There’s no shortage of uncertainty when building your marketing plan. Juggling the ever-evolving landscape of tactics, channels, and consumer preference is hard enough—nevermind that traditional marketing mix analysis relies nearly 100% on historical data
that’s painful to pull, normalize, and format.
Here are three ways to make more informed decisions while demonstrating results—whether you’re facing typical market shifts or you’ve-got-to-be-kidding circumstances.
Predict Successful Outcomes
Eliminating your dependence on historical analysis can help you predict successful outcomes without having to wait around for stale data, hoping the market doesn’t change too much before you can apply what you’ve learned. Bayesian analysis uses both sales data and current market variables to deliver recommendations. This empowers you to execute a plan that outpaces market expectations and your competition.
Optimize Your Marketing Investment Timing
External factors impact how much and where you should spend. For example, if COVID is keeping consumers out of grocery stores, you need to be able to recognize the declining impact of in-store programming to optimize your marketing mix.
By estimating the contribution of each dollar spent into the future, you can account for long term effects, impact from spending in other marketing tactics, and external factors. Keen’s system does just that, automatically building response curves by weeks into the future so you know the exact optimal spend in any given week.
Quickly Respond to Change
Every dollar you spend in one channel has an impact on every dollar you spend in another, which means understanding all the consequences—intended and unintended—can be a challenge. Being able to quickly account for how marketing decisions contribute to or distract from your targeted financial outcomes—weekly, monthly, and quarterly—offers a continuous decision loop, so you can proactively make adjustments based on the latest information..
You can’t afford to wait
If you’re looking for the agility necessary to not just respond to the unexpected but to actively plan for it, Keen can help. Our team of experienced brand marketers, data scientists, and application developers have created a platform that’s not only evolving the marketing mix modeling process but also arming brand leaders with new capabilities to address the complexities created by a dynamic world.
Find out how one brand used Keen’s MIDA platform to re-allocate investments to prop up their back-half sales amid COVID-19 store shutdowns.