Measuring Marketing ROI (ROMI, MROI) with Marketing Mix Consulting
Measuring marketing ROI (ROMI) is critical to understanding if your marketing is working. Dunn Solutions Marketing Mix Consulting experts provide you with your marketing spend return on investment using machine learning and data mining to determine the effectiveness of your marketing channels. Dunn Solutions Marketing Mix experts create marketing mix models that measure incremental sales per marketing dollar spent by channel.
Measuring Media and Marketing Campaign Contribution
As part of the Marketing Mix Consulting services, Dunn Solutions' Marketing Mix Consulting experts measure your media and marketing campaign relative contribution. Within a marketing channel, there are several marketing campaigns. Dunn Solutions Marketing Mix Consulting includes measurement of those marketing campaigns contribution to the overall channel. This provides your organization with more granular insight to more effectively use your marketing budget.
What is Multi-touch Attribution?
Multi-touch attribution (market channel attribution) refers to attributing credit to the appropriate market channel for a conversion. Dunn Solutions Marketing Mix Consulting experts will build attribution models to help your organization attribute the appropriate level of credit to a marketing channel. This is a critical part of Marketing Mix Modeling and marketing spend optimization.
Two attribution models, Last Touch and First Touch give all the credit to either the last or first impression. While these models are often used, they don't provide enough insight to optimize marketing mix. Dunn Solutions Marketing Mix consultants use a Multi-touch attribution model. The Multi-touch attribution model (using Monte Carlo simulations) does a much better job and supports the various phases of the customer journey. Dunn Solutions Marketing Mix Consulting's multi-touch attribution model assigns weights to the various marketing channels to give credit (attribution) for each marketing channel's participation in the conversion.
How Do I Allocate Marketing Spend by Channel?
Dunn Solutions Marketing Mix Consulting experts use predictive models to identify the marketing channel saturation curve and optimal marketing spend point. Using machine learning Dunn Solutions Marketing Mix Consulting experts run simulations which reallocate budget from channel to channel until the optimal mix is identified. This actionable insight is then provided to you so you can work with your agencies and vendors to get the most marketing return on investment.
Marketing Budget Optimization with Marketing Mix Consulting
Dunn Solutions Marketing Mix Consulting experts understand that you work within budget and contract constraints with your marketing vendors. Dunn Solutions Marketing Mix Consulting experts use these constraints as inputs into our marketing mix optimizer to generate the best possible return on investment given those constraints. This makes the recommendation relevant and the insight actionable.
Marketing Mix Consulting Recommendations and Metrics
Dunn Solutions Marketing Mix Consulting experts provide you with marketing spend recommendations as well as the following marketing mix metrics:
- Current Marketing Mix Return on Investment (ROI, MROI, ROMI)
- Simulated unconstrained ROI
- Simulated constrained ROI
- Contribution per GRP/Impression
- Promotion Effectiveness
- Impact of Seasonality, external factors, internal factors