This Solution suggests optimal allocation of marketing budget across channels like print media, social media, radio, television, etc. based on their past performance using bayesian based market budget allocation method. Alongside, the solution accounts for the effect of non-marketing attributes- such as timeseries and contextual factors- on sales/revenue while recommending optimal budget allocation. The solution compares pre and post budget allocation of each marketing channel and computes predicted target KPI (revenue/ sales).
- This solution helps organizations measure advertising effectiveness and suggest budget allocation across marketing channels to maximize the return on investment. This inturn helps to recommend optimal budget allocation for each media channel. The solution accounts the impact of time series factors such as trend and seasonality of sales while performing budget optimisation.
- The solution understands the effect of advertising efforts as two components: First, Carryover effect that accounts for delayed consumer response. Second, Diminishing return effect to account for the saturation of advertizing spend on a media channel. The output chart compares the revenue impact of budget allocation: Average past spendings in each channel as current budget allocation Vs. Optimised Budget allocation.
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The product can be found here