We are partering with the Marketing Science organization at the Royal Bank of Canada (RBC). The theme for this term will be to create a startup built around marketing campaigns and optimization for various regulated clients.
In marketing, as a general rule, the more you spend on a campaign, the more successful it’ll be. But, how much should you spend? And, what success can you expect? While in the tech industry, online controlled experiments (A/B testing) is one of the gold standard methods for making various marketing decisions. In banking and other industries, various constraints (such as the nature of the products/services offered, regulations, etc) makes the use of these methods difficult. Therefore other methods, such as the use of observational data, must be used in order to make causal conclusions about the effectiveness of various marketing campaigns.
RBC will join us this semester to help guide you in answering these questions.