A digital wallet client used custom dashboarding to monitor the ad spend of competitors and benchmark RoI.
The digital wallet client was one of the early movers into the business. They were the market leaders, but fast losing market and volume share to emerging players. The competitors were using digital promotional activities, TV and print ads to woo and acquire customers. They were looking for an executive dashboard to monitor the ad spend and performance of their competitors and benchmark the return on investment (RoI) against the competitors.
Mirror, mirror on the wall…
Who is the strongest of them all? The client looked at digital, TV and print campaign positioning and spend by competitors to understand – and then counter competition
- Designed and developed a dashboard with custom visualizations
- Dynamic ranking & colour coding of legends and visuals based on spend
- Functionality to share & download the entire page or the desired visualization
The study helped the client identify the target groups, the promotions they were running and use these info to create strategies to retain and win customers.
The battle for attention
The digital wallet client had a dominant market share owing to their first mover advantage. They had already captured more than 80% of the market share. The newcomers were challenging the client with some differentiated offerings, positioning and increased ad spending on digital, TV and Print. The client was ceding space and business to the newcomers and was looking for solutions to monitor, react and maintain dominance.
They realised that a fool proof strategy was not just monitoring and matching competitors dollar for dollar.
They wanted to look at the positioning, creative content and the target group, spend distribution and the impact each competitor was having on their business. They needed solution to capture and process the raw data on daily ad spend by channel and their creatives in near real-time.
Beyond being pretty
The volume and pace of digital ads, TV and print were creating challenges in monitoring the competitor strategies and which ones to respond to with a short-term, medium-term and long-term strategies.
The client commissioned the study to better monitor their activities and spends, benchmark the segment marketing activities and assess their performance against the competition. The customized executive dashboard enabled them to:
a. Monitor competitor activities more efficiently
b. Categorize competitors
c. Analyse and understand competitors’ strategies
The client has been able to reduce the turn around time (TAT) for these reports by 70%.