Provident Financial

This well-established provider of low-value loans for less affluent demographics wanted to achieve growth, whilst staying true to their values and – importantly – avoiding being tarnished by the misdeeds of competitors like Wonga and other Payday loan operators.

what we did

We've implemented and managed a strict test and roll-out approach across Provident's direct mail campaigns – both for acquisition and retention. First, we applied their new brand to their banker packs. Next, we developed new test propositions and dynamic creative executions in order to beat control. We've also looked at both alternative mailing cycles and combinations of email and direct mail to increase response and efficiency. Finally, segmentation and journey analysis has been used to drive a more personalised and targeted approach.

results

Provident had the objective to achieve growth and so ramped up brand, broadcast, digital and print activity over the year. Their monthly direct mail campaign is proving to deliver a consistently high level of response, achieved through smarter analytics and targeting with propositions inspired by the data and messaging that focuses on need. Response rates as much as 31% above forecast are being achieved.

Acquisition direct mail, as well as retention, is proving highly successful in both the UK and Republic of Ireland. The strategy of greater connection through personalisation and creative has driven conversion levels well above the previous year. Recent tests are showing new creative beating the long term banker by 9.5% and as much as 14.5% in particular cells.