The economic downturn witnessed across the world has made people from various discipline with a continuous headache.
Pretty much everyone in marketing space I have spoken to in the last month of two have mentioned budget cuts for the forthcoming year without any adjustment around returns expected, and incidentally the aforementioned folks were talking about approaches to optimize the budget in an effective fashion.
The situation reminds of the old-but-still-relevant saying “need is the mother of all invention”
Barring the fundamental issues around economic downturn, a telco operator in Australia is kind of insulated. Please read Vodafone Australia – Marketing Optimization to know more.
What is Marketing Optimization (MO)?
In a nutshell, MO translates marketing challenges/problems/issues into mathematical equation and recommends approaches to meet the optimized objectives – This is either reduced cost or increased returns.
Interestingly, to leverage the value from marketing optimization, you don’t need to have doctorate in Statistics or need to be technically savvy – Business team with basis understanding of Statistics and Computers would be able to comfortably reap the value. After all, we are using technology to solve business problem, and the solutions are built keeping this in mind.
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