LONDON--(BUSINESS WIRE)--Global analytics and advisory firm Quantzig recently completed a marketing analytics project for a leading bank’s marketing and sales division which has a presence in more than 10 countries. The goal of the study was to help the bank make informed data-driven decisions to maximize the returns from their traditional and digital marketing activities.
The traditional way of allocating marketing funds in financial institutions are often based on a percentage of last year’s revenues. This method suffers failure as it leads to wasteful spending and substandard results. Marketing mix modeling helps in determining an optimal marketing budget and quantifying the contribution of marketing activities to sales with a view of calculating ROI, effectiveness, and efficiency.
According to Quantzig’s marketing analytics experts, “Marketing mix modeling (MMM) is a powerful tool which helps in generating cost per point metrics for each media type to analyze the efficiency and compare with the ROI. It also helps in creating a real-time solution for investment decisions, providing executive management a powerful decision support system. MMM helps to achieve future investment decisions to support based on simulated scenarios.
The client turned to Quantzig for this project because the customized market mix optimization solutions offered by Quantzig have proven that to help businesses gain accurate insights on the ROI of their marketing efforts, including achieving 20% reduction in sales & marketing spend due to improved targeting.
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This study provides insights such as:
- Synergy analysis to identify the direct and indirect impact of media types on incremental sales and the ROI generated.
- Comparative ROI across media types based on advanced regression methods for each product on promotion – retail banking products, loans.
- Insight into contribution of brand equity vs. advertising on incremental sales and the ROI from each media type.
- Campaign analysis of individual campaign to understand the ROI and incremental sales generated at a granular level – debit/credit cards, home loans, shopping discounts and cashbacks.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.