Today, I want to introduce you to a new kick-ass feature of the Placedise platform.
The best: You can use it for free and without any registration or sign on. But more on this later.
Ladies and Gentlemen…
the Marketing Mix Recommendation Engine!
Let’s face it. The world became too complex and there are too many advertising opportunities to find the right mix easily. Additionally, humans usually cannot define the ideal marketing setting anyway. This is because of the thousands of parameters, effects, and interdependencies. Thank god, in 2018 we have enough computing power and smart algorithms (not to say AI) to determine the perfect marketing mixture.
When we started Placedise serveral years ago, we tackled this issue with regards to product placement and branded entertainment, since those measures are the maybe most complex ones. Last year, together with some of our advisors, we realized that we can and need to transfer our technology to more marketing fields. In addition, many asked us if product placement is the one thing to do. No, it is not. Most times, it is even necessary to do other advertising activities beside branded content – for multiple reasons.
Anyway, one of the projects that derived from those discussions was to create an engine, that uses our massive science database and existing processes to determine the ideal marketing mix from all measures out there.
So, we made it happen!
How it works
Your goals, brand, and product details define, which general type of communication strategy works best – from a scientific point of view. We use a lot of scientific data to determine this recommendation in the background. Each measure is further described in the system. Our algorithm then matches the measures with the recommended strategy and adjusts for further scientific best practice conclusions.
See the included screenshot to get a better idea of how it looks like.
Before you get to the depicted view, you need to define what you want to advertise for (= the Advertising Object) and your marketing goals. Within Placedise, this is the core of all activities. No good recommendation without a clearly specified goal. Within the free version, this step is a little bit limited and you will need to re-enter this information each time, since free users do not have any account, where we could safely store this data.
Once you have entered those general information, you will get to the calculator itself. At the first time, there will be some default settings waiting for you. Later on, you will see most of your settings from a previous session (we save this via cookies right within your browser).
In the first row, you see your Advertising Object and an input field for your budget. Leave the budget empty and the system uses percentages instead.
In the second row, you can select the marketing measures that you want to evaluate. As a content producer or agency, you would select the measures from your inventory. As a brand, you might want to select all or at least all of those, which fit your general ideas and strategy. As soon as you are done, hit the “Calculate” button!
Below this first input, you find the output of the calculation, respective the recommendation for your specific case.
The first column holds the name of the selected measure.
In the second column, you can define, how many people of your specific target audience, you most probably will reach with this measure. Do not confuse this with the general reach! A TV commercial might reach millions of people, but maybe only 30% of the people that you actually want to reach. The tool will consider your settings respectively.
In the third column, you should define a minimum budget and can define a CPM. The tool uses this information to better rank the measures regarding their efficiency. This is not about the effect, the ad has on the consumer, but how much target audience you get for your money and if you can afford it.
The fourth column breaks the measure down to a specific style. For example, Product Placement can happen in different ways. It can be a simple background placement or a complex storyline integration. The system will automatically select the style, that will be the most effective for your specific Advertising Object – regarding the psychological effect, it has on the consumer within your target audience.
The fifth column finally holds the recommendation on how to spend your budget. It can be a percentage or absolute number (depending on if you have set a budget before).
The last column holds a grey and sometimes an orange button. With the grey button, you can lock a row for manual override. See the row “Video Commercial” in the example. With the override, you can manually set the budget share (maybe you have already spent some money) and the measure’s style. The tool will plan all other measure around your locked items. This is also helpful, if you are not satisfied with the initial results. Mind that the tool will always only show you one theoretically ideal situation. You might need to use the lock to generate adjusted results. With the orange button, you can jump directly into further Placedise tools that help you to optimize every detail of the specific measure, get even better recommendations and analyze the success of the activity.
On the bottom of the page, you will find some additional information. Feel free to read.
How you can use it
The maybe most important information.
This tool is part of the Sales as well as the Marketing module of our software suite. The Placedise system is an intelligent digital assistant. Marketing-Mix recommendations are only the first step, out of a complete optimization experience.
However, our Marketing-Mix Engine is also available for free and without any registration procedure at www.placedise.com/marketing-mix-calculator/.
Of course, there are some functional limitations, but it uses the same core and therefore the same algorithm to determine the perfect set of advertising measures.
Since the tool is still in its beta version, we are looking forward to any feedback and evaluation!
If you feel like something cannot be correct, please challenge us. There is either a fundamental reason why it is still correct, or your feedback will become part of the next update.
And as always: If you want to have a look at the whole package, contact us for a free trial and more information 😉 .