As markets shift and consumer expectations change, legacy brands are finding that they need to update their marketing tactics to keep up with those changes. Regions Bank, a commercial bank with 1,527 branches in 15 states in the South and Midwest, is one such company that found their traditional marketing mix modeling wasn’t giving them the detailed, channel-based insights they needed to regularly optimize in their digital campaigns.
Marketing mix modeling was originally built for measuring offline channels’ contribution to sales. While good for uncovering macro-level channel, spend, and sales insights, they are typically slow, backwards-looking, and only provide insights at an aggregate level. Moreover, with an emphasis on sales, they can undervalue brand-building activity.
By relying on a historic marketing mix modeling approach, Regions Bank didn’t understand the impact on digital audiences they needed to connect with, and were wasting ad spend as a result. They needed to be insights about individual tactics, at the segment-level, even where channel spend was relatively low.
This was the problem they brought to Marketing Evolution, an analytics and media optimization platform. Marketing Evolution’s solution combines its own advanced data and analytics techonolgy using LiveRamp IdentityLink.
Hear directly from Regions Bank and Marketing Evolution in this video from RampUp, or read on to learn how we were able to solve this challenge.
Diving Deeper with Data
Marketing Evolution knew that Regions Bank needed an alternative approach that effectively measured the impact of both offline and online channels and tied that back to online and offline conversions. And it needed to be implemented on an ongoing basis.
The solution was two-fold. The first part was to build a detailed view of their customers and prospects with IdentityLink, combining demographic data, TV set top box data, and log files from Marketing Evolution and Regions Bank’s first-party data. LiveRamp’s identity resolution technology enabled Regions Bank to bring its first-party data and third-party data sourced by Marketing Evolution together in a privacy-conscious manner, and reingest anonymized exposure data for measurement.
Then, Marketing Evolution was able to run cross-channel analysis to see how each touchpoint contributed—or didn’t—to Regions Bank’s business goals. Their algorithm returned clear, segment-level, and tactic-level media recommendations.
Regions Bank was able to use this to make macro-level budget recommendations and understand how to optimize their spend in individual markets across online and offline channels, including search, radio, and TV. They achieved 100% ROI increase with people-based marketing, and increased incremental revenues from new checking accounts by 100%
By using IdentityLink to create an omnichannel view of their prospects and customers, Regions Bank can now understand and quantify the impact of their marketing at the individual level. These granular insights help them activate audience and creative recommendations across channels to optimize their spend.
Optimization is now a regular occurrence for Regions Bank’s marketing team—a welcome change. Marketing mix modeling is notoriously cumbersome and demanding for the team. They generally happen only only once or twice a year with a long delay in reporting time. But measuring marketing twice a year doesn’t allow brands to track seasonality and make actionable adjustments as they’re spending—a real problem given how quickly consumers’ needs and loyalty can shift.
With this new model of measurement, Marketing Evolution set up a monthly cadence of optimization with their entire mix of online and offline media, with an end goal of weekly recommendations delivered to Regions Bank.
Most importantly, the optimization works. Marketing doubled their contribution to the sales portfolio, and gained trust within the organization as they were able to prove their financial impact. Moving forward, the finance team gave the marketing team more control over an increased budget, all because they were able to more accurately predict how marketing spend contributes to sales goals (ie. new checking accounts opened).
Hear this story more in depth directly from Marketing Evolution and Regions Bank in this video. Interested in finding out how Marketing Evolution and LiveRamp can help your organization more effectively run attribution on your marketing? Contact us today.