Ideas and impact: Unlocking industry opportunities through academic partnerships

By Vicki Christian
Fisher College of Business

There’s a famous quote by John Wanamaker that has stuck with Associate Professor of Marketing Alice Li: “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”

Finding out “which half” is not only at the heart of recent research by Li, but it’s also a challenge that she’s hoping to help KeyBank discover through a collaboration born out of her research, “Data-Driven Framework for Marketing Mix Decisions.”

Presenting at the Marketing Science Institute’s 2023 Annual Summit, Li’s research on marketing mix models ― and her designation as a MSI Scholar and Young Scholar ― caught the attention of KeyBank representatives.

"Professor Li's data-driven framework for marketing mix decisions aligned with where we are in our analytics journey,” said Patty Jurca, KeyBank’s chief brand officer. “We've built strong capabilities internally but we recognized that an independent academic perspective could help us unlock new opportunities. Ohio State's Fisher College of Business offered both the analytical rigor and the regional partnership we were seeking."

While the conversations started over a year ago, Li said she and KeyBank both took their time to understand how they could help each other — the bank from a marketing perspective and Li from a research and classroom perspective. Their true collaboration began over the summer of 2025.

“KeyBank has long invested in its marketing analytics, and they invited me to collaborate as they continue refining their approach,” Li said. “They are interested in an independent perspective on how their current framework might be strengthened and where additional opportunities may exist.”

Li is reviewing KeyBank’s marketing activities to generate insights that can support more informed, data-driven decision-making. Her work places particular emphasis on understanding how different forms of outreach contribute to marketing effectiveness.

“I’m starting with a small sample of data to understand the relationships between the different marketing channels,” she said. “My analysis will be more like conceptual theorized suggestions they can integrate into their daily practice.”

As part of that mix, Li will be taking a look at their customers’ journey to a purchase, customer profile and specific, data-driven tactics that will help them build a broader marketing plan. She’ll also analyze the bank’s sponsorship opportunities.

“Through our conversations, it became clear that the organization has a substantial portfolio of brand-building activities that operate on multi-year horizons,” she said. “We are examining how to measure the effectiveness of these longer-term initiatives.”

Li plans to focus more on the organization’s broader market patterns as well as key markets in the Midwest and emerging marketing trends.

“We both are looking at this as a long-term relationship because new marketing problems and channels will continue to emerge,” Li said. “For example, now everybody is talking about AI, and as these new tools emerge, they will naturally become part of the conversation.”

“Our collaboration with Ohio State University brings together KeyBank’s business expertise and Ohio State's advanced analytics capabilities to accelerate innovation and inform improved decision-making,” said Mike Isherwood, KeyBank’s director of brand analytics. “This partnership enables us to align marketing spend with measurable business outcomes, optimize performance across channels and strengthen our ability to deliver value to clients and stakeholders.”

Reading others’ research, newspaper articles and Harvard Business Review is helpful, but Li said her ability to connect directly with the bank’s analytical and marketing managers has enhanced her understanding of day-to-day business.

“In talking with their managers, I found they have very specific pain points, specific questions,” she said. “Everything I knew conceptually in the past becomes a lot richer. I have better information and an updated understanding of the industry’s concerns of marketing measurements.”

As a relational-driven bank, Li said trust is central to KeyBank’s philosophy. Li’s consulting work with KeyBank is the latest collaboration in a longstanding relationship between the organization and Fisher. For the past 18 years, the college and KeyBank have partnered on student-facing programs such as the KeyBank Leadership and Creativity Undergraduate Student Leadership Symposium. Li hopes to broaden the collaboration to include doctoral students at Fisher who participate in her research as well as enhanced career opportunities for Fisher graduates with the organization.

“This type of collaboration opens doors to deeper partnerships — whether it’s advancing data science research, co-developing innovative marketing analytics or creating experiential learning opportunities for students,” said Youran Fan, KeyBank’s senior manager of brand analytics. “By connecting with Fisher and Ohio State, we can tap into cutting-edge academic expertise while offering real-world challenges that prepare the next generation of talent. It’s a win-win that strengthens both our strategic capabilities and our community ties.”