Put a rat in a maze, and they will speed up as they get near the end as can smell the reward. Forget rats, human sprinters also run the last 15% of a race faster than the previous 30%. Forget athletes, citizens make more donations to a charity as that charity gets closer to its fundraising goal. Forget citizens, bank customers also complete more new account applications, hit savings goals, and complete conversions if they can view a goal that is close.
Tag: Conversion Lift
Many banks spread their marketing dollars around thinking that channel diversity offers a benefit. While true, channel diversity only offers a benefit to the extent a channel is effective. What is often overlooked is the ability for banks to gain a critical mass and reach a tipping point where a particular marketing tactic has an impact. A bank may spend $5,000 placing a single page print ad and lament that they do not see a return.