Would you like to measure your marketing ROI?
When we start talking about measuring marketing effectiveness people immediately think of Media Mix Modeling (MMM). MMM has been a staple in the analytics repertoire for some time and is a good way of understanding which media are actually moving the needle and where you should be investing your media dollars.
Recently, with the explosion in the number of communications channels available to clients and their agencies, and with the greater emphasis on digital media options and the availability of more granular data, traditional MMM approaches were falling short. New marketing questions arose from these changes and traditional MMM was not equipped to answer them.
With the changes in the marketplace, MMM has evolved and can be tailored to answer a much broader range of marketing and marketing investment questions. This is what we call Return on Marketing Investment (ROMI) analysis.
Clients have more data than ever before. External features like employment, weather, consumer sentiment, and commodity prices are now readily available. Given this access to rich data sets, we have adapted our approach to focus on creating actionable knowledge about how a range of marketing activities can impact a variety of marketing results under different business conditions. Each project is tailored to answer specific questions that are important to your business and marketing investment decision making.
For a full explanation on the differences and advantages of ROMI vs traditional MMM, grab a copy of our free whitepaper. It also includes access to an online simulator and a case study of a national brand.
Common questions addressed through ROMI:
- Are my marketing efforts working?
- Where should I spend my next marketing dollar?
- Have I reached minimum / maximum spending thresholds for media X?
- What marketing efforts “work better together” than individually?
- How does the effectiveness of my marketing activities change as market conditions change?
- What are the key drivers of underlying demand? If I can’t control them, then what are the impacts on sales, and what can I do to counter negative demand drivers?
- Am I spending at the optimal level (total spend)?