As a marketer, organizations put their trust in your industry expertise to help them achieve their business goals. But it’s impossible to deliver strategic campaigns without data to inform your decision-making.
If you’re tired of playing the guessing game with your marketing budget, then the newest ChannelMix innovation is here to help. Continue reading to learn more about ChannelMix AI and how you and your marketing team use it to plan marketing spend and predict marketing ROI with up to 93% accuracy.
What is ChannelMix AI?
ChannelMix AI is a modeling engine that enables marketers to make faster, smarter decisions than humanly possible about how and where to spend their marketing dollars in order to maximize ROI. In its beta release ChannelMix AI powers spend planning and ROI predictions in our pipeline and paid media dashboards.
Often when a business is cutting back on expenses, one of the first items to be eliminated is marketing spend. If people are unable to see the potential benefits that advertising efforts deliver, it can be difficult to convince them to set aside any of the budget for internal or external promotional purposes.
That’s where ChannelMix AI enters the picture.
On top of its ability to predict and designate a specific dollar amount to various marketing channels like radio, TV, social media and print, ChannelMix AI can demonstrate and predict the business value marketing can bring to the table.
How ChannelMix AI works
ChannelMix AI automatically runs thousands of media mix scenarios to uncover its top predictions for how to achieve your marketing goals most efficiently. The models can run every day giving you instant predictions whether you’re planning one month, quarter or year ahead.
Let’s take a closer look at how ChannelMix AI works:
Connect: Create a single source of truth for marketing performance
To start, connect your most important marketing platforms to the ChannelMix platform. This data can come from search platforms, social media platforms, display networks or any other platform you advertise on, even radio and TV!
You’ll also want to connect business systems like your CRM or Google Analytics for a count of conversions, leads and/or customers.
Once you’ve connected your data, you’ll see an end-to-end view of how your marketing spend is influencing business outcomes — from cost to customer.
Plan: Calculate budgets and goals based on past performance
Then you can use the “Predict Performance” feature to pick a goal — like website leads, number of transactions or net new customers and calculate how much money you need to spend to meet those goals. Or, you can work backward from a budget to understand how many leads, transactions or customers you should expect.
Predict: Get recommendations for how to maximize efficiency and ROI
With this data put into ChannelMix AI, you’ll learn where you should spend your budget to reach your marketing goals. You’ll see this information laid out on a plane graph that presents your top scenarios for advertising spend and which will get you the most return on investment and the closest to your objectives.
Clicking on any of the results will reveal more details about how much money you should be spending in each channel to achieve the predicted ROI. You can use this to assign budgets to your marketing channels and even down to the individual marketing platform.
Allocate: Launch cross-channel campaigns using your recommended media mix
For example, to achieve your goal of 250 qualified leads under your budget of $81,000, ChannelMix AI is recommending you allocate your budget accordingly:
- Paid Social – $30,522
- Paid Search – $20,579
- TV – $8,022
- Web – $4,925
- Radio – $3,881
- Display – $3,516
- Video – $2,464
- Print – $2,173
- Billboard – $1,352
Attribute: Quantify marketing impact on business results such as leads, purchases and revenue
Once you’ve activated your marketing strategy, you can keep track of how you’re performing with the pipeline view. You can also see how well ChannelMix AI predicted its results in the ‘Model Summary.’
With this view of your marketing spend, you will be able to better explain the success your marketing efforts have had in the past and could have in the future. What better way to show your value than by quantifiable, metric-driven results? With our easy-to-read dashboard, your hard work can be known and understood by your stakeholders.
There is so much more than meets the eye when using data to forecast successful marketing spend. Read below to learn how to leverage AI to better benefit your clients (and your team).
Benefits of Using ChannelMix AI
With this new marketing analytics functionality, you can predict marketing ROI with up to 93% accuracy, but that’s not all. Here are some more reasons to try out ChannelMix AI for yourself:
- More efficient spending: Know exactly how and where to spend your marketing dollars to receive the best outcomes.
- Less time spent: Don’t stress about putting together spreadsheets full of data. Let ChannelMix save you time and energy by computing the outcomes for you.
- Higher trust: With quantifiable results comes more confidence in your ability to deliver. Your stakeholders will see the breakdown of expenses and expected results and may trust you and your marketing efforts even more.
- Better results: By strictly using data-driven software to predict marketing spend and performance, you can take the guesswork out of your process and deliver better and more accurate results.
If you’re ready to better measure performance, plan spend and predict ROI, then contact ChannelMix to request a demo today.