ICICI Bank is India's second-largest bank with total assets of Rs. 4,736.47 billion (US$ 93 billion) at March 31, 2012 and profit after tax Rs. 64.65 billion (US$ 1,271 million) for the year ended March 31, 2012. The Bank has a network of 3,100 branches and 10,486 ATMs in India, and has a presence in 19 countries, including India. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management.
Sole purpose of ICICI bank –ICICI bank wanted to generate not less than 1000 leads for every individual month with a conversion ratio of 5 to 15% into a proper sale. And lastly they did not want the cost per acquisition to be more than Rs 800/-.
The VivaConnect PFP Solution – VivaConnect suggested that email marketing would do the trick with a pan India target location covering 60% of TIER 1 CITIES, 25% of TIER 2 CITIES and 15% of TIER 3 cities. The prospective customer would be directed to a particular landing page with a submission form of 4 fields. (name, email, mobile and location).
Ultimate aftermath – As opposed to the targeted conversion ratio for ICICI bank, VivaConnect’s PFP solution enabled ICICI bank achieve a CONVERSION RATIO of 21% which was a massive 6% more than what was expected or desired on behalf of the bank. VivaConnect made sure that the Cost per acquisition was not more than Rs. 500/- even though the target set was Rs. 800. The daily analytics report has been useful to the
clients for tracking the conversion status with segregated targeting.