Marketing can be a challenging and often unpredictable field, which is why having access to reliable data and analytics is so important. That’s where Keen can help with our patent-pending Marketing Elasticity Engine that consists of informed priors by category, proprietary response curves, and short- and long-term decay rates. By combining our knowledge estate with your brand’s time-series data and prior ROI and lift studies, Keen is able to provide both a comprehensive historical analysis and future-looking marketing planning scenarios.
Bayesian models to optimize marketing spend
To achieve this, we take the comprehensive dataset and run it through our Bayesian regression model, which generates an output that includes model statistics and transparent priors. The use of Bayesian regression allows us to estimate the relationship between variables by incorporating prior knowledge or beliefs into the analysis.
Based on this output, Keen delivers your historical performance data, just like you would get from a traditional mix provider. However, Keen’s offering doesn’t stop there. We also run our machine learning predictive algorithm to build optimized marketing spend plans that consider your historic performance and projections on outside factors, such as distribution, category movement, price trends, and more. On top of each plan is a revenue forecast, which typically estimates within a 4% margin of error.
One of the strengths of Keen’s approach is its ability to pull levers to wargame scenarios based on your business objectives. This capacity empowers you to optimize current and future spend decisions. The always-on model means that the engine is available in the cloud, so you can run what-if scenarios whenever you want.
As you execute your plan, Keen updates your knowledge estate to include the most recent data, which informs the prior in our model and offers real-time insights. This means you’re always up-to-date on the latest data and trends, giving you the necessary information to make data-driven decisions.
Optimize your marketing spend with Keen
Keen offers a powerful and easy-to-use solution for companies looking to optimize their marketing spend. By combining your data with Keen’s knowledge estate and running it through our Bayesian regression model, you can gain a better understanding of the relationship between different variables and make informed decisions that help achieve your business objectives.
To learn more, take a tour of the Keen Platform here.
