Marketing Mix Modelling, Marketing Technology, ROMI optimization, ROMI increase, marketing budget optimization, effective marketing strategy, CheckMedia Solution, AdoptoMedia, forecast sales, measure advertising effectiveness

According to a recent Gartner research, companies spend 12% of their revenue on marketing, and about a third of this money is allocated to marketing technology. It absolutely makes sense, because simply pouring money in advertising relying only on your experience or gut feeling will not necessarily give the results you expect. But with the right technology you don’t take any risks and find ways to cut spends and drive ROMI.

The first step to an effective marketing strategy is high-quality and comprehensive data, because well-informed decisions based on statistics will definitely lead to success. The statistical tool that analyzes different parameters affecting past sales and provides forecasts for upcoming periods is Marketing Mix Modelling (MMM). Some important parameters it tracks are:

  • Media types

  • Effectiveness of online and offline channels

  • Incremental sales

  • MROI of different media types

  • Seasonality

  • Competitors’ marketing activities

Implementing MMM is a wise choice not only for Consumer Goods industry, where the competition is high and brand loyalty is low, but for any large company that manages business in more than one region or country and promotes its goods and services through a wide range of media channels. With MMM you will be able to quickly and easily get insights from massive amounts of data and turn them into timely actions, because it takes into account every factor affecting sales and proposes an optimal media mix. 

CheckMedia Solution

AI-powered CheckMedia Solution by AdoptoMedia can do all that and even more. This advanced software can be smoothly integrated in your IT infrastructure, automate many marketing activities, monitor ROMI in real time and forecast it. Also CMS allows for in-campaign tactical changes, which means you can optimize a campaign as it runs and achieve the highest efficiency without having to wait to put your insights to action.  Numerous cases show that using CheckMedia Solution results in at least 10-20% ROMI increase, for example in this modelling of a bank’s media mix.

Another benefit of this solution is that it increases the transparency of marketing operations, which has been a topical issue since the release of K2 report on some shady practices in media industry where agencies didn’t act in their clients’ best interests. It even caused some companies to establish in-house agencies to be more in control of their marketing activities. And when you work with CMS, you get a compliance report as a check of plan against actual spends after every monthly invoice. Even the invoicing process can be automated with this technology.

Marketing Mix Modelling, Marketing Technology, ROMI optimization, ROMI increase, marketing budget optimization, effective marketing strategy, CheckMedia Solution, AdoptoMedia, forecast sales

The first step of implementing CMS is collecting data to train and test algorithms. The data may come from the client or from their media agency. Then the system calculates an optimal budget by product or region. Here are some functions of CheckMedia Solution that marketers will be interested in:

  • Measuring the effectiveness of a campaign;

  • Proposing an optimal budget allocation;

  • Tracking,calculating and forecasting ROMI;

  • Analyzing competitors’ activities and seasonality

  • KPI forecasting

  • Reports on media interactions, halos and long-term effects

  • Automatic updates with every new entry of data

  • Creation of private databases for individual clients and easy work with them

You can never put too much emphasis on marketing effectiveness because it is actually more than it could seem, since marketing contributes to the company’s overall growth. So take every opportunity to maximize the efficiency of every dollar you invest into advertising and promotion.

If you want to know more about CheckMedia Solution functions, don’t hesitate to request a demo and contact us.