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 experts create marketing mix models that measure incremental sales per marketing dollar spent by channel.
Measuring Media and Marketing Campaign Contribution
Typically, 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 marketing channel for a conversion. Dunn Solutions attribution models can help your organization attribute the appropriate level of credit to a specific marketing channel. This is a critical part of Marketing Mix Modeling and marketing spend optimization.
What is Last Touch and First Touch?
Two attribution models, Last Touch and First Touch give all the credit to either the last or first impression. These models don't provide enough insight to optimize marketing mix.
Dunn Solutions Marketing Mix consultants use a Multi-touch attribution model (using Monte Carlo simulations) which 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 build predictive models to identify the marketing channel saturation curve and optimal marketing spend point.
Using machine learning our experts run simulations which re-allocate budget from channel to channel until the optimal mix is identified.
Key takeaway: you don't always need to increase your budget to get better results, just re-allocate it to the correct channels!
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.
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
