Advertisers have an opportunity to build marketing mix models that can account for current economic conditions, and sudden shifts in the future. Building a more future-focused marketing mix models have long been an important tool for advertisers to understand how their marketing impacts performance across channels. As the COVID-19 pandemic continues to influence consumer behavior—changing demand for products and services, media time spent, and consumption patterns—advertisers are faced with the challenge of adjusting their models to understand changing business environments. By updating their models, advertisers can use them to help answer the marketing questions prompted by unplanned scenarios, including:
– How should I market in these times?
– Should I continue to spend my marketing budget or cut my losses?
– How can I understand the short-term and long-term impact of the COVID-19 outbreak on my business?
– Are there things I can do right now to prevent my business from suffering any long-term brand impact?
Adam Rodgers, Managing Director/GM, North America, Ekimetrics contributed to this paper, as an expert working in the data science and advanced analytics field since +15 years.
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