Sigma Enables Migo to Swiftly Pivot Marketing Strategy in Response to COVID-19
Financial Technology Firm Improves Marketing Campaign Response Rate by 47 Percent and Drives Exceptional Customer Retention with Self-service Business Intelligence
Sigma Computing, an innovator in cloud analytics and business intelligence for enterprise teams, enabled Migo’s marketing team to temporarily pivot from driving new demand to temporarily helping with customer retention and recovery due to the market dynamics resulting from the COVID-19 global pandemic. Direct access to all of Migo’s live data made it possible to quickly segment the customer base and determine the most effective channels for reaching each segment, resulting in a 47 percent increase in response rate, which stabilized customer retention. Just six months later, the marketing team used Sigma to identify promising trends that helped them secure executive team alignment on a new strategy and pivot back to driving growth.
“Sigma enables domain experts to answer their own questions, allows our data experts to focus on more complex projects, and ultimately brings these two groups together in one tool,” said Migo Analytics Architect Joseph Bates. “My time in Sigma is now focused on strategic initiatives now that my BU partners are able to independently drive their own data exploration. Marketing, finance, and others are able to generate their own insights and analyses now. Even our CEO goes in and pulls his own reports and builds his own dashboards.”
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Migo leverages Snowflake as the central single source of truth and relies on Sigma to empower business teams to analyze live data independently while maintaining security, governance, and security standards through centralized access roles and permissions Sigma inherits from Snowflake. Sigma gives Migo’s marketing team a 360-degree view of the customer journey and the ability to clearly segment audiences has improved overall ROI on retention campaign spend by 11 percent. In addition to offering team workspaces and easy sharing, Sigma makes it possible for everyone at Migo to work off the same live data at the same time, collaborate, and repurpose each other’s work, eliminating time wasted on creating data sets and conducting analyses that already exist.
“Sigma is like I’m working in a spreadsheet, but all the data is live. I can explore all of our data at the lowest level of detail and do ad hoc analyses in real time without any limitation. Being able to share data and collaborate on analyses in Sigma really brings all areas of expertise together and makes the analyses we run and subsequent decisions we make that much better,” added Migo Marketing Manager Alex Harvey.
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Read the full Migo case study or watch the “Spreadsheet Experience at Snowflake Scale”webinar to learn how Migo empowers business teams to analyze live data in the cloud data warehouse and find their own answers without compromising on control or data governance. Experts from Snowflake and Sigma will join Bates and Harvey to share strategies and the framework needed to launch a successful self-service ABI program for business teams.
“Time is a precious and limited resource, especially when facing a crisis, and McKinsey research shows that the speed at which quality decisions are made significantly impacts the success of the outcome,” said Sigma Computing CEO Mike Palmer. “In Migo’s case, the company’s continued success this year is largely due to the fact that everyone has access to up-to-the-minute data, enabling them to act quickly and with precision. Every company can learn from Migo’s progressive approach to data access and how they ensure that every employee has the information they need to be agile, react quickly when circumstances change, and be proactive when trends indicate an opportunity.”
Migo is a cloud-based platform that enables B2C companies in emerging markets to offer credit to their customers. The company’s mission is to reinvent the way people access and use credit so that prosperity will one day be available to everyone. By augmenting the traditional bank and payment card infrastructure, Migo helps those in developing countries obtain the life-changing loans they need to grow their businesses while enabling merchants to strengthen relationships with their customers through credit.