How do you allocate marketing budget across channels? You can't just guess: leadership won't be happy without seeing justification for the numbers you send them. You need a budget optimization script.
Based on Experience
Vetted industry professionals, that have experience working with these companies and others, consulted in an advisory capacity to ensure the content of this course was realistic.
This is a work of fiction. Unless otherwise indicated, all the names, characters, businesses, places, events and incidents in this course are either the product of the author's imagination or used in a fictitious manner. Any resemblance to actual persons, living or dead, or actual events is purely coincidental.
How do you answer the question "Where should I allocate spend?" – learn how Budget Optimization can help you find the answer!
Budget Optimization
One of the major decisions you can make from a marketing mix model is where to spend your budget. You can manually guess this point by plotting a curve, or automatically calculate it with an optimizer script. Read More
This Course Includes:
3 Chapters
26 Sections
6 Exercises
Completed in:
38 minutes
Course curriculum
Chapter
Description
Sections
Exercises
1. Splitting spend across channels
You've inherited a marketing mix model, but how do you make decisions from it? You have a simple channel mix, but it's not clear how you're supposed to divide the budget between Facebook and TikTok.
6
2. Choosing your place on the curve
Based on the diminishing returns in your model, there should be an optimal choice of where to allocate spend... but how to find it? Let's start by plotting the response curves for Facebook and TikTok.
9
3. Automated media budget optimizer
You may not know the math, but thankfully someone else does, and you can use their solution. Use the SciPy Python library to optimize your media spend based on the diminishing returns and coefficients in your model.
11
Frequently Asked Questions
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