing a loan to take action by scanning the code. In contrast, a traditional QR code would not trace directly back to individual leads but would only show the overall traffic to the website.
The Sucessful Outcome
The PQR code was added to the direct mail campaign, and, as hoped for, the client got fresh data. The information from the PQR-inclusive campaign included data on who scanned their codes and who took further action on the website after the initial scan and site visit.
This information was found to have value on multiple levels. Along with identifying remarketing targets, it also helped the marketing team uncover demographic patterns among those who did (or didn’t) scan relevant for future marketing efforts and list purchase strategies.
Dashboard analytics also helped the financial institution determine that targeted remarketing brought a higher return on investment than generalized marketing, increasing conversion among the targeted PQR code scanners.
In general, the campaign and the PQR code strategy demonstrated the continued value of print as a marketing channel. The financial services group ultimately decided to move additional marketing funds into direct mail with PQR codes because targeted remarketing proved to be a successful strategy resulting in more revenues for the firm.