LSEG were asked to deliver more with less – here’s how data helped them do it
LSEG (London Stock Exchange Group) won at The Drum Awards for B2B 2022 for Best Use of Data and Insights for its ‘Doing more with less at a global scale’ campaign. Here, we find out more about what went into this successful work.
LSEG utilized a better data strategy to meet the company's needs / Unsplash
LSEG aimed to help market its financial services products more efficiently. Luckily, it had a data strategy that could deliver.
In 2022, LSEG took on the ultimate challenge: to provide the same quality performance with a significantly reduced budget.
LSEG, a financial services provider with a vast array of products, manages in excess of 3,000 campaigns at any given point.
With a lower budget, it was given the target of getting £1.4m ($1.7m) in revenue at an improved ROI of 40%. The target was to achieve only a 10% drop in leads off the back of a 20% reduction in budget. To achieve this, it aimed to reduce the cost per in-engine form submission.
To deliver on these ambitious targets, LSEG moved to a more sophisticated optimization model, which included the use of offline data to inform its strategy at a granular product level. It also made the most of additional testing and expansion opportunities to meet business goals, rather than just scaling back for efficiency. This includes product expansion and local language expansion in APAC and Latin American countries, all with limited resources.
The adoption of automated bidding was key. LSEG made use of offline ‘lead’, ‘opportunity’ and ‘revenue’ data to inform strategy at a product level, including decisions taken with regard to bidding, budgets, and cost-per-lead (CPL) caps for different geographies.
The LSEG adopted a bid strategy, tiering CPL values for different quality of leads from different geographies and products. A tiering system of bid strategies allowed the movement of campaigns between them based on performance, while also putting in place a product name campaign bid strategy switch from Target Impression Share to TargetCPL. The initial strategy was planned out and the test started for Value-Based Bidding to combine this use of offline data and sophisticated bidding to maximize results.
Costs went down 19%, from £1.24m to £1.01m, in line with budgets. CTR massively improved by 48% due to granular optimizations, the move to RSAs and improved bid strategy setup, while in-engine lead CVR improvement was 15.7%.
In-engine lead numbers remained stable (8,187 to 8,045) at lower budgets, leading to CPL reduction from £151 to £125 (well below the £140 initial target).
This campaign was a winner at The Drum Awards for B2B 2022. You can see all the winners here. The Drum Awards for Marketing are currently open for entry. Find out how you can enter now.