Improving marketing effectiveness for penetration growth
Marketing mix model providing 50% spend reduction whilst maintaining existing market performance.
Challenge
A media company wanted to optimise the return on investment of their multi-million pound marketing channel spend by understanding the effectiveness of each for historical campaigns. This would be used to structure future media planning, optimising current marketing budgets to extend reach.
Solution
Marketing Mix modelling utilising brand Imagery and KPIs from Brand Tracking, Product composition data, and Marketing Spend by five separate channels. All modelled against penetration.
Results
Our modelling was optimised to understand both the short and long term impact of advertising, along with diminishing returns of each channel spend. Our client was able to optimise their marketing resource allocation per channel, informed by the effectiveness of previous campaigns, and through attributing an ROI to each channel whilst mitigating for product performance changes.
Using strat7.ai, we extracted 40,000 mentions and rapidly created a searchable data dictionary of shows to search through the unstructured text.
Craig Milligan
Global Head of Consumer Analytics & Insights | Decision Sciences, Diageo
