A leading Canadian bank had spent significant marketing budgets across platforms, with mixed success. They planned to move away from print and increase digital spends. Before that, they wanted an ongoing measurement system in place to understand the effectiveness of different campaigns in specific regions, across different service channels and age cohorts, and optimize budget allocations. The bank also had specific products for millennials and wanted to identify the best channels to target them.
Analytic Edge deployed the Demand Drivers MMM solution to enable continuous marketing effectiveness measurement.
- Two models were developed with ‘New Customer’ and ‘New Accounts’ as the dependent variables
- Macro-economic data (interest rates, GDP, employment), branch data (opening of new branches), CRM activities, media spends (TV, radio, print, digital), web traffic and sentiment data were used in the models
- A deep dive model was developed for TV using incremental sales from TV as the dependent variable. This helped attribute effectiveness by campaign type, day part, day of the week etc.
- Improved performance visibility: Measurements led to greater visibility of campaign performance and new campaigns are now tracked.
- Determined key drivers for KPIs: Identified that new accounts rose/fell with marketing. Marketing offsets losses from economic declines, so maintaining support is critical during downturns.
- Identified relative channel effectiveness: Learnt that digital media performed better than broadcast, especially among millennials. Digital spend was increased based on this.
- Identified additional business drivers: Marketing has profound effect in driving traffic to website and new accounts. KPIs for every campaign must include traffic and its ROI on new account openings.