Using marketing mix modelling to optimise and plan for substantial marketing and advertising spend help clients improve return on marketing investments. Although the analytics tool is relatively new (Gartner Marketing Hype Cycle, 2014), the benefits if properly implemented into client’s planning cycles can reap dividends when planning what advertising and digital channels to spend on and when.
Further advances in layers of complexity to target specific consumers using segmentation optimisation is one key trend. Another key trend is the availability of richer data sources. Recently Kantar Media announced a new product with Twitter that measures tweets relating to tv social engagement. As key players in the digitial space further develop online platforms that measure marketing reach, the resulting data will help put Marketing Mix Modelling to the forefront of ad spend effectiveness and be top of mind for CEO and CMO marketing spend sign off.
John Wannamaker didn’t know what types of data would be available 100 years ago when he made is famous quote about marketing effectiveness, but as the digital age makes it easier to measure advertising impact, so to will the need for more robust analysis make it more applicabale than ever to assess performance holistically.
Get in touch today to find out how Capgemini can help your business leverage this type of new and exciting data