How MMM can make the CMO role a ‘Non Revolving Door’ job.
● “Can you help us prove that our marketing efforts worked?”
● “Can you help us find out which marketing channels are working, and which are a drain on our budget”?
● “How can we increase or maintain the same Marketing ROI (MROI) if the budget is constant for Year 2023”?
These are the typical questions I often get from CMO’s.
CMO’s often get blamed for the downside (sales going down, leads not trickling in, not enough CTR etc.).
But rarely a CMO is given a pat on the back for the upside (Incremental sales, more leads, higher CTR).
Why?
Because most often than not, they are not able to prove empirically that the incremental sales is because of their marketing efforts.
But what if one could empirically prove that the ROI is indeed because of the marketing efforts?
That’s exactly what MMM and other experimentation methods do.
One of the most fulfilling experiences for me during these economically testing times has been the fact that we are able to help marketers prove that their marketing efforts worked by leveraging MMM, MTA, A/B testing and causal inference.
Data Science techniques can help marketers prove that the upside (increase in sales, boost in number of leads, higher CTR etc.) are due to marketing efforts.
Data Science techniques are not there just to point out faults. It can also save jobs and retain budgets for the marketing departments.
Resources:
Image Credit Tom Fishburne : https://www.linkedin.com/feed/update/urn:li:activity:7091457878884024320?updateEntityUrn=urn%3Ali%3Afs_updateV2%3A%28urn%3Ali%3Aactivity%3A7091457878884024320%2CFEED_DETAIL%2CEMPTY%2CDEFAULT%2Cfalse%29
