How to Revise Your Marketing Mix Model to Capture COVID-19 Impact?

How to Revise Your Marketing Mix Model to Capture COVID-19 Impact?

5 Things You Can Do to Evaluate COVID-19 Impact and Get Your Marketing Mix Models Back to Work

COVID-19 has shocked the world and inevitably transformed how people work, shop and live. It not only sent economies spinning but also significantly impacted on how a wide range of advertisers are doing marketing. Influencer Marketing Hub recently unveiled COVID-19 Marketing Report saying 69% of brands indicated that they will decrease Ad Spend in 2020. And 74% of the firms they surveyed have slowed down their social media posting.

Image for post

Photo by United Nations COVID-19 Response on Unsplash

Beyond all doubt, slashing marketing spend will ensure short term survival and send grappled business a slim chance of recovery. However, the rigorous measurement of your marketing performance and having every one dollar drive more sales are way more critical and essential than ever. In today’s post, We are going to talk about how to better evaluate marketing efficiency under COVID-19 pandemic.

Image for post

Photo by Tonik on Unsplash

Methodologies to Measure Marketing Efficiency

To evaluate the marketing performance and optimize channel mix, the most important question we need to answer entails what Return on Investment (ROI) we are getting for the money we spend on each channel. Marketing Mix Models and Multi-Touch Attribution are popular techniques that tend to provide the depth of insights required to answer this question.

I am more inclined to go with the Marketing Mix Model to evaluate marketing ROI during COVID-19 pandemic for two reasons.

First and foremost, Multi-Touch Attribution is a bottom-up approach to evaluating marketing efficacy. It is focused on online marketing and sales and better at analyzing real-time user level data. Rather than evaluating every touchpoint user takes towards final conversion, Marketing Mix Modeling takes more of a top-down and macro-level view. For this reason, not only marketing related factors, but also factors such as macro economy, seasonality, weather, and the competitive impact can be examined and captured. From this standpoint, the unprecedented COVID-19 pandemic is not within everyone’s normal control and MMM can better capture the effect from it.

Moreover, MTA is mostly focused on the digital ecosystem while MMM can easily cover more offline channels. In light of Coronavirus, people are stuck at home. This consequently drove TV viewership up. According to the latest forecast from eMarketer, traditional TV is expected to add 8.3 million U.S. viewers this year, and this would be the first time that traditional TV viewing has increased since 2012👀. As a result, MMM may be doing a better job to measure the efficacy of TV performance compared to MTA.

ds-in-the-real-world performance-marketing data science

Bootstrap 5 Complete Course with Examples

Bootstrap 5 Tutorial - Bootstrap 5 Crash Course for Beginners

Nest.JS Tutorial for Beginners

Hello Vue 3: A First Look at Vue 3 and the Composition API

Building a simple Applications with Vue 3

Deno Crash Course: Explore Deno and Create a full REST API with Deno

How to Build a Real-time Chat App with Deno and WebSockets

Convert HTML to Markdown Online

HTML entity encoder decoder Online

50 Data Science Jobs That Opened Just Last Week

Data Science and Analytics market evolves to adapt to the constantly changing economic and business environments. Our latest survey report suggests that as the overall Data Science and Analytics market evolves to adapt to the constantly changing economic and business environments, data scientists and AI practitioners should be aware of the skills and tools that the broader community is working on. A good grip in these skills will further help data science enthusiasts to get the best jobs that various industries in their data science functions are offering.

Applications Of Data Science On 3D Imagery Data

The agenda of the talk included an introduction to 3D data, its applications and case studies, 3D data alignment and more.

Data Science Course in Dallas

Become a data analysis expert using the R programming language in this [data science](https://360digitmg.com/usa/data-science-using-python-and-r-programming-in-dallas "data science") certification training in Dallas, TX. You will master data...

Skills And Complete Roadmap for getting into Data Science 

I’ll be outlining a full curriculum for learning data science from scratch in the following series of blogs. These are all skills that I have been studying for the past few years on my own personal journey.

Data Cleaning in R for Data Science

A data scientist/analyst in the making needs to format and clean data before being able to perform any kind of exploratory data analysis.