Background
To meet ambitious growth targets, a financial services provider needed to ensure its marketing mix was performing optimally. However, the marketing team didn’t know exactly how media was having an impact on the sales of its insurance products. It asked Gain Theory to measure advertising performance and provide actionable recommendations to increase sales.
Solution
Gain Theory built a model of historical weekly insurance quotes using data from an 18-month period that covered 101 geographical regions. The aim was to highlight the relative effectiveness of different media, such as TV, online search, OOH, and display, and determine a cost per quote (CPQ) for each channel. Our modeling revealed that there was underinvestment in TV and search, which formed the basis of our recommendation.
Results
By optimizing its media mix, the company generated a significant uplift in quotes with an investment that was similar to its previous approach. For a 2% increase in media spend we helped to grow quotes and subsequent sales by 26%. In addition, the CPQ fell by 19%.
growth in quotes and subsequent sales