Data-informed 2019 marketing budgets
A major tourism client wanted to know how to spend their 2019 budget across ten global markets. Until now, they had developed their budgets based on personal opinions and gut feelings, and knew they needed to step up their game in a highly competitive space.
Cardinal Path’s data science team developed a framework for budget allocation, accounting for constraints and factors unique to this organization. The model has a weighted KPI optimization across five different business units, and variables include spend by person, age, country, population, stakeholder sensitivity, partners, pace of change in geographies, # of airline seats, and more.
This organization now has an optimally allocated marketing budget for 2019, and can count on significant savings, and a higher impact for the marketing dollars they are spending in 2019. They are now able to:
- Run & analyze various budget scenarios
- Quantify the impact/opportunity cost of leaving a market
- Identify new market potential & opportunity cost using a look-alike approach.