Econometric market mix modelling for offline and strategic marketing evaluation
Why do this?
Market mix modelling is a long established set of statistical techniques which predate ecommerce and big data, and is perfect for adding offline marketing and influences to your models for whole journey optimisation.
Econometric methodology using time series data has much less restrictive data requirements than machine learning. This means external drivers can be analysed such as competitor ads and pricing
If the Media Geni solution is combined with Click Geni digital click attribution, then we apply an additional reconciliation algorithm to ensure all ROI figures make sense at both the digital and market mix level, for both strategic and tactical success.
Add TV, Radio, Mailings and Print attribution to Digital
For channels like TV, Radio and Print, econometrics is the best choice for understanding how all your media works together with digital to drive sales. Using market mix modelling you can ensure there is robust and independent justification for your major marketing investments.
Display & Social Impressions
Analyse impressions as well as clicks for a full multi touch model replacing faulty last click and view through attribution.
Store sales + other sales channels
We can attribute offline store level sales to marketing as part of an integrated custom approach, as well as other sales channels and sales categories. So if you want to model (say) how your TV marketing helps Call Centre sales, then we can help.
Sales growth actions
Reports are actionable, highlighting ROI optimisation opportunities with models which predict sales, so you make smarter marketing choices.
Optimal channel mix solution
Constrained scenario modelling can be used to work out a realistic channel budget allocation which will achieve more sales for the same total budget, making your media and financial planning really simple.
‘What if’ spend analysis
Reports showing how different levels of spend will yield changes in sales, for each marketing channel, using your predictive model.
Seasonal marketing and sales patterns
We help you understand how seasonal shifts and events like Black Friday interact with marketing to drive your sales, so you can use your campaigns to ride your customer buying trends.
Modelling national sales over time does not provide enough data for statistical robustness, so we model by region as well to leverage more statistical power. This also means you can see how marketing and sales effects vary by region, which provides valuable insights for business with a regional footprint.
Baseline sales and long term Brand Equity
With econometrics you have the added benefit of being able to see how underlying trends drive sales, which is often interpreted as long term brand equity. This helps provide a quantified view of your brand vs performance marketing to aid financial and media planning.
Is this for you?
- Media Geni is a custom econometrics model pipeline plus reporting built on your marketing and business data.
- It can be combined very effectively with Click Geni for best in class digital and offline marketing measurement.
- We work in close consultation with your marketing and analytics experts.
- We offer free workshops around customer journey challenges, for brands who may be interested.
- Interested to know more? Contact us: firstname.lastname@example.org