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Promotions are a key part of any commerce or e-commerce business. What can we say? Shoppers love a bargain, and if you’re not giving them one… Well, someone else will. They’re exciting for the customer, introduce an element of scarcity into your product promotion and, if done right, could improve your bottom line.
Ok, so you put in the time and effort (and, let’s face it, blood, sweat and tears) into a kick-ass marketing plan, executed on it, sending multiple, beautifully crafted, media types out into the world across multiple media channels — all in the hope that it would win customer’s hearts and (hopefully) wallets.
Statistical models used by marketers to measure the effectiveness of their advertising spend have been around in various forms since the 1960s. The natural selection has favored regression analysis above other lifeforms, and not least because it’s somewhat easily grasped and implemented regardless of the company size or marketing environment. But as time goes by, older versions become obsolete and new, smarter ways of life ascend the food chain (as homo sapiens we ought to know).
With Marketing Science, you’ll take steps to finding out which half of your marketing budget is wasted and which isn’t.
Earlier this month Gartner published the results of its survey of 415 marketing leaders and analytics practitioners , revealing the leading reasons why analytics are not utilized in crucial marketing decisions. The growing investments in analytics don’t seem to live up to the hype.
Ok, so you put in the time and effort (and, let’s face it, blood, sweat and tears) into a kick-ass marketing plan, executed on it, sending multiple, beautifully crafted, media types out into the world across multiple media channels — all in the hope that it would win customer’s hearts and (hopefully) wallets.
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 :)
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.
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 :)
With Marketing Science, you’ll take steps to finding out which half of your marketing budget is wasted and which isn’t.