On-the-Go Email Campaign for Best Buy Upgrade+

DROVE OVER $963,400 IN NEW CUSTOMER ORIGINATIONS FOR A REMARKABLE ROI OF 23,131%

Challenge

In the Summer of 2023, the Best Buy® Upgrade+ program, in partnership with Citizens Pay®, sought to drive originations and open lines of credit after adding the Apple products iPad Pro and Apple Watch to the products consumers can finance using a line of credit while highlighting the benefits of mobility. I selected email as an appropriate channel due to its history of providing high ROI for Citizens Pay campaigns.

Objectives: To promote the products MacBook Pro, MacBook Air, iPad Pro, or Apple Watch as products consumers can purchase for their travels and adventures on the go using a Citizens Pay Line of Credit through the Best Buy® Upgrade+ program.

  1. Generate awareness for Best Buy® Upgrade+ programs and its Apple products, specifically the addition of iPad Pro and Apple Watch and the benefit of mobility these products offer consumers for their travel and adventures.

  2. Drive the target audience to the Best Buy® Upgrade+ landing page, where consumers can learn more about the program and purchase their desired Apple products.

  3. Drive open lines of credit and originations for the program before the holiday season rush.

CAMPAIGN CREATIVE FOR THE BEST BUY UPGRADE+ ON-THE-GO CAMPAIGN

Insights & Actions

Research to Inform the Strategy: Utilizing Mintel Travel Report data, we identified these 2023 travel trends that directly relate to consumer behaviors and sentiments:

  1. With many countries lifting border restrictions after the end of arduous stay-at-home orders, consumers are looking to "Revenge Travel." Consumers have an urge to make up for lost vacation time. With the lifting of COVID-19 travel requirements and the strength of the US dollar abroad, consumers are likely to be more inclined to travel internationally in 2023 and beyond.

  2. According to Mintel Report data, consumers have signaled a desire to travel post-pandemic while doing so on a budget. International travel was not highly prioritized in 2022 due to lingering COVID-19 precautions. The strength of the US dollar could inspire trips abroad in 2023.

  3. Many credit card companies are messaging consumers to "venture back into the world." A return to travel theme focuses on consumers reconnecting with the world and their inner adventurer.

  4. Post-COVID-19, remote work is more possible than ever. Combined with "the great resignation" from 2022, workers have higher expectations for remote work than before, which will give rise to more digital nomads.

I learned that inflation may cause consumers to delay the purchase of new tech devices, but that may present an opportunity for our financing programs to provide an affordable way for consumers to still get the tech they want.

Strategic Target Audience: To reach the right people with this offer, we focused on existing Citizens Pay customers and Citizens Bank customers from mortgage, checking, savings, credit card, and vehicle loan customers.

While we could not target specifically for these attributes due to Fair Lending laws, we tailored our messaging based on the following existing customer demographics:

  • Avg. Age: 38

  • Avg. FICO: 706​

  • Avg. Income: $94,801​

  • 68% are homeowners

  • 73% have student loans

  • 89% have car loans

Behaviors, Attitudes & Mindsets:

  • Technophiles

  • They are likely familiar with financing and leverage it in their daily lives

  • Conscious of budget and looking to maximize the power of the US dollar abroad

  • Travel enthusiasts who are looking for an opportunity to explore the world again

Product Proof Points: To provide supporting reasons for consumers to believe our product and offer highlighted in this campaign, we identified the following to help make our message distinctive, relevant, and compelling to the audience:

  1. Our products help consumers "live for today" as they meet their travel needs while giving them an affordable way to pay for their adventures over time so they don't blow their budget

  2. Our products are high quality and reliable. They will help consumers get where they want to go and make the most of their adventures once they get there.

Results

Originations: While the email campaign cost only $4,147, it drove 183 booked applications for a line of credit, resulting in $963,400 of available credit. That’s an ROI of 23,131%. Overall, the cost per acquisition was $23, 74% below the lifetime Citizens Pay benchmark of $87 and 48% below the financial industry benchmark of $44.

Awareness & Engagement: We delivered 873,204 emails with an open rate of 51%, 9% above our internal lifetime benchmark of 47%, and 24% above the financial industry benchmark of 41%. We also saw a higher-than-average CTR at 1.34%, 22% above the Citizens Pay internal benchmark of 1.10%.

Katelyn SojaPrimary Showcase