The client’s primary business is consumer lending, credit insurance, and other credit-related products.
The client wanted to determine whether its existing marketing solutions adequately support its current operations and future growth plans. For assistance, they turned to West Monroe Partners, which offered a comprehensive assessment approach and expertise in fine-tuning marketing operations to improve customer experience and achieve other goals.
With a particular focus on marketing technology, credit decision making, and risk management, West Monroe examined:
- Marketing strategy
- Campaign execution
- Enabling technology
- Organization structure
Proven approach, tailored to needs
West Monroe Partners tailored its Marketing Assessment Framework to the client's requirements and goals:
- Through stakeholder interviews and business observations, the team identified marketing process and operating environment improvements
- Through research and competitive analysis, the team determined appropriate technology and tools to support process and operating improvements
- Developed a road map, which includes a prioritized set of initiatives for addressing the client's goals
Moving from opportunities to enhanced operations
To help the client define and prioritize changes, West Monroe Partners produced an in-depth report of its assessment, including a heat map of current capabilities that demonstrated particular opportunities for the client to improve operations across the marketing value chain. The report outlined a wide array of recommendations, including:
- Realigning the marketing organization and responsibilities
- Implementing a prospect database
- Re-engineering and automating the campaign process using new technology
- Enhancing creativity strategy and output by consolidating support with one vendor
- Building new reporting cubes and dashboards
- Launching lifecycle marketing campaigns that leverage contact history and response data
- Expanding the product mix and the marketing mix
- Enhancing integrated, multi-channel campaign capabilities that include direct mail, e-mail, web, interactive voice response, and branches
When fully implemented, these technological enhancements, updated models, and process improvements will enable the client to reduce lead time for new campaigns and to increase targeting accuracy, relevance, and capacity— leading to better marketing results and greater growth potential.