Many managers invest in marketing like they are betting on a ball game. They watch the trends, understand their shoppers' needs and use anecdotal evidence on what worked, then they try to replicate it. This process has been successful for many but not every time. Without understanding what made it work and what didn't, you cannot repeat or improve on its success. In addition, business is getting more challenging because competitors are using analytics to guide their decisions for better performance. So, what do you need to measure and how do you use if to compete effectively?
What You Want
So you want an edge over the competition to drive faster growth and more predictability to create more investor value. You want tools and information you need to make the best marketing decisions. Managers are turning to analytics to get the information they need to make better decisions and to be able to forecast the outcomes of those decisions. The use of analytics and measurement for marketing can be broken down into 3 core decision areas:
1. How much to spend on marketing and why?
2. Where and when to spend for budget optimization?
3. How to spend effectively to maximize returns?
What You Need
Marketers use predictive analytics to get the answers to these questions. A predictive model that will estimate the expected outcomes based on the decision alternatives you choose is needed. This capability will allow you to build a marketing plan that will deliver the best expected results. You will need a cost model, a lift model, and a P&L model to link your marketing decisions to the expected P&L impact.
Join speaker Rick Abens, Founder & CEO of Foresight ROI, to learn more about the intricacies and benefits of this measurement and planning process, and how it can lead to a 10% or more increase in marketing return on investment each year.
Sponsored by the DMA Analytics Community. DMA members who sign-up for this webinar will automatically be included in this Community to stay informed of future calls.
Founder & CEO
Rick Abens, Founder & CEO of Foresight ROI, has been measuring shopper marketing ROI for over 20 years for major CPG companies. He started Foresight ROI to bring his ROI measurement methods to the broader industry encouraged by former colleagues who left for other CPG companies and wanted his work.
In the last four years, Rick and his team have perfected the shopper marketing ROI methods across most departments of the store and all of the major CPG retail channels. He standardized the marketing execution data for modeling and assessment. The models have now been used to measure ROI for over 15,000 events which he uses for industry benchmark assessment and norms. Many leading CPGs now use his Shopper Foresight service to measure and improve shopper marketing ROI.
He is a founding director of the Marketing Accountability Standards Board (theMASB.org) and is VP of research for the Brand Activation Association. Prior to founding Foresight ROI, he held leadership positions in analytics at ConAgra, Kraft and Kellogg.