Ever wondered how to calculate the best mix of actions in order to achieve the desired result within budget? You might have a pretty good idea of what mix has worked well in the past, but how much rigour goes into that process? Wouldn’t you like a mathematical approach that eliminates the guesswork?
The marketing tool below provides an example of how a target outcome can be set and achieved - in this case, a new account target. To best illustrate how the channel mix resets itself, the response outcomes by channel and the available lead population (100) are set in the background. With these fixed, you can go ahead and adjust the target accounts and insert your respective channel costs. Although this is just an example, imagine that any or all of the variable inputs shown, such as the channel type and costs, along with other operational variables like agent volumes, hours worked, and calls per hour can be swapped out with alternatives based on your particular environment or objective.
In this simplified example, the end result is clear direction on the best channel mix to achieve the desired outcome – i.e. new account growth most efficiently; at minimal cost.
This kind of approach is important in that it enables marketers to clearly see how and where best to spend precious marketing budget. What’s even more exciting is that with tools like this, marketers can take a scientific approach to managing investment and returns. All this can only be good for securing increased marketing budget and the opportunity to demonstrate a profit minded approach to running their business.
You’re welcome to share and if you’re interested in learning more about how to apply these techniques within your business, please drop us a line, we’d love to hear from you.
About the Author, Luke Turnbull
Luke Turnbull is the Head of Customer and Lead Analytics at Principa. He has worked in the financial services industry since 1995, during which time he has worked in process, strategy and operational design across a range of organisations in New Zealand, the United Kingdom and South Africa. Luke has been with Principa for 9 years and has led consulting engagements with Principa’s local retail clients across the customer lifecycle, with a particular focus on customer engagement and lead generation.