Media Mix Modeling for Search Success
IMPAQT Case Study: Financial
Financial institutions are inherently challenged when it comes to media fragmentation as they often succumb to merger-itis, which results in new identities, slogans, etc. and consumer apathy consequential to the numerous competing institutions all touting the same marketing messages. Therefore, branding across all channels (i.e. print ads, television, radio spots, online ads, etc.) becomes even more difficult to attain while proper budget allocation to each channel becomes skewed. Witnessing the pains of this disconnect, IMPAQT proposed to our client, a leading credit card issuer and electronic payment services company, to allow us to help bridge the gap between online and offline promotions in order to achieve better brand positioning and to improve budget allocation for a greater return on investment.
QUESTION:
How could IMPAQT show that cross-channel integration of offline and online promotions can provide additional exposure and branding beyond the day-to-day Search campaign?
REVELATION:
In order to illustrate how Paid Search working in tandem with other forms of offline advertising can provide increased exposure and incremental clicks, IMPAQT began by measuring the effects TV commercials have on Search. After receiving historical data on our client’s television presence by means of Gross Rating Points (GRPs), a function of reach (size of audience) and frequency (number of times seen by each member of audience) during a given time period; IMPAQT then compared the results to observed Paid Search campaign performance (impressions, clicks, approvals and cost) for both branded and non-branded Search. Using the observed data, IMPAQT forecasted Search performance through the given time period of surge in GRPs, followed by a comparison of the forecasted Search performance to the actual impressions, clicks, approvals and costs to determine the incremental boost or decline due to TV.
The IMPAQT:
The results of the study showed:
- Actual clicks were greater than expected immediately following the spikes in GRP.
- A 10% cost increase occurred on branded terms, which is attributed to the increase in traffic on top performing keywords.
- A 5% increase in impressions and a 8% increase in clicks for branded keywords
While IMPAQT is currently evaluating other mediums effect on Search for our client, the initial research has proven that television presence positively affects branded and non-branded Search, leading to greater impressions, clicks and conversions. In addition to this, IMPAQT is working closely with the client to coordinate Search efforts with surges in TV visibility, correlating creative details of TV ads to the language in Paid Search ads to maximize the benefit of the lift in Search performance seen with GRP surge.
