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Success Stories

 



Nordax Finans Case Study


Nordax Finans is a newly-started private equity-backed Swedish company
providing unsecured loans to the Scandinavian market. According to Mats
Lagerqvist, co-founder of the company, the original and successful marketing
approach was similar to the approach the team had utilized when they were
working for GE Capital and Citibank.

In March, 2004, Nordax became determined to further increase the results
of their direct mail campaigns to prospective customers. During the start up
period the company had been looking for direct mail test optimization
methods that could facilitate this improvement.

After months of research, Nordax heard about the merits of OfferMaxima's
use of multivariate testing for advertising. Nordax's management decided to
use this methodology for direct mail campaign optimization.

In only four months Nordax was reporting outrageous increases in their
response rates. The direct mail response rate had jumped to a whopping
450%, while dramatically improving portfolio volume, credit scoring and
repayment history.

The bottom line is that Nordax's loan portfolio grew from 100 to 150 million
dollars in four months, while spending only a third of their marketing budget.
At the same time, all other indices connected with their business improved
as well. Perhaps more importantly, Nordax management gained greater
insight into the psychology behind their customers' actual behavior -- even
the things that turn customers off. The necessity of optimizing market
potential through limited testing is particularly significant in a market with a
limited population such as in Sweden.

"OfferMaxima's methodology radically changed our decision-making process
from assumption-based to scientific testing," reports Mats. "Now we are able
to accurately predict and maximize not only our entire portfolio volume, but the
overall quality of the portfolio and profitability as well. OfferMaxima's
methodology is the secret weapon that gives Nordax a competitive advantage
versus the other players in Scandinavia."

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