Discovering where and how conversions are happening is essential for measuring the performance of your media channels. Predictive modelling is a data analytics solution that allows a business to assess their marketing budget over various channels. It explains how investments in multiple components contribute to revenue.
With the appropriate media mix model, a business can use its past marketing performance to increase future ROI by optimising the channel’s media budget allocation.
We use a dataset, including the following elements in our tool quaartz:
- Number of sales,
- Investment in TV advertising,
- Investment in digital advertising,
- Investment in radio advertising,
- Investment in newspapers advertising,
- Investment in magazines advertising,
- Out of home advertising,
- Month,
- Year,
- Day,
- Season.
In the fast-evolving digital media spectrum, the conventional techniques applied to investigate marketing’s results are no longer the best. We step on the cusp of a media metamorphosis. Media will become more targeted and personalised. Marketers need to adjust to this fact: to grow their business, they need tools to find the perfect media mix.