Nippon India Mutual Fund uses Adobe Campaign to create highly personalized digital campaigns that target clients through the channels they prefer.

Challenges

With more than 9.9 million folios under administration, NIMF is one of India's top and fastest-growing asset management firms. The firm has worked with large and small investors across India for more than 20 years to provide wealth development possibilities through a variety of investment products and assets. With a population of over 1.3 billion people and around 70% of the population under the age of 40, the NIMF sees enormous development potential in tapping into India's youth's digital consumer culture.

Partner engagements and digital marketing activities across Google, Facebook, and other prominent digital media are at the heart of NIMF's customer-friendly digital strategy. To achieve a competitive advantage, the firm used Adobe Experience Cloud apps and partners to create a single marketing strategy that targets clients across all digital channels.

Partner DWAO helps NIMF by collaborating with Adobe Analytics and Adobe Target to gather data and conduct experiments that help them better understand what consumers want and how to attract new ones. Meanwhile, Hansa Cequity aids in the translation of all customer data into more relevant, successful cross-sell and upsell efforts, which are handled with Adobe Campaign, to keep customers and enhance engagement.

NIMF provides a comprehensive range of solutions targeted at assisting customers of all levels, from beginners to experts, in increasing their wealth. The Simply Save App is designed to assist novices to get their feet wet in the world of investing by offering simple, low-risk products. Customers may use WhatsApp for the business chatbots to acquire funds, learn about product suggestions, and become more educated investors in a comfortable and familiar environment. The AI-powered Business Easy App caters to the demands of independent financial advisers by delivering financial insights that enable them to give better advice to their clients.

In recent years, one of NIMF's main areas of concentration has been systematic investment plans (SIPs), in which investors make recurring contributions into a mutual fund. Money is automatically channeled into a selected mutual fund at regular intervals, continuing the investor's wealth development journey with NIMF. This is a more disciplined method of investing. NIMF built customized marketing and targeted experiences in collaboration with partners and Adobe Experience Cloud apps, which resulted in a 20 percent increase in SIP transactions.

Understanding clients' specific interests and where they are in the process of selecting or managing investment services is the first step in properly interacting with them. DWAO collaborated with Adobe Analytics to define and clarify how consumers progress through the conversion funnel. Propensity modeling, aided by Adobe Sensei's machine learning, allows NIMF to determine the most effective method to connect with each consumer.

Using data analytics to develop personas for customers based on information such as how they want to engage with NIMF, what sort of material interests them, and their investing style, such as how long they prefer to hold onto assets, is an important element of engaging consumers at NIMF. This information is used by Adobe Target to personalize and evaluate online and app experiences.

Testing with Adobe Target found several strategies to improve SIP investment in SIP advertising. The benefits of a SIP were explained in a pop-up window on the website, and this simple awareness campaign boosted SIP transactions. Customers who asked to terminate their SIP plans were instead encouraged to keep their investments on hold, resulting in a significant increase in SIP retention.

Customer data from Adobe Analytics and Adobe Target is sent into Adobe Campaign, which is where Hansa Cequity creates and manages to cross-sell and upsell efforts. NIMF uses Adobe Campaign to create highly personalized digital campaigns that target clients through the channels they prefer. Customers who prefer SMS are contacted through SMS. Frequent email respondents receive emails, mobile app users are reached via app push communication, and customers who prefer SMS are contacted via SMS. These customized marketing accounts for 20% of digital revenue, illustrating the value of leveraging data to inform consumer interactions.

Customers whose SIP periods have ended are encouraged to resume their investment through the SIP Win-Back program. NIMF infuses the communications with up to 28 customized components based on the type of SIPS the consumers had when they expired, and customized calls to action using Adobe Campaign.

This campaign is complicated, but it is also completely automated. When a customer's SIP expires, Adobe Campaign receives a warning from its in-house data warehouse system. This automatically sends out a series of messages that personalize content for the targeted group of consumers based on previously collected data and behaviors.

The SIP Win-Back campaign yielded great results. Open rates are 90 percent greater than usual, and click rates are 150 percent higher. NIMF intends to enhance segmentation to provide even more precise targeting and engagement for its millions of consumers. Adobe Analytics will offer the real-time data required to stay up with changing markets and, eventually, to enable real-time customization.

Initiatives

By leveraging internet consumer culture, potentially they reach tens of millions of young Indian investors. They personalized tailored messages for millions of customers on a large scale and encourage customers to stay engaged by introducing them to appropriate investment options.

Results

SIP Win-Back campaign saw a 90% increase in open rates and a 150% increase in click-through rates. The personalized message was delivered to 9.9 million folios via a fully automated engagement effort. More than 20% of digital revenue was attributed to insight-based initiatives. Annually, conduct up to 60 A/B tests to improve the content, creativity, and customer journeys.