A national trade association in the financial services industry wanted to improve how it used marketing data to evaluate customers. The association markets insurance products to members primarily using direct mail, but it can take as long as four months to get responses back via the mail campaign. That meant that the association couldn’t quickly evaluate marketing campaign material tests or put winning creative ideas into production to capture customers.
The marketing analytics team at the association wanted to find a way to read results sooner with confidence so it could more quickly evaluate the results of various offers and creative tests. They chose to work with g2o because of the data expertise we offer.
g2o collaborated with the association to gather several years of campaign results. We evaluated the data and built a predictive model that allowed the association to cut their time to evaluate campaign results by half.
Additionally, the visualization produced by the predictive model provide both a weekly forecast of responses and a range of confidence for that forecast. This solution provided the association with flexibility to read the campaign results early when they felt the confidence level met their risk level.
This forecast often enabled the association to reduce read time for campaigns by 50%. As a result, they could respond to new creative ideas and offers more quickly, which led to increases in marketing effectiveness.