Develop a holistic data strategy and inform decisions by considering both internal and external sources.
Marketers must consider factors in the marketing mix and attribution models that go beyond machine learning and statistical models to glean deeper insights. This can help them understand the impact of each marketing investment and its correlation, and effectively use data analytics.
Brands must ensure the attribution model factors in spending on digital TV, walled gardens, linear, and other non-marketing elements like the weather or economy, to assess the model’s capabilities. Interactions like advertising's effect on price elasticity and more can help measure advertising’s contribution to sales or other outcomes.
Ensure the modeler in charge of the model can communicate in simple language and has sufficient experience in identifying business prospects from results. Businesses must align their interests with their stakeholders to leverage insights from the model.
[3 minute read]