Congratulations to Mediahub UK who received Gold at the Campaign Media Week Awards 2020 for their real-time optimisation tool ‘Next Best Decisioning’ for Western Union!
Bridging the gap between econometrics and real-time marketing
Mediahub is the global media agency of record for consumer money transfer provider Western Union. Technology has had a significant impact on the industry, with many brands now competing for a share of the digital money transfer market.
WU has six core media channels in 90 countries, translating to a global portfolio comprising 540 cells. Each one of those cells possesses a uniquely shaped diminishing returns curve, an observation that led to the genesis for the whole project.
Next Best Decisioning, an investment optimisation platform, was launched earlier this year. It uses proprietary algorithms, machine learning and an array of historic and real-time data sets to optimise allocation of spend across WU channels and markets.
It works by predicting the shape of every curve in the portfolio relative to all other curves in the portfolio, simultaneously and for any given moment in time. This makes it possible to spend every dollar in the most incremental way. It knows exactly how and where to invest $1, or $100m, in order to maximise ROI.
Delivered during lockdown, NBD is constantly fine-tuned and is outputting a MAPE (mean-absolute percentage error) of 3.5% across all cells.