Nowadays some companies focus on how to make their marketing campaigns more efficient by analyzing each channel separately. What many of them miss though is to measure all the channels at the same time while comparing their performance. Thus, they don’t see their customers journeys.
Fortunately other companies have already made the decision of introducing a true Customer Journey analysis and are already experiencing increases in revenues and efficiencies in costs.
The Data Intelligence team which is in charge of the Customer Journey projects at QUISMA made an analysis for an European client from the telecommunications industry. The client was selling ADSL and TV contracts, prepaid SIM cards, long-term SIM card contracts and mobiles. The goal of the analysis was to optimize the campaigns by trying to sell more contracts with roughly the same monthly budget.
To optimize the campaigns we allocate budgets on the basis of our individual attribution model. Our model assigns data driven weighs to each touch point involved in the sale, enabling us to see how important each channel was when the user generated the sale. Once having the right attribution model, we run the budget allocation in order to redistribute the budget among the different channels.
During the period of the first six months the continuous budget optimization increased efficiency by 10% while maintaining the same budget. In other words: The client had increased his sales by 10% while spending exactly the same marketing budget. What a great result!
Working as a team means achieving more
These figures are also the result of continuous learning and teamwork between the client and the Data Intelligence team. Before implementing the budget change you always have to make sure the client understands the whole picture of the Customer Journey and the characteristics of every channel. On the other hand the data specialists must understand the campaigns that the client is currently running. As a result allocations can be implemented more successfully, making sure that the client's efficiency improves significantly.