The COVID-19 Pandemic had unprecedented weight on marketers and advertisers globally, and the numbers served to portray that impact. According to the CMO Survey.org Data, 62.3% of marketers reported in June 2020 that the marketing function has increased in importance during the pandemic. Pointing to marketing’s priority during this period, marketing budgets as a percent of (overall shrinking) firm budgets (12.6%) reached all-time CMO Survey highs. However, 9% of marketing jobs have been lost, leaving marketing departments to do more with fewer people. This impact is still apparent during our times with planned marketing hiring dropping to the lowest point in survey history. With the pressure on marketers rising and their resources dwindling, There needs to be a way for marketers to achieve higher turnaround faster, and more efficiently. In these times, Agile Measurement, or Agile Marketing Mix Modeling, is a highly promising tool that allows a shorter MMM project cycle, quicker turnaround with less resources allocated.
Efficient Measurement, ROI Optimization, and Kellogg’s Performance
Kellogg’s is a prime example of how a Consumer Processed Goods (CPG) brand leverage Agile Marketing Mix Modeling to increase ROI in record time. To illustrate how Marketing Mix Models can be used for ROI Optimization, we invited Mr. Ajay Ahuja to our first MASS Analytics webinar for 2021. Ajay is the Senior Manager of Global Commercial Analytics at Kellogg’s Company with over 10 years of experience with FMCG in a variety of roles, and he joined us to share the recipe of success behind Kellogg’s doubling effectiveness in record time.
Kellogg Recipe for Success: Ingredients for ROI Improvement
During the imposed confinement, the Kellogg company worked hard to support their customers by making sure they had access to their favorite food items. That effort generated a positive financial impact which meant that the company managed to be amongst organizations increasing their marketing budgets during 2020. Ajay Illustrated How his team worked with various partners to improve ROI, citing what he considered to be the main ingredients for success. For more details on what the ingredients for Optimizing ROI are, make sure you check the full recording of the webinar here:
As always, MASS Analytics commits to providing the best Marketing Mix Modeling services and software solutions to our partners. To find out more about how to increase your Marketing ROI in record time, reach out to us through our website!