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March 13, 2024
How Standard Chartered Bank assessed the effectiveness of Meta app ads with marketing mix modeling
Standard Chartered is a leading international banking group, with a presence in 53 of the world’s most dynamic markets and clients in a further 64 markets. Standard Chartered’s purpose is to drive commerce and prosperity through diversity, its long-standing history and values as expressed in the company’s brand promise, “We’re here for good.”
The challenge
The Standard Chartered team was looking to find a more accurate way to measure the impact of their marketing channels. Using last-click attribution to inform their media planning and optimization proved to be ineffective, as it did not always capture the full impact, whether short- or long-term, that each channel has. Within the current measurement solutions that the Standard Chartered team was utilizing, there was no reliable way to measure how branding efforts impacted the bottom line — especially when it came to how branding drove sales over the long term, not just the short term.
The solution
This lack of certainty led the team to work with Meta Measurement Partner Nielsen to run marketing mix modeling (MMM), a technique that helps quantify the impact of online and offline marketing channels in boosting sales by measuring the return on investment (ROI) through a regression analysis. The team used MMM to evaluate the short- and long-term impact of all channels for the bank’s credit card business.
They decided that the short-term impact would be measured by the immediate increase in credit card applications. The long-term impact would be measured by how the campaigns influenced brand equity. This analysis would provide a holistic view of their marketing efforts for every channel of their credit card business.
The team was able to prove Meta’s long-term impact on achieving their goals in ways that previous measurement methods could not capture. The team discovered that Meta had the highest contribution to driving brand equity, demonstrated by Meta driving the highest long-term ROI compared to other channels. Among the Meta campaigns launched, awareness campaigns drove the highest ROI, while sales campaigns were the most effective – indicating that there is an opportunity to scale spending on awareness campaigns to drive sales.
The impact
By using MMM, the team gained a better understanding of how different marketing channels impacted their campaigns, allowing them to discover the long-term effectiveness of Meta. MMM revealed the following results:
- 1.4x higher return on investment from ads on Meta apps than online video
- 2.4X higher return on investment from ads on Meta apps than TV
“Marketing mix modeling helps us to understand the actual value of various offline and online channels. It reflects short-term ROI and illustrates the long-term growth that can be achieved with each channel. Implementing the solution gives our brand a solid foundation, allowing us to navigate behavioral changes and develop an effective and synergistic marketing strategy over time.”
Joey Wong, Head, Performance Marketing and Martech, Standard Chartered Bank (HK) Limited
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