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Some good news – Marketing Edition # 3

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 :)

Age gap, thigh gap, pay gap and even “mind the gap” (as regularly heard on the London tube) these are all probably familiar to you… But the marketing proof gap? Well, probably not something you have been dropping into conversation on a daily basis.

Brief to-do list for marketers that are interested to take their ROMI Modeling to the next level.

ROMI. This little acronym has been trending on a global scale, demonstrating that it is one of the most important calculations when it comes to business.

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.

Let’s start at the beginning — which, by the way, isn’t “What is Marketing Mix Modeling?”. No, it’s “Why should you care?”.

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?

· What was my last campaign’s return on marketing investment?

· How did the different channels perform individually and as a whole campaign?

· What action does the results imply me to take?

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.

“The dreaded R-word is on everybody’s lips.

It’ll change the game for good, taking down old monoliths and picking up new contenders. And no, it’s not re-targeting. It’s recession.”­­­

World of Marketing Mix Modeling Experts

In our series of ”World of Marketing Mix Modeling” we’re entering the Matrix and diving into sea of data to bring you the real life superstars of Marketing Mix Modeling.

Who:

Joonas Imeläinen

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 :)