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Bank of Queensland Group GM for Retail Marketing Melody Townsend is using sharper insight from dynamic econometric modelling to redefine ME Bank’s marketing strategy and successfully propagate marketing spend as an investment. She says ME Bank is now moving away from lowest cost per acquisition as a result of being able to articulate marketing return on investment – and finding much richer value.
Quantifying marketing return on investment, or MROI, has traditionally been hit and miss. But now marketers are using cloud-powered dynamic econometric models to show CEOs and CFOs their marketing investments are driving business results – and to spell out the declines that would occur if they were to cut marketing budgets.
Meanwhile, as digital marketers’ ability to track people using cookies and online identifiers is removed by platforms and regulators, the ability to perform faster media mix modelling is rapidly climbing the CMO agenda.
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