Optimize Your Digital Marketing Budget Using Predictive Analytics
Planning your digital marketing budget can be a complex and frustrating process if you don’t know where to start. With so many platforms, audiences, and strategies available, planning your digital marketing budget can often feel like a guessing game. Instead of throwing all your options at the wall and waiting to see what sticks, you should rely on real data to forecast results and adjust accordingly. Predictive analytics makes this easy by removing the guesswork to help you make data-driven decisions. Nowspeed’s predictive analytics software uses four variables to recommend the optimum budget that will yield the best results for your business.
Deviation From The Mean
Determining which platforms and campaigns are delivering the most cost-effective results is at the core of allocating your budget efficiently. Nowspeed’s predictive analytics software analyzes the key metrics related to your digital advertising goals to identify platforms and campaigns that are operating efficiently and those that are not. Campaigns and platforms that are yielding below average performance are easily identified and allocated a lower percentage of your budget, shifting your spend toward campaigns performing above average. Distributing your budget to campaigns and platforms with the best results ensures that none of your budget is going to waste.
Most digital marketers operate with certain budget constraints that dictate how much change they can make to their advertising plan. Nowspeed realizes this, so our predictive analytics software factors in minimum and maximum thresholds for budget recommendations across platforms and campaigns. Many businesses need to maintain a minimum budget for certain campaigns & platforms, while not exceeding a maximum amount. Our predictive analytics software takes your own limitations into account, resulting in recommendations that will always fit within your unique budget constraints.
Some marketers prefer a conservative approach to shifts in budget allocation, making small, incremental changes that can gradually improve results with low risk. Others take an aggressive approach, making large-scale, sudden changes that can dramatically improve results, while assuming higher risk. Nowspeed’s predictive analytics software factors in risk tolerance, so it always provides budget recommendations based on your preferred approach.
Digital advertising campaigns can be evaluated on qualitative factors as well as quantitative metrics. Nowspeed’s predictive analytics software accounts for these quality factors when making budget recommendations. Is a certain platform better suited for reaching your target market? Are conversions or clicks from certain campaigns more valuable than others? Does management prefer growth in certain metrics over others? Our predictive analytics software applies a quality rating to keep these factors in mind when recommending your optimal budget.
Are you ready to stop guessing and start building a better digital marketing plan? Watch our on-demand webinar “How To Stop Guessing And Build A Better 2019 Media Plan” right now, or sign up for the upcoming webinar on “The Secret Math Behind Successful Digital Ad Campaigns“. Learn more about our predictive analytics services here or request a free data assessment.