In this case study of ” BFSI Referral Marketing – IDFC bank.” We will know how they increased customer engagement and decreased the CPA by a good number.
IDFC is an integrated infrastructure finance body, aka bank. IDFC Bank has its headquarters in Mumbai. It is a bank that provides financial solutions to individuals, businesses, and corporate. IDFC is nationally known for providing financial help like loans and opening various kinds of accounts for their customers.
The bank is newly established. Inaugurated in October 2015. IDFC is in the business with many big names in the finance sector. Thus, their priority was to get as many customers to join their bank.
Their primary goal is to acquire new customers to open savings accounts.
The bank was new and private, which made it quite difficult for them to gain customers and reach out to every Indian, providing them with high-quality service.
They wanted something that has a higher success rate without spending a lot.
In this era of the digital world, IDFC bank decided to opt for referral marketing to approach the customers and get their accounts open in IDFC.
IDFC approached InviteReferrals to start a refer-a-friend campaign for their customers so that they can get exciting offers by getting their friends open bank accounts in the bank.
Refer-a-friend marketing has a higher success rate as the recommendation is coming from their friends, and that has a higher trust value.
The following were the steps involved in the IDFC referral campaign:
Step 1: IDFC sent the referral campaign over the email with the referral link.
Step 2: When the user lands on the homepage, they see the refer-a-friend campaign.
Step 3: They enroll in the campaign and get various social media options to share.
Step 4: they share the link with their family and friends over various social platforms.
Step 5: as soon as their friends opened the account in the bank, the advocates were eligible to avail of the offers.
The bank offered various e-vouchers to the referrers when they made their friends or family open their savings accounts.
By creating an interactive referral program for the bank, with InviteReferrals, IDFC was successful in achieving its goals. After creating referral campaigns:
IDFC’s social engagement increased by 120%.
The new user CPA (Cost per Acquisition) reduced by 90% to acquire new clients through the referral programs.
IDFC made considerable growth without spending much on traditional advertisements to get the customers to open the savings account. Instead, they went for the best and the most cost-effective way of getting their customers engaged.