More channels and options also means we need to understand how much each marketing input contributes to share in order to optimize how much we spend on each of these inputs. However, as the number of options grows so will the complexity of managing them. When working with a reduced number of campaigns, facing this challenge might not seem urgent. So, how do we break this challenge down? Payouts, sales, return on investments are all uncertain variables. Today, in order to remain competitive and cost-effective, almost all companies need to adjust their allocation on a weekly, daily or even hourly basis. Maybe it was revised once a year or every quarter. In the past, smaller flow of information, less channels and advertising options meant budget allocation was simpler. Not only has this question gotten harder to answer but companies need to answer it more frequently as well.
What is the optimal way to allocate my marketing budget in order to maximize my results? Spending too little can be as much of a problem as spending too much if our marketing dollars are not properly allocated. Today’s markets are highly complex, and constantly changing.Īs more and more ways of spending one´s marketing dollars surge and with market share, profit and customer acquisition growth being highly dependent on the use of advertising for many companies, the diversity of channels and advertising options leads to a challenge: However, although some fundamental business questions remain the same over the years the environment in which they must be answered has drastically changed. Keeping Up With Budget Allocationīudget allocation isn’t a modern concept: it’s been studied for decades in traditional businesses around the world. Stay tuned for more posts about marketing best practices. Data Science is the key to modern marketing.
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We want to be a protagonist in this transformation.Īt Mutt Data we believe in efficient, automated and easily customizable systems capable of removing human-bias and the hassle of manual daily operations. We see great potential in modern marketing best practices, we believe data science and machine learning have generated and will continue to generate opportunities to help businesses grow through transformed marketing strategies and departments. In our second marketing post we continue to spread the word about tools and best practices we believe can take marketing to the next level. Modern Marketing: Automated Marketing Mixed Modeling
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