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Leveraging AI to Improve Marketing Analytics

Ask 5 people what Artificial Intelligence (AI) is and you will most likely get 5 different answers. Demis Hassabis, the British AI researcher and neuroscientist calls it the science of making machines smart. Simply defined, AI is a set of technologies that helps pull out patterns, trends and insights from huge amounts of data and uses these to make predictions. If you’re thinking that sounds a lot like the definition of predictive analytics, you’d be right! Machine learning (ML), a type of AI most relevant to marketing and analytics practitioners - and which powers some of AI’s most impressive capabilities - uses patterns in data to make predictions, and then uses ...

Lost in Translation: Bridging the Language Gap between Analytics & Brand Practitioners

The most basic definition of communication is that it is the process of passing information and understanding from one person to another. While this sounds simple enough, a pre-requisite for successful communication is that both persons involved speak a common language. Imagine a teacher trying to teach students in a language they do not comprehend. Or a salesman trying to explain the features of his product to someone who neither speaks nor understands the language he is speaking in. These interactions would likely be futile or - at the very least - not entirely satisfactory or productive for either party involved. What’s the point of my little anecdotes about communication and a common language? Simply that we in the marketing analyt...

Is Marketing Mix Modeling Only for Fortune 500 Companies? Think Again.

Marketing Mix Modeling is a technique that was first adopted by large multinational consumer packaged goods companies around the early nineties. It is an analytical approach that looks at the historical relationship between marketing spending and business performance to determine how each marketing activity has impacted performance. It defines the effectiveness of each marketing element like TV advertising, digital advertising, print advertising, pricing discounts and trade promotions etc. in terms of its contribution to sales volume or revenue. Companies then use the results and learnings to adjust their marketing tactics and strategies to drive maximum growth.   Early Adoption Limited to Tier 1 Brands For ma...

Measuring ROI of Sports Sponsorships

The month and a half long ICC Cricket World Cup 2019 finally concluded (in spectacular, nail-biting fashion!) a few weeks ago. The winners England walked away with a cool $4,000,000 in prize money while runners-up New Zealand pocketed $2,000,000 for their efforts. According to reports, the total prize money for the 2019 edition of the tournament was $10,000,000 with a significant portion of this coming from sponsorships from brands such as Nissan, Oppo, MRF Tyres, MoneyGram, Emirates, Coca-Cola, GoDaddy, Hublot and BIRA 91. Many of them e.g. Nissan, Emirates and Coca Cola are repeat sponsors having been associated with ICC cricket events for a number of years now. So ...

Real-Time Marketing Mix Modeling: The Way Forward

Marketing Mix Modeling was first adopted by large consumer packaged goods companies in the late eighties and early nineties. This statistical technique shone a light on which parts of their marketing program were delivering the best results and which were the least effective in driving volume and revenue growth, in order to adjust their marketing programs accordingly. Today, the technique is widely used by companies across industries such as consumer packaged goods, retail, telecoms, financial services, travel and hospitality, automotive and many others - industries which traditionally spend heavily on marketing - in a bid to optimize their marketing spends and maximize Return on Investment (ROI).   Times Have Changed

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