Empowering Financial Marketing
A Case Study on Product Evolve's Digital Transformation at Royal Bank of Canada (RBC)
Introduction
This case study highlights the successful digital transformation executed by Product Evolve in collaboration with Royal Bank of Canada (RBC). We focus on their partnership to optimise marketing campaigns, improve advisor engagement, and drive business growth, utilising digital products and strategic approaches.
Digital Products
Product Evolve collaborated with RBC and leveraged the following digital products:
Royal Bank of Canada (RBC) Global Asset Management
Product Evolve played a pivotal role in enhancing the digital presence and capabilities of RBC Global Asset Management, ensuring a seamless and efficient user experience.
Collaborative Use of SalesForce Marketing Cloud
Product Evolve partnered with the RBC team to utilise SalesForce Marketing Cloud, a comprehensive marketing automation platform. This collaboration enabled the launch of targeted email campaigns, improved customer segmentation, and advanced marketing analytics.
Responsibilities
Product Evolve assumed various responsibilities to ensure the successful execution of RBC’s digital transformation
Email Campaign Management
Product Evolve took the lead in planning and executing email campaigns, targeting investment advisors in Ontario and Quebec. They collaborated closely with stakeholders to conceptualise, design, and deliver effective email campaigns.
Stakeholder Collaboration
Product Evolve worked closely with key stakeholders, including data scientists, advanced analytics marketing teams, the vice president of marketing, content creators, and SalesForce Marketing Cloud experts. This collaborative approach ensured alignment and synergy among teams throughout the campaign lifecycle.
Advisor Engagement Enhancement
Product Evolve developed strategies to categorise advisors based on their engagement levels and usage patterns. This segmentation enabled personalised communication and tailored marketing approaches to increase advisor engagement.
Website Registration Optimization
Product Evolve devised strategies to drive website registrations for advisors subscribed to the monthly brief. By leveraging data insights and deploying targeted campaigns, they successfully increased website registration numbers and encouraged ongoing engagement.
Retail Marketing Analytics Dashboard Adoption
Product Evolve played a crucial role in promoting the adoption of the retail marketing analytics dashboard among stakeholders. They provided guidance, support, and training to ensure effective utilisation of the dashboard’s capabilities, empowering data-driven decision-making.
Campaign Retrospective and Improvement
Product Evolve conducted retrospectives of email campaigns, analysing the performance against established key performance indicators (KPIs). They provided valuable insights and suggestions to improve future email campaigns and increase engagement metrics.
Team Leadership and Agile Setup
Product Evolve led a team of four data scientists in an agile setup, fostering collaboration, knowledge sharing, and efficient project execution. Their leadership ensured a cohesive and motivated team working towards achieving project goals.
Roadmap Creation and Data-Driven Framework
Product Evolve collaborated with the director of product and agile coach to create and maintain a comprehensive roadmap. Additionally, they established a Data as a Product (DaaP) framework at the enterprise level, emphasizing the strategic use of data to drive marketing initiatives.
Results
The collaborative digital transformation initiatives executed by Product Evolve in partnership with Royal Bank of Canada (RBC) delivered significant results:
Improved Advisor Engagement and Conversions
The targeted email campaigns and personalised approach led to increased advisor engagement and improved conversions. Advisors demonstrated higher interest and interaction with the provided content, resulting in enhanced business outcomes.
Increased Website Registrations and Newsletter Engagement
Product Evolve’s strategies resulted in a notable increase in website registrations for advisors subscribed to the monthly brief. The growth of newsletter-only subscribers to super users level improved ongoing engagement and fostered stronger relationships with advisors.
Enhanced Retail Marketing Analytics Adoption
Product Evolve successfully promoted the adoption of the retail marketing analytics dashboard among stakeholders, empowering data-driven decision-making and improving marketing effectiveness.
Conclusion
Through their collaborative approach and strategic expertise, Product Evolve played a key role in driving the Royal Bank of Canada’s (RBC) digital transformation initiatives. Leveraging digital products such as RBC Global Asset Management and SalesForce Marketing Cloud, they optimized marketing campaigns, improved advisor engagement, and achieved remarkable business growth. This case study highlights the importance of collaboration, innovation, and data-driven strategies in driving success in the financial marketing industry.