客户业务挑战
LV= is one of the UK’s leading insurance and financial services providers with 5.5 million customers and 5,800 employees working across 17 UK offices. In 2013 LV= recorded an operating profit of £105 million, making it the UK’s largest friendly society and a leading financial mutual.
Despite a significant increase in the number of providers and marketing spend, the 50+ life insurance market has been relatively flat since 2011. LV= sought to outperform its competitors by applying a smarter approach to understanding the complexities of how its multi-channel campaigns actually influence the customer purchase journey.
毕博的贡献
To achieve the outlined results, BearingPoint:
- Used its unique media optimisation solution, MediaMX 3.0, which can process an unlimited number of data sets using the HyperCube® grid computing algorithm
- Worked with multiple external media agencies to source hundreds of data variables across all campaigns, including both internal and external data sources
- Derived more than 4,000 variables, 100+ unique media rules, and the operational impact analysis of what it would take to implement these rules in a new marketing plan
关键成功因素
The key factors to the project’s success were:
- Initiated a transformational journey for media planning and review by moving from traditional single channel model to continuous multi-agency, cross-team collaboration
- Demonstrated the clear impact of investment in one media channel over others, something that was always suspected by LV= but had never been possible to prove without MediaMX 3.0
- Built strong understanding and knowledge of existing LV= and agency data, their current limitations and additional data requirements for the future
- Developed a catalogue of 4,000+ combined and derived data variables that can be carried over into further analysis and easily extended with new data sets
客户业务成果
BearingPoint’s media optimisation tool MediaMX3.0 (powered by HyperCube®) achieved the following results:
- 100+ scientific rules identified to optimise media spend and implemented 14 key business rules in collaboration with LV=’s media agencies within one month (neither LV=’s or media agencies’ existing toolsets had been able to identify these new, unique rules)
- Annual sales of 50+ product expected to rise ~11% at the same level of marketing spend. A 2% sales increase already achieved after the first quarter thanks to MediaMX 3.0.
- Socio-demographic sub-groups identified from direct mailing lists that represent a 90% increase in sales conversion, resulting in 81% of LV=’s current sales at only 43% of their mailing cost
- Uncovered the optimal split of budget by channel and by time of the year, and identified specific combinations of TV times, press times and genre/publication types that could directly increase product sales