Customer Story

American Express Radically Boosts
Its Competitive Advantage with
Adzact.

3x

Increase in lead conversion rates

6x

Reduction in customer acquisition costs

2.2x

Increase in revenue

About

American Express (AMEX) is a multinational financial services company that offers a broad range of financial products and services to SMEs – from international payments (FX) to business credit cards.

Introduction

American Express asked Adzact to help find, target and communicate to businesses who required foreign exchange and international payment facilities (FXIP).

 

 

They wanted to ensure they were maximizing customer opportunities across the economy. Not only  targeting existing customers to cross-sell FXIP services and products but also looking to open up new and untapped markets. As a solution to that, the marketing team’s initial instinct was to use propensity modelling.

Challenge

The drawbacks of
propensity modelling.

As a strategy for identifying the target market for their FXIP campaigns, marketing teams first used various propensity models. But they had their fair share of challenges.

The models were using standard company attributes which didn’t explain the nuanced reasons why businesses bought from American Express. It meant that lead conversion rates were less than optimal.

It was difficult to drive performance improvements as the model was updated infrequently due to amount of manual work required.

Solution

Using the power of Adzact to drive more meaningful conversations.

After deploying Adzact models across their marketing channels, American Express saw a number of improvements:

They were able to identify B2B buyers outside of their existing field of vision: they were discovering prospects they had not considered targeting before.

They now had a much more accurate way of predicting who was going to convert before even one marketing dollar was spent marketing to them.

Since Adzact’s model was implemented within AMEX’s FXIP business, the rate of conversion has increased by 3x vs the existing propensity model. And the cost of acquiring a new B2B customer is now 6x times lower than before.

Advantages

Going head to head.

As part of the onboarding strategy, the existing propensity model was maintained for several months and run in parallel with Adzact. On every metric, Adzact outperformed the incumbent.

 

The results of this side-by-side comparison revealed that Adzact was:

90% more accurate in predicting conversions.

Able to refine and optimize its signals regularly, versus only once a year with the incumbent model.

Not only converting more prospects into sales, but also converting more valuable prospects, resulting in almost double the revenue per campaign.

Present day

Creating personalized
experiences for every buyer.

American Express used Adzact’s advanced targeting algorithms to create personalised buyer experiences that customers loved. The accurate identification of ideal buyer audiences for every product was achieved through our targeting tools. Additionally, the marketing treatment for each account was optimised for return on marketing spend, and messaging was driven by insights, ensuring that every marketing message resonated with the audience.

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