Additionally, BBVA also want to utilize online and offline marketing to support its product lines such as checking, savings, mortgage, commercial banking and improve satisfaction and retention of the current customers and cross-sell to them.
Based on the historical and industry data, and various assumptions, one can simply conclude offline advertisement is simply more successful and effective than online. Marketing Resource Allocation InBBVA Compass has allocated its marketing budget on both online and offline to drive brand awareness, improve consideration among potential bank customers, and acquire new customers for its various lines of businesses.
This can help BBVA have a good sense of return on investment and thus allocate marketing budget in different channel effectively. Another role is to bringing in new customers and increasing the total number of accounts at the bank. Taking a closer look at the paid search campaign, there are definitely room for budget reallocation.
The performance on paid search and display ad can be evaluated from the below perspective.
Inthe brand awareness and consideration dropped significantly because of they changed their brand name to BBVA Compass. Recommendation on Promotion Budget Allocation From its marketing purpose, the major role of offline and online advertising was to build brand awareness and improve consideration among potential bank customers.
We can indeed hardly conclude if BBVA Compass shall reallocate majority of its budget to offline, simply based on the acquisition cost and lifetime value of customer. The average conversion rate application completed is 1. In this aspect, online advertising has a distinct advantage than offline advertising that is information tracking.
Because, from a survey, the top-three criteria for customer to choose a bank includes free checking service, convenient branch locations and easy online banking services.
With the data provided, this essay will discuss whether the marketing budget allocation is appropriate and effective, using expected Customer Lifetime Value LTV to measure customer attractiveness versus customer profitability. These two figures showed that the customer profitability from paid search is higher and that BBVA Compass should allocate more budget to paid search indeed.
The rest are below average. In addition, it spent multi-million dollar on sponsoring various sports events. However, the assumptions made in the calculation may not take into consideration of the future trends, for example, the growth rate in profitability of online banking, the variation in retention cost over the years, etc.
The major role of offline advertising is to build brand awareness and improve consideration among potential bank customers. Newspaper, magazine, outdoor, TV and radio advertising are effective enablers to drive awareness among mass public, especially after BBVA Compass adopted a new name.
BBVA may consider reallocating resource to higher conversion site. When we look at the a lot of clicks paid search campaign, the allocation may have skewed towards brand keywords, which appeared to be generating a lot of clicks, but may fail to effectively drive brand awareness.Individual Case study ultimedescente.com Polyphonic.
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Uploaded by/5(3). Ahmed Usman Sheikh BBVA Compass Case Analysis BBVA Compass, the 15th largest commercial bank in the U.S. in had to effectively utilize its limited budget to meet its strategic objectives using offline and online marketing mediums. Lego Case Study Analysis Pallav Mathur Q 1.
What led the LEGO group to the edge of bankruptcy by ? By the end of Lego was already facing crisis owing to dipping profits and declining market pool for toys. BBVA Compass is a Sunbelt-based financial institution that operates branches across Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico, and commercial and private client offices throughout the United States.
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in had to effectively utilize its limited budget to meet its strategic objectives using offline and .Download