Using Data Analytics to optimise advertising spend

Data Analytics is increasingly used to determine the focus for multi-million-pound advertising campaigns. A powerful tool for consumer insights and advanced market segmentation, it offers us a deeper, more nuanced understanding of customer behaviour than we would have considered possible as little as five years ago.

The challenge is not only to identify and source the right data but to then translate it into valuable, actionable business intelligence – and that is our area of expertise. 

Financial services data insights

A leading UK financial services organisation came to Station10 to add business value to the data analytics processes around their life insurance quote & buy journey.

The company recently simplified the process of getting a quote via their website, reducing and reordering the number of questions potential customers had to answer. This had the intended effect of increasing the number of people who completed the online process, but also meant that the site captured a bare minimum of profiling data at this initial quote stage – namely email addresses, dates of birth, and postcodes.

As an organisation that is investing hundreds of thousands of pounds in advertising every month, they wanted to ensure they were using available data as strategically as possible, especially when a consumer were in the product consideration phase.

Next-level market segmentation

Station10’s solution involved combining internal and external data streams to produce more useful information than could be gleaned from one dataset alone. Internal website data was used to query insights from a premier UK consumer database to produce detailed demographic characteristics of the types of people most likely to convert into customers. This new data stream was then fed back into the finance company’s business systems, taking care not to disrupt any internal data processes.

The results went well beyond the stereotypical market segmentation traditionally used to inform advertising campaigns. Instead of classifying life insurance customers as ‘silver surfers’ or ‘empty nesters’, for example, our client now has a sophisticated raft of customised classifications built specifically around their product offering and business goals, giving them fresh, multi-dimensional insights into the needs and wants of their customers. They can then use this data to provide more appropriate customer experiences both on site & off, encouraging people down the funnel, and providing a world class, more consistent experience to the consumer.

If you would like to channel the power of data science into more effective advertising campaigns for your company, let’s have a chat.

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