Media Spend vs. New Clients

Overview

RADaR has partnered with one of the Midwest's leading banks to provide dashboard reporting and data analysis. The bank operates in 13 markets throughout the central United States, and it was important that all branches were represented in its data.

Challenge

The financial institution asked us to show the correlation between media spend and new checking account opens. We were also asked to deliver an ROI on media spend. Bottom line: The bank’s board of directors asked it to justify its media budget.

Solution

• The RADaR analysis team conducted an in-depth analysis of two years worth of new checking account opens and media spend.
• We used industry data to compare the bank’s client acquisition rate to its competitors. 

Results

• The dashboard illustrated a strong correlation between media spend and checking account opens.
• The ROI analysis showed the cost-per-checking-account-open to be almost 20% less than the industry benchmark average.