MROI (MARKETING ROI) THE KEY TO MAXIMIZING MARKETING STRATEGY IMPACT AND UNLOCKING ROI GROWTH
How can businesses allocate marketing and media budgets between geos, brands and channels? Define the right mix across digital and offline channels? Scale campaign budgets on an ongoing basis?
Artefact’s Marketing Return on Investment (MROI) approach combines three methodologies that can tackle business and marketing challenges:
Marketing Mix Modeling (MMM): statistical analysis that helps predict the impact of marketing drivers on your business:
– Understanding the importance of media, price & promos, seasonality, competitors, etc.
– Defining investment needed to achieve business goals
– Allocating budget across media/geo/brand
Incrementality: testing of new channels and markets through structured experimentation for true channel and tactic performance lift:
– Measuring incremental causal impact from marketing tactics (e.g., channels, budgets, audiences, creative types, etc.)
– Calibrating attribution and MMM models
Attribution: fast-moving, data-driven attribution from platforms to optimize campaigns down to the most granular level in real-time:
– Understanding the role of each touchpoint in the consumer journey
– Identifying the best digital activities to increase performance
– Optimizing ongoing media activation in real time
Key outcomes of a combined MROI approach:
C-Level leaders that placed high importance on measurement were 84% more likely to exceed revenue goals by 10% or more.
Organizations that focus on measurement as a strategic priority see a 10 to 20% increase in marketing ROI.
Clients have seen between +11%and +12.5% sales uplift vs Business as Usual in 2023.
Three trends paving the way for the future of Marketing Mix Modeling (MMM)
Aleksandra Semenenko, Director of Data Science & Global lead on Marketing Measurement at Artefact talks about the MMM models the company has been developing and the three major trends she sees emerging with clients today.
Watch the Video
“The first trend is the in-housing of the solution: In other words, the internalization of this measurement capability of the code itself;
“The second is the need for brands and clients to get results quickly. Brands want to frequently iterate on their measurement and immediately understand the direct response of their activities.
“The third trend involves adopting an end-to-end approach. Picture yourself as a client; strategic decisions are made by one set of teams, while operational teams work on the ground, receiving real-time business signals. Our goal is to bridge the gap between them in a seamless end-to-end process without losing vital information or insights.”
Reckitt x Artefact: Mastering Marketing Measurement
How can you use AI to understand the ROI of your marketing activities?
Aleksandra Semenenko, Director of Data Science & Global lead on Marketing Measurement at Artefact, and Stanley Wang, Senior Product Manager, Measurement at Reckitt, examine the subject at the Reckitt x Artefact’s webinar about “ The Marketing Measurement Magic in the Digital Age.”
Watch the Webinar
You will learn about:
AI-powered tools and techniques to measure marketing performance
Metrics for tracking key performance indicators
A case study of how Artefact transformed Reckitt’s marketing measurement strategy.
Reckitt needed a new marketing measurement product that offered:
Reliability and stability so that results would make business sense,
Speed and scale, to ensure full integration into the Reckitt infrastructure.
Granularity of insights to enable treatment of countries that only have access to monthly sales data.
“Thanks to Artefact, we’ve already been able to leverage more than ten AI or machine learning capabilities across multiple products, producing incredible insights; measure more than 200 campaigns; and identify more than 42 scalable tactics from AB testing,”
said Stanley Wang Senior Product Manager, Measurement at Reckitt
How savvy Marketing Measurement can boost sales and maximize business outcomes
Bertrand Brisou, Director, Data & Analytics at Artefact discusses his work as leader and coordinator of Artefact’s global marketing and measurement initiative.
What is marketing measurement? What are the challenges facing it?
What are the methods of marketing measurement? What is each method used for?
What are the challenges when dealing with online and offline marketing channels?
How can companies strengthen their marketing measurement in 2024?
“Marketing Measurement is the art of measuring the impact of marketing channels on the business and the art of optimizing the marketing channel to maximize business outcomes that are generated from marketing initiatives.” says Bertrand Brisou
Innovative modeling techniques push the boundaries of experimentation and measurement
Siddharth “Sid” Mohan, Director Data Science & Global Lead for Causal AI Research & Marketing Mix Modelling at Artefact, explains the three methodologies (attribution, incremental testing, and marketing mix modeling, or MMM) that comprise the marketing measurement framework.
Attribution, incremental testing and MMM currently face constraints preventing seamless collaboration.
The attribution model needs to incorporate constraints which contextualize the baseline, critical to understanding the overall impact of marketing activities.
Incremental testing often necessitates advanced techniques like Bayesian Causal Inference and the Potential Outcomes Framework to remove confounding effects.
In MMMs, there are solid opportunities to leverage the latest advances in Structured Causal Models.
“The synergy between advanced measurement practices, a focus on causality, and a culture of innovation and experimentation is reshaping the marketing analytics landscape and ensuring that companies remain agile and relevant in an ever-evolving business landscape,” comments Sid Mohan
The powerful trio of marketing mix modeling (MMM), experiments and attribution
Listen to the Podcast
Listen to Dirk Melief, Senior Director of Data & Digital Marketing, and Siddharth Mohan, Director Data Science & Global Lead for Causal AI Research & Marketing Mix Modeling, both of Artefact, and Thomas Bering, Media effectiveness lead at Google, on the topic of marketing measurement.
They demystify how to get started, analyze incrementality and provide insights into why MMM is gaining traction among CMOs, brand managers and marketers.
Listen in via Spotify, Apple or any other podcast of your choice.
The optimal media mix for Christmas audiences with MROI
Florian Thiebaut, Partner and Data-Marketing Practice lead at Artefact
presents innovative solutions for measuring the
available to Artefact clients.
What value and increment do the new types of campaigns and ad formats bring to my media mix?
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