Learn how to use benchmarking to make informed marketing decisions.
In today’s marketing! where competition is Evaluating media effectiveness growing every day! it is important to understand the effectiveness of every hryvnia invested in advertising. Therefore! marketers constantly monitor which media channels bring the most profit! which audiences are particularly sensitive to certain messages! and how to optimize the budget to achieve maximum results.
The problem of lack of data
The ideal scenario for a marketer is to have a large amount of rcs data quality data that allows you to build detailed marketing mix models (MMM) . With the help of these models! you Evaluating media effectiveness can accurately determine which activities bring the greatest result.
However! in practice! marketers often do not have enough data to assess the effectiveness of media for business results (sales changes! brand awareness! etc.). This happens for various reasons: lack of analytics tools! technical impossibility of collecting data! changed marketing strategy or simply insufficient budget for research. In such cases! traditional methods of determining the effectiveness of media (MMM) will be unavailable.
Read alsoDebts have increased again to a record high. Heat suppliers state a the absolutely complete guide to present continuous critical situation in the industryCocoa beans will increase in 2025 – will chocolate be cheaper?The market is gradually coming back to life. Who produces aerated concrete in Ukraine?
Alternative approach: benchmarking
So what should a brand do that still wants to rely on media performance data! but it is not enough? It is worth turning to the analysis of average media channel performance indicators! in other words! benchmarking. Teams specializing in MMM (for example! Publicis Groupe Data Science) and having experience in building models in various fields have huge data sets on which they can build such benchmarks.
As I already mentioned! benchmarking allows you to assess the effectiveness of media activities even without having enough of your own data. This allows you to identify the strengths and weaknesses of your marketing aub directory strategy ! optimize your budget by reallocating funds to more effective channels on average! and make more informed decisions about future marketing campaigns.
