Optimization is a very popular phrase that is used in online marketing. However, when it comes to ROI optimization, there are some techniques that seem to work better than others. This article focuses on a case study of a physician in response to some online marketing activities. The study took into focus an estimated 300,000 physicians and tries to measure the impact of promotions and non promotional activities. By comparing the various responses given by the different physicians, it was able to derive the maximum return on investment through the promotional mix.
The first step towards measuring this was getting all the facts and information in place using the oral contraceptive pill that was being used in the market. The data should be prepared in a model that provides an ideal environment for statistics. This will make it easy to analyze the data that relates to the sales of the contraceptive by the company wishing to measure its ROI. You should work with the most relevant data in place so as to be able to get accurate results. Some of the options include data from the sales and marketing team or using the various responses directly from the market. Whichever option you choose, you need to ensure that it is easy to explain to the management and also stick to predictive analysis.
There are various attributes that were factored in for purposes of data collection in this case study. The staff of the company would play a significant role in identifying the key data sources to be used for this process and help in effective ROI optimization. The data is mainly collected from the internal sources and delivered to the optimization professionals. Further interviews are conducted with key stakeholders so as to ascertain accuracy of the information. This is the only way that the data would end up being reliable in measuring the ROI.
There are different methods and tools that are used in the analysis of the data provided. It is important to analyze data in a critical manner so as to eliminate any data that may be irrelevant. The process of analyzing data is aimed at being able to produce predictive models for optimization. This may factor in key relationships that may have some significant benefits to the models that are being prepared. The best combinations for the modeling process should be given first priority so as to ensure that the optimization runs through without any hitches.
Process of Optimization
The main objective of this stage was to be able to draw some forecasts based on periodic prescriptions. This was based on the detailing activity, sampling activity and any direct to consumer advertising tactics that were used. This was ideally aimed at tackling the main problems that most models face, namely, interpretability, speed and accuracy of the data used. When you have the right techniques and models in place it becomes very easy to get the estimates that are expected, while bearing in mind that there are other variables that may affect the process.
For most organizations, the initial stages are overlooked and as a result, it becomes almost impossible to successfully conduct the process of ROI optimization.