Marketers can no longer rely on traditional statistical methods, according to the ‘leader’ in Forrester Research’s latest independent Marketing Mix Modeling Report.
US marketing mix optimisation software company, ThinkVine, has been named the market ‘leader’ by the well-known global research and advisory firm, due to its ‘comprehensive and innovative approach’ to the marketing mix .
According to Forrester Research experts, ThinkVine's highest scores in the ‘current offering’ category include data, analysis, and technology and software. Forrester cited ThinkVine for its innovative ‘agent-based’ methodology that enables marketers to dig deeper.
As Deep as the Cookie
ThinkVine, which has three offices in the US, says its software aims to provide marketers with rich historical insights and better short and long term forecasts of ROI and sales, as well as support for an agile, objective ongoing planning process.
Forrester said with this methodology, ThinkVine can build digital market-specific attribution models that better understand the impact of brand assets' interactions across channels, with data granularity that can go as deep as the cookie level.
ThinkVine chief executive officer, Mark Battaglia, said consumer behaviour is changing rapidly and so is marketing. He stressed that it is a mix of tactics across all channels that will most effectively and efficiently reach consumers.
Traditional Methods Long Gone
“To compete and win, marketers need to quickly make the right decisions and execute efficiently. They can no longer rely on traditional statistical methods that were developed for a time when marketing planning meant annual buys of TV and print ads,” Battaglia said.
“Now, to get better results, marketers are turning to data and software to quickly get granular, objective decision-making information for faster analysis, better forecasting, and integrated optimisation across all their online and offline marketing.”