Updated: Apr 12, 2023
An international financial organization was held back by inefficient and inconsistent offer management and campaign attribution methodologies. New offers, response flowcharts, and response staging tables were being built for each campaign. As a result, the client experienced the following problems:
To address these challenges, Covalent Marketing consolidated the duplicate work that was taking place, created meaningful mid-campaign lifecycle data, and standardized the response tracking process through automation and use of best practices.
As a result of the above solutions, the client now has an established progression through the campaign management process. Before, offer management, campaign development, and response tracking were done on a campaign by campaign basis. Now, with standardization and automation, the campaign developers and analysts know the information that is needed for each campaign upfront. This has helped to establish a more efficient and streamlined process that resulted in the following benefits:
Reduced Offer Creation
By creating offer templates with parameterized attributes, a single offer can be reused across multiple campaigns instead of creating a new offer for each campaign. Since instituting the new offer templates, there has been a 45% reduction in offer creation. In the six months prior to Covalent’s work, 90 offers were created versus the 50 offers created in the six months following.
Standardized Response Tracking
Grouping response flowcharts into single sessions by common campaign categories has alleviated the burden of creating a new response flowchart for each campaign. Today, 70-80% of campaigns fall within the common campaign categories, meaning that response tracking for these campaigns is automated by the response tracking sessions. This automation has allowed the Analytics team to focus their energy on creating more detailed and useful reports for the marketing organization. Adopting a standard last touch attribution methodology allows for consistent attribution across campaigns. This will make attribution data more reliable resulting in more dependable reporting.
Gain Interim Reporting Insights
With data now available during the campaign lifecycle, insights into campaign performance are gained sooner and more frequently. The client leveraged the out-of-the-box IBM Cognos reports to showcase the mid-campaign response attribution data that is now being generated.