McKinsey Revolutionary Media Mix Optimization
OMR Festival 2019 took place in Hamburg on 12th and 13th of May 2019. This event brought together international stars of the digital marketing, promising new playersб and absolute experts to provide a thorough analysis of relevant marketing trends. Top speakers included the representatives of giants like Adobe, Google, Facebook, McKinsey & Company, etc. A global management consulting firm, McKinsey & Company, presented its innovative ideas concerning the Marketing Operating Model. They propose an omnichannel, person-based optimization approach that has already proven effective and is expected to save Optus, the second-largest telecommunications company in Australia, $15 million in marketing costs. To fully understand how this new-generation solution is going to changes the industry, begin by examining the current landscape. One of the biggest challenges marketers face today is measuring Marketing Return on Investment (MROI). In 60% of cases, they are unable to estimate the long-term or short-term impact of their marketing efforts. While various approaches are available to address the MROI question, none are flawless. The main drawbacks of existing methods: And the real problem is lack of data. McKinsey advises the following 5 methods to optimize marketing and increase your revenue by 2-5%: What exactly this transition means?… Read more »
