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Measuring Marketing Incrementality and Budget Optimization: Michael Kaminsky, Founder of Recast

Nov 9, 2023

Michael Kaminsky, Founder of Recast, discusses measuring marketing incrementality and budget optimization. He talks about the importance of running experiments to determine true incrementality, challenges in measuring advertising impact on platforms like Amazon, and the need for more experimentation tools in retail media. Learn about marketing mix modeling, isolating variables, and optimizing budget allocation.

31:46

Episode guests

Michael Kaminsky

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Quick takeaways

Marketing mix modeling aids in optimizing budget allocation and measuring incremental return on marketing spend.

Running experiments helps in determining the true incrementality of different marketing channels and improving decision-making processes.

Deep dives

Importance of Marketing Mix Modeling

Marketing mix modeling helps brands measure the effectiveness of their marketing spend, enabling budget optimization and planning. Brands like Harry's have benefited from such models to analyze marketing efficiency across various distribution channels, such as Amazon, Walmart, and Target.

Introduction

2min

Navigating Marketing Challenges Across Channels and Maximizing Business Growth

2min

Understanding Incrementality in Marketing Investments

12min

Marketing Analysis and Granular Recommendations for Budget Optimization

2min

Exploring Marketing Channels and Emerging Marketplaces

2min

Analyzing Incrementality in Amazon Advertising

12min

#032 - In this episode, Justin Nuckols interviews Michael Kaminsky, a data scientist and founder of Recast. They discuss the importance of measuring the incremental return on marketing spend and how marketing mix modeling can help brands optimize their budget allocation. Michael shares his insights on running experiments to determine the true incrementality of different marketing channels, as well as the challenges of measuring the impact of advertising on platforms like Amazon. They also touch on Amazon Marketing Cloud (AMC) and the need for more experimentation tools in retail media.

Key Takeaways:

Marketing mix modeling helps brands measure the incremental return of their marketing spend and optimize their budget allocation.
Running experiments can provide valuable insights into the true incrementality of different marketing channels.
It is important to isolate variables and measure the impact of specific changes in marketing strategies.
Different marketing channels have different dynamics, and the frequency of remeasuring their impact depends on various factors.
Retail media platforms like Amazon could benefit from providing more experimentation tools to help brands determine the true ROI of their advertising spend.

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