PenFed has existed for over 85 years and currently manages $27 billion in assets. To increase lifetime value for their 2.2 million global members, PenFed set out to shift from a product-centric to a member-centric strategy. PenFed approached HCLTech to transform and meet their lifetime value objectives by leveraging the Adobe Experience Cloud Suite for their workflow. HCLTech consolidated campaign management tools across PenFed’s various products and business lines to centrally manage campaigns, while decreasing member onboarding time.
The Challenge
Building a comprehensive marketing platform
- Need for a comprehensive marketing platform: PenFed required a robust platform to effectively manage digital marketing experiences as part of their shift to a member-centric strategy
- Transitioning operational strategy: The organization aimed to move from a product-centric approach to one focused on member engagement, necessitating significant changes in their operational model
- Partnership for expertise: PenFed sought a partner with extensive communication and collaboration capabilities, along with expertise in marketing platforms, to support this strategic transformation
The Objective
Identify a platform to improve customer relationships
PenFed turned to HCLTech to meet their business objectives of becoming more purposeful and strategic with their marketing, while strengthening their relationship with members.
- Creating a data-driven, targeted marketing strategy that put PenFed’s members at the center of the organization
- Identifying the Adobe Experience Cloud as the right platform to improve the overall member experience, grow the member base and improve retention
- Meeting PenFed’s objectives required integrating offline and online customer touchpoints and leveraging different data sets to understand preferences
The Solution
Consolidation and collaboration with Adobe Experience Cloud
HCLTech determined the Adobe Experience Cloud suite was the best fit for addressing PenFed’s challenges due to its powerful content management, email, 360-degree media, multi-channel communication and collaboration capabilities. Data was consolidated across several channels and customer journeys to establish a single-view member profile. Additionally, HCLTech built and implemented targeted and segmented marketing campaigns that improved awareness, acquisition, retargeting, consideration, purchase, cross-sell and retention.
The impact
An improved member experience through transformation
By focusing relentlessly on their members, PenFed significantly improved their customer experience, while creating new efficiencies in their operations — a win for all.
- Year-over-year increase in member growth achieved through an improved customer experience
- Implementation of personalized messaging delivery and campaign management further enhanced the customer experience
- Increased lead volume and reduced member acquisition cost and campaign creation time resulted in higher potential sales opportunities
