Advertising and posting on social media are only a small part of marketing today. It’s important to know which strategies succeed which fail and how to maximize what you spend. That’s why we have marketing effectiveness analysis. It allows businesses to find out if the results they are aiming for are happening.
Remember, it’s similar to how you’d play to win a game of cricket. It’s necessary to see the highest scorers, find the gameplay that helps and detect where you put forth more effort than is useful. It’s much the same concept in marketing. Various parts of a marketing plan, including TV ads, online efforts and social media, are assessed by companies with help from tools. You can learn about how brands study this on the comprehensive marketing effectiveness analysis page by ScanmarQED.
What Is Marketing Mix Modeling?
For this example, we’ll imagine that you run a lemonade stand. To get customers, you pay for posters, flyers and online ads. Yet, you may not know which strategy is most likely to bring in the biggest audience. That’s why we use Marketing Mix Modeling (MMM). The software counts on your sales numbers to work out the top marketing channel.
MMM tells you exactly what each marketing campaign adds to your bottom line. You also learn how to divide your budget amongst your chosen marketing channels. Perhaps your ads are bringing great results, but your posters aren’t helping manage your reputation. So instead, consider spending your marketing budget on online ads instead.
Thanks to data, companies can take actions that cut costs and deliver bigger results. If you’d like an easy-to-use tool for all of these, keep reading. Without any guessing, ScanmarQED’s marketing optimization software helps your brand increase sales and improve its results.
Why Multi-Touch Attribution Matters
Has something ever caught your eye online after you saw it a few times on Instagram, YouTube or a Google search? That’s the approach marketing takes these days. Many touches points exist between a customer and the moment they make a purchase. MTA examines all the steps a user takes before buying to find out which one was most important.
MTA shows marketers how customers travel from learning about a brand to engaging with it. You see how each virtual action, for example, looking at a Facebook ad or reading a website, affects someone’s decision to make a purchase. The credit is not only credited to the last ad people clicked; it is also shared among all the previous steps. Making businesses smarter helps them enhance and improve all components of their advertising campaign.
Smarter Tools = Smarter Business
The most wonderful aspect is that anyone can use them. You don’t have to be a data scientist to accomplish all of this. ScanmarQED designs products that are both simple to operate, very fast and highly advanced. With their tools, businesses of all types can discover useful information from their data. Using the tools on ScanmarQED, managing ROI, creating budgets and fixing strategies is made much easier.
You could set up two A/B tests and see the results of a different campaign versus the old one. You may also look at how the company has changed over the long term to understand the most valuable actions taken. It’s setting you up with a virtual adviser who shows you the way to get the most out of marketing efforts.
Should You Do It In-House or Outsource?
This leads us to ask: how much of this marketing measurement do we do and how much should we hire out? You will find the answer by looking at what your team has and what they can do. If you do the job in-house, you have more authority, can resolve endless problems sooner and enjoy higher security for your data. Things are easy to see and you adapt fast.
If your team can’t dedicate the time or resources, you may want to depend on a company like ScanmarQED. The experts at the agency will teach you, offer the tools needed and help you make the most of your marketing budget.
Final Thoughts
You can’t just spend more for marketing; you need to focus on being smart with your budget. When you know what is working from marketing analysis, you stop making random choices and begin to grow. Tools like MMM and MTA aren’t just helpful to big firms; they can help every brand achieve success.
If growing your audience, making right decisions and stepping up your ROI are your main goals, now is the time to try marketing optimization software. Using the correct strategy and suitable tools gives you confidence to move your business ahead toward success.
