Marketing technology to maximize your ROMI
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… Read more »
