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It is self-evident that measuring the effectiveness of marketing makes sense. As the great thinker Peter Drucker put it, “You can’t manage what you can’t measure”. Or to put it the other way, you can manage what you can measure. Even if your marketing seems to be working just fine and needs absolutely no fixing, how can you be sure it’s not broken unless you measure it?
These are some of the key questions marketers have and should be able to answer in a post-campaign analysis. Looking at one campaign’s data isn’t, however, a feasible way to get accurate & reliable results, especially if there’s multiple overlapping offline and online media channels at play (which usually is the case with larger advertisers). In order to measure individual media channel’s sales & profit uplift, you need to look at marketing effectiveness on a much longer time period.
True to the original format – John Krasinski’s Some Good News – the goal of this series is to share some upbeat happenings from past weeks to the midst of all of the crisis alerts. As we all know, it’s currently very tough out there. It’s alright to look for the silver lining every now and then :)
They can be in a side role without moving the net profit to one way or another. But above all, they might become outlaws and rob you the hard-earned profits without you even noticing.
Neil Borden has been identified as one the first persons to use the term marketing mix in his famous phrase from 1949: “An executive is a mixer of ingredients, who sometimes follows a recipe as he goes along, sometimes adapts a recipe to the ingredients immediately available, and sometimes experiments with or invents ingredients no one else has tried." The mix (which consisted of 4Ps at first, then 7Ps, and eventually 7Cs) has been somewhat clear for the marketers throughout the years, the modeling on the other hand not so much. We’ve previously covered what is Marketing Mix Modeling and what ROMI stands for , but in this article we’re diving into the ingredients – data inputs – you need for Marketing Mix Modeling.
There has been a lot of discussion around the Bayesian approach in Marketing Mix Modeling, with some of the most data-savvy companies and agencies doubling up their investments in this methodology. Today we'll break down what it is, where it came from and what is the benefit of it.
P&G’s organic sales grew +6% along with the company’s biggest hike in marketing spending within this fiscal year. There’s no signs of pulling back the marketing investments in the current quarter either, as the Co-Chairman Chief Financial Officer Jon Moeller sees no negative trends in marketing effectiveness:
The current trend that is sweeping the global business community is a style of marketing that tackles targeted objectives with a certain guerrilla gusto. This tactical marketing approach is able to react quickly to changes that happen in the market, prevents narrow-mindedness and connects departments through campaigns and projects that strengthen a company’s overall marketing efforts. So, what is this mysterious trendy moneymaking method called? The answer, of course, is Agile marketing.
In 2020, World Federation of Advertisers conducted its largest global study to date , surveying 683 leading marketers from over 30 countries together with a global market research agency 2CV . The goal was to find out what are the biggest challenges today’s marketers face, what can be done to bridge any skill gaps that exist, and what else CMOs need to be conscious of to succeed into the 2020s. The massive research defined three core categories: