2023. A new year (still, just about).
And like all new years it offers us the opportunity to take stock and make plans. And if that stock-taking and plan-making leads you to conclude that you really could do with brushing up on your econometric nous, then allow us to point you in the direction of our helpful, free ebooks which are both helpful and free and, as all the best ebooks, readily available to download from our website.
We wrote our ebooks to help demystify econometrics and explain a bit more about how it can support your marketing activities and your decision making. Some of you will have already heard of econometrics (you may then want to jump to our second ebook), but for those that have stumbled across our blog and aren’t too sure what econometrics is – let me explain. Econometrics uses statistical techniques to analyse the impact of marketing variables (advertising, price, promotions etc) on key performance indicators, sales being the key one.
Our ebooks explain it well and we have different ones, depending on your awareness and understanding of econometrics let’s be creative and call them “Discover”, “Understand, and “Master.”
‘The Big Book of ROI’
As the name suggests, this book talks about Return on Investment (ROI) and how fundamentally econometrics (also known as Market Mix Modelling) helps you improve/maximise your ROI.
We felt there was a knowledge gap when it comes to ROI and so the book goes into:
- What is ROI?
- Why do we care about it?
- What are the drivers of ROI?
- And the holy grail how do we get more of it?
We know how much an activity cost us to do, yet what we don’t understand so well is what it gave us in return. Often that’s a complicated thing to isolate. There were probably six other things going on at the same time that might have affected sales, so how do we isolate the incremental effect of our activity? Cue econometrics, which does exactly this through a statistical process of analysis. And we can ‘point’ the analysis at whatever KPI we like, such as sales, website visits or brand awareness.
In a nutshell, knowing the ROIs of different activities helps the broader conversation about investment decisions going forward. So, to get to grips with ROI and econometrics, read our ebook ‘The Big Book of ROI’, I’m sure you will have a few ah-ha moments.
You’ve heard of econometrics and are intrigued, but you want to learn more about it before you propose to your big boss that it’s something you should invest in.
Our ebook ‘Guide to Econometric Modelling for the Modern Marketer’ is your answer. We wrote it so that Marketers, like you, would have a credible, readable (it doesn’t get too technical) and accurate source for finding out what econometric modelling really is and how to use it effectively.
I’m sure that you and your team frequently ask yourselves, “What is driving our sales?” and feel daunted by the task of trying to answer it. Fear not, this ebook will help explain how econometrics works and how it is (still) the only technique truly capable of unpicking the impact of each of your sales drivers.
Econometrics is a slightly strange beast in that it combines elements of mathematics, statistics and economics. Fortunately, others have gone before us who have done much of the hard work – proving theorems, solving equations – to develop for us what we have today. Phew.
If you already have an understanding of econometrics and would like to get into the nuts and bolts of it, our third ebook takes it up a notch and goes more into the technical side of econometrics and examines the role of Bayesian theory. Bayesian refers to approaches that blend prior information with current data to make better predictions about the future. It’s not new, but it has come of age in marketing and we’re finding it very helpful in dragging an extra level of nuance out of recalcitrant data.
So, there we go. If you want to start 2023 with a timely refresher, then we have things that can help.