Marketing Technology to Maximize Your ROMI

According to recent Gartner research, companies spend 12% of their revenue on marketing, and about a third of this budget is allocated to marketing technology. This approach makes sense, because simply pouring money in advertising relying only on your experience or gut feeling will not necessarily yield the expected results. However, with the right technology, you can minimize risks, discover ways to cut spending 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 covers 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… Read more »

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

Improving Marketing Effectiveness. Part 2: How to Measure?

Most companies face the challenge of accurate assessment of their marketing activity results, and with numerous tools and approaches available in the industry it is easy to get confused. Companies should choose wisely and act quickly to keep pace with trends and drive business growth. A white paper on marketing effectiveness by global consultancy Gain Theory helps to do just that, and in this article we cover key insights, including those from marketing top managers of 40 large UK brands that together spend over £7bn on advertising. We are trying to keep you updated on all marketing measurement trends, that’s why we prepared an article on the use of measurement tools after the phase-out of cookies and IDFA. Get ready to privacy changes and apply solutions that won’t be affected by the new conditions. See how MMM, MTA, brand studies and other approaches are going to function without third-party cookies. After we have agreed on what marketing effectiveness is, understood where we stand in terms of progress and chosen the crucial metrics, it’s time to move on and find the most suitable measurement tools and approaches to building an effectiveness team. Best Available Tools To fully benefit from this technological… Read more »

marketing effectiveness, business effectiveness, Marketing Mix Model, Attribution, Machine learning, In-house agency, Outsource

Improving Marketing Effectiveness. Part 1: What to Measure?

There is hardly an organization that is completely satisfied with their abilities to assess marketing activity results, and in this age of technology and changes companies should choose wisely and act quickly to keep pace with trends and generate business growth. A global consultancy Gain Theory published a white paper on marketing effectiveness that provides information on how to measure and maximize the impact of marketing activities. In this article, we cover the most informative and interesting parts of their paper, which includes insights from the marketing top managers of 40 large UK brands that together spend over £7 billion on advertising. The key to success and business growth is the right marketing strategy, it will help to create the right culture, make better decisions and wisely invest. It requires specific knowledge and resources, and the common challenges include not having the right people for the job or complexity of the subject itself. With the right motivation and collaboration within a company it will be easier to achieve better effectiveness. And here are some advice that the author gives us to improve marketing performance.  What is marketing effectiveness? To properly and successfully measure marketing effectiveness we need first to agree on… Read more »

What Prevents Marketing and Finance Leaders from Effective Collaboration?

Digital transformation is under way and it’s changing the industry. One of the necessary conditions for successful transition is closer cooperation between marketing and finance leaders. In this article you’ll learn what causes most disagreement and where they should find more common ground.  In June 2019, Ernst & Young published a report about potential that cooperation between CMOs and SFOs has. In the age of digital transformation, MarTech helps businesses better understand their clients, track activity along the customer journey, stimulate growth, and analyze data to provide insights for marketers. They use everything that new technology and data offer to invest smarter, increase customer loyalty and retention, and adopt a customer-focused approach to marketing. To successfully implement this data-driven approach, they need significant investments, which should be approved by CFOs who want to hear a strong business case and see ROI forecasts before making any decisions. That’s why collaboration and better dialogue between the two functions is crucial in the age of digital transformation. According to Ernst & Young survey of 304 C-level managers in finance and marketing, 90% think that these departments need to be more involved into one another’s activities, and 83% believe that this cooperation will improve… Read more »

Cross-Media Measurement Tools

One of the topical problems in 2019 is digital advertising and cross-media measurement. Since there is a growing number of complex techniques and methodologies, but no unified approach, most companies lack expertise to deal with it. Here we cover various measurement tools and their cross-platform application. We are trying to keep you updated on all marketing measurement trends, that’s why we prepared an article on the use of measurement tools after the phase-out of cookies and IDFA. Get ready to privacy changes and apply solutions that won’t be affected by the new conditions. See how MMM, MTA, brand studies and other approaches are going to function without third-party cookies. Created in 1997, Interactive Advertising Bureau UK (IAB UK) is a trade association, promoting sustainable development, the best practices and standards for advertisers, agencies, and media owners. Their goal is to address challenges the industry is facing and offer some solutions. Our article is an overview of the guide for marketers on best practices today that IAB prepared with MTM. Here you will find some useful advice on what models and techniques to use for digital advertising performance measurement within the environment of various media, both large-scale and more granular analyses…. Read more »

Overview of Internet Marketing Trends

From social interaction to shopping experiences, the Internet has transformed the way we live — and marketing is riding this wave of change. By harnessing innovative tools like digital media, programmatic ads, and e-commerce platforms, brands are unlocking unprecedented opportunities.This article is an overview of the latest marketing trends online. E-commerce and social media are growing and taking away customers from traditional retailers and media. Global Web Index Survey of over 50 thousand internet users all over the world found that among various social media platforms YouTube and Instagram have gained the most momentum over the last two years, even though Facebook is still the most popular platform. But if the trend continues, YouTube might overpass Facebook in the next couple of years. The amount of video content consumed by the internet users is growing, and advertisers are increasingly using video marketing to promote their goods and services. When it comes to social media, influencer marketing can be very effective, especially if an influencer has a loyal and highly involved audience. Currently, the leading internet ad platforms in the USA are Google and Facebook. They offer targeted advertising, allowing companies to optimize their marketing mix and achieve a higher ROMI…. Read more »

The Right Way to Set Up an In-House Agency

After the transparency scandal broke out in the marketing industry, advertisers tried to solve this issue by in-housing some operations. Even though it initially results in ROI increase, it doesn’t mean this strategy is perfect. There are some factors that encourage companies to bring marketing functions in-house, but there are also some risks to consider. A large media agency Carat published a guide in April 2019 on how to efficiently in-house marketing operations and achieve the best results. Digital transformation requires changes, and relations between advertisers and agencies is one of the first things that should be reviewed to achieve more cooperation, a better dialogue and higher transparency. The problem with in-housing is that it loses its value over time and doesn’t result un as high ROI as initially. Sure it is inspiring to learn that one of the world’s largest advertisers Procter&Gamble set up its own in-house agency and managed to save $750 million in 2017, but such a transition should be performed very carefully with all the advantages and disadvantages taken into consideration. To achieve long-term positive results with in-housing you need to: align your company’s data strategy to its in-housing objective and  single out data maturity as… Read more »

Samsung Lays Off Employees after an Internal Audit

In Spring 2019, Samsung Electronics Co., a South Korean tech giant, audited its American marketing department for any violation of internal policies concerning dealings with business partners. Following this audit, the company laid off a number of employees. While routine audits is a common practice, they have been on the rise recently due to extremely topical transparency issues. As you might remember, in 2016 the Association of National Advertisers (ANA) revealed a study by K2 Intelligence on behind-the-scene rebates and media buying processes in the US, that dropped like a bomb in the marketing industry community setting in motion the FBI investigation and dramatic changes. According to ANA’s “Trust Report” the trust between clients and agencies has declined by 28% over the last three years. To address this problem, some major advertisers established in-house marketing teams that would act in the best of their interests. This is exactly what Procter & Gamble did, managing to save $750 mln on advertising in 2018. ANA also founded a Trust Consortium aimed at setting new standards for the industry and helping achieve the necessary level of transparency in the digital media supply chain. Among spheres that were audited as a part of this… Read more »

Increase Your Marketing Mix Transparency

Transparency has been a burning issue since the 2016 scandal, and the industry is evolving to tackle emerging challenges. In this article, you will learn about the major factors that contribute to the transparency problem and how to address them effectively. In an April 2019 article, Forbes covers the issue of transparency and executive level visibility of marketing spend and offers advice on how to solve this problem. Since large companies worldwide invest more than $1 trillion annually into an increasing mix of marketing assets, media and technology, this money should be spent wisely and to the best advantage of the company. But you may be surprised at the fact that most CEOs and financial executives have too little visibility into this marketing spend. Most of them don’t know how efficient the investments into sponsorship programs, digital media and technology are. It happens because the finance and marketing departments currently do not cooperate at the necessary level due to numerous obstacles. This lack of cooperation prevents companies from accurately measuring the effectiveness of marketing investments. As a result, CMOs are under pressure from their CEOs and have to allocate additional billions of dollars to prove the value of marketing. Even though it’s… Read more »

Advertising Trends in India 2019

The Federation of Indian Chambers of Commerce and Industry (FICCI) together with Ernst & Young published a 300-page report on current state and future prospects of Indian Media and Entertainment sectors. This article is an overview of trends concerning advertising. India is a large and fast growing market, in 2014 it surpassed the United States, the EU, and China in terms of real GDP growth and has been steadily maintaining this level ever since. When it comes to media market, it’s a very diverse and the fastest growing sector of Indian economy that attracts a lot of investors. The most productive sector of media and entertainment that generates the majority of revenue is advertising, which is expected to grow even more in the coming years. When comparing India’s advertising spend as a percentage of GDP to that of other large economies, we find that India spends about half as much on advertising as Japan or China. This indicates significant potential for growth. On the whole, there is a clear shift towards digital channels, which now account for 21% of all ad spends in India. And the figure will go up when more safety measures are in place to prevent digital… Read more »

Indian marketig trends, marketing mix, advertising, digital advertizing