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Posted by Tina Moffett on March 27, 2014
Consumers interact with brands across various mediums — their smartphones, computers, call center, in-store — just to name a few. Their interactions with brands — from viewing a TV ad to re-tweeting a promotion — are creating such a rich trove of data that marketers are left wondering: How do I glean relevant insights to optimize my marketing and media? Which channels should I optimize? How can I meet my growth goals while expanding into new, unfamiliar markets and channels? These questions keep marketers up at night; they are looking for best-in-class examples of measurement and analytics success. Well, look no further.
Our latest report, “Extract Business Value From Your Mix Model,” co-authored by Jim Nail, showcases USAA’s successful approach in leveraging marketing mix modeling to measure channel performance with greater precision and to identify and optimize future strategic investments, including marketing investments, product development, pricing structures, and organizational support. The report highlights USAA’s measurement and optimization challenges, how it used marketing mix to help refine metrics and identify the right levers to optimize business strategy and investments, and how it used the results to guide significant customer-driven changes at USAA. The case study is a good blueprint for firms that want to create a marketing mix model — and how to do it successfully!
We are thoroughly impressed by the analytics and marketing team at USAA; every decision made at the organization is driven by data and insights. Further, USAA is committed to using insights — including insights from its marketing mix model — to improve the overall customer experience.
My upcoming research will expand on the importance of measurement and optimization. I am publishing a series of reports on how to effectively measure, test, and optimize marketing programs to increase customer engagement, loyalty, and business levers. Interested in talking about this? Please contact me!
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