Situation
The client was a major Financial Services Company. They wanted to develop a capability to optimize marketing decisions at all levels – national, by market, by DMA and even locally by agent. To do so, they needed to understand the relative effectiveness of different media and message and marketing tools
Approach
- Built statistical models for three conditions – no of inquiries, no of pre-qualified buyers and no of completed sales
- Assessed the impact of a range of macro, competitive and company related variables including pricing, media impressions and media spend
- Conducted the analysis at the national and DMA level
- Analyzed the results and outlined implications for each condition
- Developed optimal guidelines for marketing spend
Results
- Identified key drivers for each condition (inquiries, pre-qualified buyers and sales) from the statistical models
- Outlined which marketing levers were the biggest drivers for each condition and conducted “what-if” scenarios to test the implications of changing spend on each driver
- Developed key guidelines for the marketing program based upon this analysis
- Identified the opportunity from a better alignment of marketing resources and recommendations on where to add and where to cut marketing spend