Measuring the impact of marketing and advertising is only the first step along the journey with Business Science UK. It is vitally important to be able to use this understanding to provide recommendations on how to drive business growth. We ensure that all our analytics are forward looking and that we are providing actionable solutions. All of our data scientists are also media experts enabling us to provide data driven insights that are relevant and applicable in the real world.
Marketing Mix Optimisation
We have two approaches to optimisation and budget allocation:
- To allocate budget across markets, brands, sectors or products we adopt a portfolio approach. We identify key success criteria and product life stage and prioritise against key metrics. This ensures that all demands on a business are factored into the process and weighted according to overall business objectives.
- To provide recommendations on the optimal media mix, we will identify the KPIs and allocate against an identified target, such as sales growth. This approach takes the diminishing return curves derived from econometric modelling and builds them into a tool that enables us to optimise on a target, a budget or a ROI.
These two approaches can be used separately or fused together, depending on the strategic priorities and questions within the business. The key focus for this type of analysis is to allocate budgets across markets or across a portfolio of products.
When you know the key drivers of your sales and their magnitude, it is straight forward to build an econometric forecast to understand the level of sales achievable within a given timeframe. The difficulty lies in ensuring you make the right assumptions. At MediaCom Business Science our expertise enables us to guide you in this process. We also ensure that our forecasts are completely transparent.
Our econometric forecasting is always built with the ability to run different scenarios for all the different marketing levers ensuring that it is an interactive and useful tool for planning as well as business management.