3 valuable lessons to help allocate your media budget
Our team lead data science, Arno Witte, wrote a series of blogs (in Dutch) on media budget allocation for Emerce. Read them here!
The first blog focuses on how to attribute conversions to media channels. When determining a media budget and allocating this budget among various channels, it is important to know exactly how much each channel contributes to the number of conversions. This requires multi-touch attribution (MTA)!
Many marketing departments still steer their media- and marketing campaigns based on return on investment (ROI). It is, however, better to work with marginal ROI. This is explained in the second blog. Find out how steering on marginal ROI can yield completely different and more accurate results!
When implementing MTA and steering on marginal ROI, media and sales form a complex landscape of factors influencing conversions. These factors should be taken into consideration when reallocating budgets based on elasticity and attribution models. The third blog helps model your media landscape in three steps.
Putting all these pieces together to attribute conversions using MTA, steer on marginal ROI and include all relevant factors in investment elasticity models will help you reach an optimal media budget allocation!