A Return on Marketing Investment (ROMI) analysis helps organizations understand the effectiveness of their marketing spending.
ROMI analysis examines business results in relation to specific marketing activity. These results are most often measured in terms of contribution to revenue or brand awareness, consideration and intent to purchase. The benefit of this knowledge is that it allows marketers to focus their dollars only on those programs that provide the greatest return.
To accomplish this strategic approach to ROMI, Optimization Group utilizes a unique set of proprietary tools and processes including TheGMAXTM.
TheGMAXTM
With the amount of data doubling every three years, the practice of data mining has become an increasingly used process to extract information from data. Data mining can reveal patterns about how and when customers buy. This information can be highly valuable in predicting sales and formulating relevant marketing strategies.
The key to making data mining valuable is timeliness. New data is constantly being generated. Completing the data mining process quickly assures that it is current and relevant. That is the strength of Optimization Group's data mining and modeling process.
Optimization Group utilizes a proprietary set of data mining and modeling tools including TheGMAXTM, a system powered by "genetic programming". In simple terms, genetic programming automatically mixes, matches and tests new combinations of data to discover relationships much faster, and to a greater depth, than other processes.
Optimization Group's data mining and modeling process consists of four phases:
Definition - To assure the results are important and relevant to the goals of the organization, Optimization Group guides organizations in:
- Defining the marketing activities that the result will be measured against
- Defining the data that is required to complete the analysis effectively
- Defining any environmental variables that may be appropriate for the analysis
- Defining the anticipated action steps to be taken based on the answers
Data Collection - To assure conclusions are based on accurate input, Optimization Group works with the organization to:
- Identify and collect all the data available
- Clean and normalize the data
Data Analysis - TheGMAXTM system is implemented as part of a proprietary set of data mining and modeling processes to quickly discover relationships in the data, including:
- Meaningful variables and interactions discovered using TheGMAXTM
- TheGMAXTM findings are explored using statistical data mining techniques to validate the relevance and importance of those variables and interactions to the organization's pre-defined goals
Presentation of Results - Once completed, Optimization Group delivers the results in a format that is clear, concise and, most importantly, actionable.
Once Optimization Group has completed data mining and modeling with TheGMAXTM, marketers will know what factors and relationships are strong indicators of sales. This knowledge allows for the development of strategies and campaign that target those indicators to produce maximum results.
Click here for more information about TheGMAXTM.
For more information on how TheGMAXTM can benefit your organization, contact:
Tom Thompson
tthompson@optimizationgroup.com
(734) 748-5460
Jeff Ewald
jewald@optimizationgroup.com
(248) 459-1194
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