650% Conversion Rate Increase for Finance Firm
**Company Overview**
Principality is a Building Society located in Cardiff, Wales. With assets amounting to £8 billion, it holds the title of the largest building society in Wales and ranks sixth in the UK.
**The Challenge**
Despite being the leading building society in Wales, Principality faced a decline in its core demographic due to an aging population. Furthermore, the organization primarily functioned offline and lacked the necessary resources to monitor their products, clientele, and marketing expenditures.
**The Solution**
We implemented an automated daily crawl of Principality's website to extract product IDs as well as savings and mortgage rates. The gathered data was then stored in a custom database, which enabled server-side look-ups to determine profit margins for each product. Simultaneously, we configured Google Tag Manager (GTM) to retrieve the product data from the website, perform profit look-ups, and save that information as a cookie. This allowed us to transmit transactional and profit data on the completed application pages. The financial site then began operating as an e-commerce platform, giving rise to Fin-Com. We mapped website pages to the corresponding stages of e-commerce, predicting how visitors would navigate from product pages to the check-out page.
**The Results**
Over a year, we achieved the following outcomes:
- Increased the sales conversion rate from 0.40% to 3% (an increase of 650%)
- Boosted savings applications from 487 to 3,914 (a rise of 704%)
- Improved non-abandon rates by 309%
MeasureMinds has empowered the building society to become more adaptable to shifting market trends and customer demands, resulting in enhanced profit margins. Before the digital transformation, Principality was unable to access this data in real-time.
**Client Testimonial**
"Phil is clearly an expert in his field, and his knowledge is truly unparalleled. Having an expert guide us through GTM was extremely beneficial." ... "The training on Google Data Studio significantly enhanced our business performance reporting." - Sofia Alvadia, Online Marketing Manager.
