What role can modelling play in recovery from Covid-19?
Modelling could help marketers steer a course to recovery post-lockdown and taking a long-term, iterative approach will help them stay on the front foot.
Thinking long-term amid the current climate of deepening economic uncertainty can feel like a real challenge. While some brands will rely on their use of modelling to guide them to recovery, others will be concerned about the data to input and many may not even have any models to refer to.
The post-lockdown phase will be defined by effectiveness and ensuring that every £1 of investment counts to the “greatest extent”, says O2 CMO Nina Bibby. With budgets being scrutinised and marketers under pressure to justify spend, modelling could play an important part in driving growth in the long-term.
“Econometrics can appear daunting, but it really is the only way of understanding on a large scale all the various drivers of business growth – brand strength, competitiveness, products, positioning, media investment – impact sales, as well as the macroeconomic environment,” says Bibby.
“In the post-Covid world it’s going to be really important to understand and optimise what drives value in the short and long-term. We use modelling to optimise our media investment strategically and we use it for each quarter and each campaign.”
