How we helped a global pharmaceutical client leverage complex customer journey data to build a bespoke econometric model and decision-support dashboards – linking online marketing to offline end-consumer revenue and enabling smarter channel investment.
Case Study: Econometrics with a pharmaceutical organisation
Results
Optimised channel mix using joined-up marketing insight
Facilitated a threefold increase to future marketing budgets
Secured buy-in to scale the model across other markets
The Challenge
Working in the B2B2C realm, it is challenging to optimise marketing budgets with end consumer revenues. Our client, a large global pharmaceutical organisation came to us with the following objectives
Determine impact of online marketing spend on offline end-consumer revenue
Estimate return-on-investment (ROI) for each relevant marketing channel
Effectively communicate results across the business to drive change
With a complicated patient/consumer journey and operating across a number of markets and digital platforms the data challenge in itself required input from multiple business areas.
The marketing team were also keen to prove how effective and engaging their marketing activity was and to strive towards a better consumer experience.
The Solution
Lynchpin approach
Drawing on our expertise within economic and financial modelling, Lynchpin used the power of econometric modelling as a solution to this problem. Lynchpin, working side by side with the marketing team, forged relationships across the business to gather the relevant data and business expertise. Utilising machine learning tools a bespoke model was created and outputs disseminated across the business to drive change.
Step 1: Discovery
An essential first step of this project was to gather data and expertise across the business. Our team of consultants worked with people across Finance, Sales and Marketing to ensure all relevant data was collected and business insight was factored into the modelling approach.
Step 2: Analysis
Lynchpin built a bespoke model using an econometric machine learning technique and incorporated both internal and external economic factors. The analysis was transparent with all aspects of the data exploration and model built shared with the client to gain greater understanding on both sides and refine the model for actionable results
Step 3: Deployment
The results of the model were communicated across the business to gain trust and buy-in from key stakeholders. On going monitoring of the marketing investment was important and dashboards were built to track marketing performance and enable quick decision making. The modelling approach will be rolled out to further markets with data collection recommendations fed in to all markets to enable ease of analysis for future markets.
The Results
Marketing Spend:
Evidenced effectiveness of online channels in driving offline sales resulted in a threefold increase in marketing budgets.
Channel Optimisation:
Transparent outputs during the analysis and modelling phases also pinpointed areas for optimisation within marketing channels resulting in data driven decision making on marketing spend and ongoing monitoring to ensure marketing remains optimised.
Lynchpin help us unlock the millions of data points we have and turn them into valuable insight, which we use on a daily basis to improve our traffic, customer journey and sales performance. Their data scientists don’t just support our internal data and analytics team, they are genuinely commercial and committed to understanding our business, which means the outputs are always in line with our company strategy!
They have worked alongside us for ten years to support our data maturity and had a major impact in turning us from a company with data, to a data driven decision making company. We value our relationship with Lynchpin and fully expect our partnership to be a longstanding one.John Donnellan, Senior Director of Digital Strategy, Operations & Marketing, Canon EMEA
For over eight years, Lynchpin have provided expert support across the web analytics’ piece for John Lewis Finance. Whether it’s building actionable dashboards, advanced reporting and visualisation, deep dive analytics, data engineering and tagging specs, or designing complex attribution models, Lynchpin prove themselves again and again as highly experienced and competent. They have led and driven our analytics strategy and played an essential role in our business growth. Highly personable, their consultants are well known within the office and I would recommend them as a trusted 3rd party business partner.Adam Taylor, Partner & Web Manager, John Lewis Financial Services
The PRISM model guides organisations and marketers to move towards not just identifying and satisfying customer requirements, but using data and analysis to anticipate and predict their needs.Michelle Goodall, Social Media & Digital Transformation Consultant, Econsultancy
We have partnered with Lynchpin for several years now and they have played a key role not just in delivery of day-to-day and project-based initiatives but also in development of our solution design and data collection architecture. Lynchpin’s depth and breadth of expertise and experience as well as their non-partisan ethos – not being tied to specific solution providers – has enabled us to understand both the benefits and the potential pitfalls of different solutions and designs. As a result we have very solid data quality and that’s reflected in the quality of the insight we are able to serve to the business. The team at Lynchpin are flexible, supportive and great colleagues to have. They are a highly valuable part of the extended LexisNexis team.Michele David, Lead Product Owner, LexisNexis Risk Solutions Group
Over the past 5 years, I have worked almost continuously with Lynchpin on various data engineering and analytics projects. They are adept at navigating complex business requirements and helping you to really ‘look under the bonnet’ and understand the power of your data.
We have a great partnership with the team at Lynchpin, they are a valuable support to our business strategy with their extensive experience and knowledge of data engineering.
Throughout a complex website re-platforming project which combined a standard and subscription customer proposition, Lynchpin helped us build an analytics infrastructure which not only met the brief it also went that extra mile to future-proof us.Michelle Corp, eCommerce Director, Lily’s Kitchen
We have enjoyed working with Lynchpin for a number of years now and they very much feel a part of the team. Their in-depth analytics expertise and experience, alongside the ability to fit in with our ways of working have proved invaluable to us.Adnan Chaudhry, Vice President of Marketing Analytics, Research & Planning, Emirates
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If you’d like to explore how we can help, please get in touch with our data and analytics consultants. We don’t have salespeople and your first point of contact will be a subject matter expert from our leadership team.
