Assessing the Impact of a Specific Marketing Campaign
Assessing the Impact of Marketing Spend in General
Why Does your Marketing Team Need Reporting that Compares Each Program’s ROI?
If your marketing team doesn’t have access to reporting that compares the ROI (return on investment) of each program, they are likely operating at a big disadvantage compared to the competition. You have to ask yourself: how are they determining which programs to continue and which ones to stop? Is it based on anecdotal feedback?
With prescriptive data science models, you can apply a consistent and rigorous methodology to measure the incremental impact your programs are having on key KPIs. Imagine having access to an interactive dashboard where you could filter on and rank programs against each other and easily monitor the impact they are having; your marketing team would be able to confidently make future program investment decisions. In some cases, it’s not a matter of whether a program generally drives value, but how much value and among what customers. Data science models can even be used to granularly prescribe an estimate of how much value a specific customer got from a specific program! This can then be used to predict, for each customer, what the incremental impact of each possible program would have on their KPIs. This can then help your sales team recommend the right program for the right customer.
If your analytics team isn’t providing this kind of ROI and prescriptive analysis to your marketing and sales teams today, it’s possible they lack the data science knowledge to build and implement something like this. Whether you’d like your analytics team to learn the data science techniques required to do this themselves or would prefer for a consultant to build the data science models for you, Value Driven Analytics can help! Watch the videos above for an overview on how an analyst might robustly assess the impact and ROI of a specific marketing campaign and for an overview of how an analyst might assess the impact and ROI of marketing spend in general.
