Data-driven Marketing Strategy with Marketing Mix Modeling

Can data reveal which 50% of your marketing budget is actually working? On this episode of Ponderings from the Perch, the Little Bird Marketing podcast, host and CEO Priscilla McKinney talks with guest and CEO of Mix Analytics Hillary Borndahl about transforming content marketing strategy through data-driven analysis.  Through their company's marketing mixed modeling approach, Mix Analytics helps businesses develop a growth strategy framework to optimize marketing investments across channels by analyzing historical data and calculating actual returns. They begin their discussion with critical findings from Mix Analytics' study of $34 billion in sales data. The data revealed that most companies invest only 2-3% in marketing when they should at least 4% to protect and grow their brand. But what might be keeping the back is not knowing what will work and what will not.  Borndahl emphasizes that businesses can use this approach with niche applications like focusing on B2B buyer persona development, but that more often than not, this approach is more familiar to retail brands catering to larger, more general population consumer segments. Regardless of the segmentation, buyers rely on emotional decision-making for their marketing strategies, and in that liminal space of decision data sceince can help brands win the game. She shares how businesses of all sizes can benefit from this analytical approach, explaining that while the scale may differ, the fundamental need to understand marketing effectiveness remains constant. Another key finding Borndahl highlights is that often brands are spreading marketing budgets too thin across multiple channels, leading to diminished results. "The future CMO role is actually a future analytics role," Borndahl explains. "To be a marketer in the 2020s, you have to be comfortable with data." The conversation delves into the concept of "ad stock" as the lasting impact of marketing exposure and how understanding this metric can help businesses make more informed decisions about their marketing investments. Borndahl discusses how Mix Analytics helps companies move beyond gut feelings to identify which marketing efforts drive results, enabling them to adjust their strategies and budgets confidently. But that confidence can take time to grow. She emphasizes the importance of starting somewhere, even if you are downloading your LinkedIn data today, as building historical data is crucial for future analysis and optimization. Sponsors: Priscilla McKinney here! I am very excited to announce the release of my much-anticipated book:  Collaboration is the New Competition: Why the Future of Work Rewards A Cross Pollinating Hive Mind and How Not to Get Left Behind The book's chapters are designed to be time-efficient, ensuring busy professionals can easily integrate these transformative ideas into their workflow. From discussing the state of affairs in business to providing fundamental strategies and seven practical anchors for staying on course, this book offers a fresh perspective and a competitive advantage in today's complex business landscape. Visit priscillamckinney.com for more information. Priscilla McKinney is not just a CEO; she is also a LinkedIn Influencer. The reality is that very few people are using LinkedIn efficiently or effectively, and if you’re not careful, social media can become a black hole. When you emerge, you find you wound up in a place you never intended to go and you’re wondering where all the time went. Time is precious, and trying to be everything to everyone means becoming nothing to no one. That's why she's developed a transformative 12-week course that goes beyond basic tips and tricks – teaching you how to build a strategic network and create stellar content that cuts through the LinkedIn noise. Click here to learn more, and sign up for a spot in her social influence course today!