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 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.

AdoptoMedia platform

AI-powered tool 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 it 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 our platform 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. You can learn more about Nestle’s approach and Procter & Gamble’s strategies in our detailed articles. And when you work with our tool, 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.

The first step of implementing the platform 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 of our platform’s functions 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, halo 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 AdoptoMedia platform functions, don’t hesitate to request a demo and contact us.