Financial : Strategizing and Testing | Knowing your Customer

Strategizing and Testing Business Challenge A large financial trading institution was introducing a new financial services product targeted at high net worth individuals. The intended target group had no prevous relationship with the company or its products and services. There was little understanding as to what type of results to expect from this type of campaign. The client needed to get some understanding of potential results prior to spending the time and money on development of a campaign. Solution thinkSmart worked collaboratively with the client's marketing agency to develop a comprehensive campaign testing strategy intended to provide results to predict the outcome of a campaign. The testing strategy comprised a number of components which were designed to mimick a real campaign yet included the main components that a real campaign would encompass. The following components were designed and implemented for testing: Testing lists: Included complete data processing work ensuring correct and valid data. Product positioning and target audience identified: An offer was developed. Creative elements including both online and offline direct mail pieces were designed and produced. Reporting and analysis portal sites were customized and readied for data acceptance. Business Results Results from the testing campaign were analyzed and a predictive modeling system applied to the data. With the resulting information at hand the client was able to understand and have some degree of predictability related to the upcoming campaign.