Background
A global bank approached Gain Theory after a previous marketing mix modeling (MMM) project delivered by another provider had failed to deliver the required insights.
Its main goal was to understand how marketing investments were driving business growth in its two largest markets. To achieve this, the bank wanted to measure the impact of media on acquiring new customers, particularly within the affluent segment.
However, there were challenges related to the availability of data sources (e.g. below-the-line media, competitor spend) that needed to be addressed to provide the bank with the confidence it needed to optimize its media strategy.
Solution
We developed a comprehensive annual MMM program that included eight models across the two markets. These models measured:
- KPIs that were crucial to the bank’s growth strategy, including newly acquired customers, customers who were engaging with wealth products for the first time, and customers who were upgrading from priority banking.
- The impact of marketing and media in driving these KPIs across multiple objectives, including brand and performance specifically targeting affluent audiences.
To address the data challenge we secured alternative sources, including share of search data and industry reports that maintained model integrity and validated assumptions. Insights and recommendations were delivered for each KPI at both a media channel and partner level.
We also developed five budget scenarios for each market. These addressed key strategic questions, such as the budget required to achieve specific brand goals and a comparison of how a purely digital approach would perform against one that used a mix of traditional and digital channels. This enabled the bank to have more data-informed conversations with its media agency.
Results
The analysis provided precise marketing ROI figures for each market and identified that significant growth could be achieved by optimizing the media mix. For example, we identified 6% additional incremental income in one market and 8% in the other, with no increase in spend.
Overall, the program provided the client with a clear, data-driven path to maximizing the acquisition of high-value customers.
Incremental income
