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Are you satisfied with the return on your investment for each of your chosen marketing channels – or do you have a sinking feeling it could be better? If you work in marketing, you know that the pressure is always on to stretch those marketing budget dollars beyond belief – and it seems like it’s never quite enough. From a macro perspective, we know that channel mix optimization considers both cost and return on investment per channel, which ultimately helps to guide a “balanced” (read: profitable) allocation of marketing budget across the individual channels.
Therefore, we need to take a step back and evaluate each channel we are utilizing. Smart optimization focuses on one channel at a time!
Note: In order to understand the true ROI per channel, it’s important to have a grasp on how the company views sales attribution (ex. single-touch/multi-touch) in order to get a true read on which individual channels are delivering and prioritize those investments.
It should be no surprise that mobile would be the first stop for channel optimization as it is so critical to get this right. We know that anything done on a desktop can be done on a mobile phone and, let’s face it, we are addicted to our phones.