The Problem
As a financial wellness platform, Saverlife was collecting data from over 30,000 users, including demographic and financial transaction information. The company needed a platform to aggregate, visualize and analyze all of those disparate data points.
The Stakes
The #1 challenge Saverlife faced was user segmentation–which demographic and behavioral metrics should the company focus on when segmenting its user base for customer acquisition purposes and upsell opportunities?
The successful launch of this platform was therefore crucial for several reasons:
- Developing insights into user behavior patterns → improved customer outreach and acquisition efforts
- A deeper understanding of current users → surfacing opportunities for engagement and retention
- Less time spent visualizing and analyzing customer data → more time for revenue-generating activities
Why Datable
Our team’s experience gathering insights from data helped us move the needle quickly and effectively. There was no ‘ramp up’ period, as Datable could leverage its prior experience serving the financial services sector to get this project up and running and begin delivering insights in a timely manner.
The Solution
We began by classifying users via specific bands and categories based on their spending habits. This enabled Saverlife to deliver targeted messaging predicated on their users’ financial conditions.
Datable then went a step further and created a volatility tracker based on individual spending habits. This unique, proprietary tool allowed Saverlife to identify users in lower bands (greater income uncertainty) and communicate better spending habits via automated messaging.
Results
After a multi-year engagement involving collaboration with senior members of Saverlife’s organization, Our solution helped Saverlife get smarter about which prospects to target, ultimately supporting a 70% increase in user acquisition (from 30,000 to 50,000 users).
Saverlife was able to segment users into specific cohorts based on actionable data points, which enabled the company to be more agile and intentional in its outreach to future customers.
“Our collaboration with Datable has been instrumental in improving our understanding of financial wellness across our community. With Datable's expert assistance, we were able to better understand our users' financial behaviors and segment them more accurately. This resulted in increased customer acquisition and enabled us to create better engagement and retention strategies.”
– Xiao Bi, Senior Research Analyst, SaverLife