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Aspiration

How Aspiration 2x’d open, click, and conversion rates with Send Time Optimization

Aspiration, a Los Angeles-based neobank, provides a socially conscious digital banking alternative to traditional financial institutions. 

“At the heart of Aspiration is a mission: helping our customers make money and make a difference at the same time.” (Source)

Through its “Dimes Worth a Difference” program, Aspiration donates ten cents of every dollar earned to charitable organizations focused on expanding economic opportunities. And while its product and service offerings mirror what you might find at a traditional bank, each offering is structured with social consciousness and sustainability top-of-mind. 

To engage with its socially-minded customers, Aspiration relies heavily on email and mobile push notifications. Having “exploited the limits” of its previous marketing platform and recognizing the opportunity of a more personalized customer engagement strategy, Aspiration unified their cross-channel customer experience with Iterable.

“We wanted to build a very future-forward tech stack that addressed the data challenges that would have prevented us from scaling. Our ultimate goal was to elevate our communications to the level our customers deserve. That meant engaging with them based on where they are on our website, and building triggered automations that engage at just the right moment, with the right content.”

Matthias Jordan
Matthias Jordan
Sr. Omni-Channel Marketing Manager @Aspiration

To engage with their customers at the right moment, Aspiration leverages Iterable’s Send Time Optimization (STO), which applies machine learning to automate and personalize the optimal send time for each unique recipient. Powered by Iterable AI, STO has enabled Aspiration to more than double open, click, and conversion rates.

Turbocharging Campaigns With AI

Prior to STO, the Aspiration team tested and tweaked campaign send time in order to optimize for engagement. While tailoring send time to the segment or time zone improved engagement, it lacked the ability to continuously learn, adapt and personalize send times across channels at scale.

“When you’re engaging with hundreds of thousands of people at a time, it’s impossible for even the most data-driven marketer to anticipate the optimal send time for their users. With Iterable’s AI solutions, we’re able to optimize our marketing beyond what would ever be possible using our decisioning alone.”

Boris Savoie Doyer
Boris Savoie Doyer
Head of CRM @Aspiration

The first time the Aspiration team applied STO to a campaign, they saw an immediate increase of over 100% in open and click rates. By analyzing historical engagement data and weighting more recent engagement signals, Iterable STO predicts the optimal send time for each unique individual. 

“When I first saw the results of the campaign with STO, I was truly shocked. I assumed we’d see some percentage lift in engagement, but more than doubling engagement across the board (opens, clicks, and conversions) was astonishing.”

Following the success in campaigns, Aspiration introduced STO to their journeys. They ran an STO experiment in Studio designed to increase engagement with low engagement users. The results showed a 27% increase in open rates of customers who received the STO-enabled email compared to the control group. 

Looking to the future, the Aspiration team will continue to seek out AI-driven solutions for the ability to improve performance beyond what they could ever do on their own. 

“Even with the largest, most technical marketing team, I could never match the results we see with Iterable AI.”

Results

2x open, click, and conversion rates for email and push campaigns

27% increase in open rate for re-engagement journey

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