Marketing Budget Cuts? There’s A Hack
The Gartner 2024 CMO Spend Survey came out recently and – surprise! Marketing budgets are down 15%. Analysts are calling it the “era of less.”
CMOs are hoping AI will create efficiencies and there may be some truth in that. But careless use of AI is dangerous. Take Toys R Us, which experienced backlash for an unsettling brand video, completely AI generated.
We’ve got a better idea.
Use AI and machine learning to simulate your paid media investments and identify which mix – within your newly trimmed marketing budget – will generate the most sales.
Media Mix Modeling (MMM) is the hack you need. It’s actually a hack that’s been around for a while, but it was only available to big brands with big budgets. Omni-channel marketers historically used MMM. But, these same algorithms – in an era of cookie deprecation and impending privacy legislation against behavioral targeting – digital media can apply them.
With today’s cloud computing, machine learning models and, yes, some AI assist – this hack accomplishes efficiency fast and affordably. It’s a smart first stop for brands of all sizes looking to do more for less.