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How to use Simulation Software to Improve Marketing Analytics
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How to use Simulation Software to Improve Marketing Analytics

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Traditionally Marketing Analytics has been focused on what impact Marketing has on the business, usually measured by ROI or something similar. Huge effort is made to link marketing activities to revenue generation by linking leads to sales, measuring website or social media traffic, or recording event footfall. Learn how you can use simulation software to improve your marketing analytics with a digital twin of your organisation.

If you prefer to learn via video, head to our YouTube channel to see how we create a digital twin of marketing processes:

The Difficulties in Optimising Marketing Activities

The challenge then is how to deploy all this intelligence in a way that helps to optimise the mix of marketing channels for each business and along the marketing funnel. Don’t you wish you could investigate the impact of pulling the levers  - for example, to dial up e direct marketing, and dial down social media spend, and how these decisions would jointly impact the bottom line -  without having to expensively test it all in the real world?

The Best Way to Optimise Marketing Strategies

The answer is Silico and our framework for testing marketing strategies. With the Silico software, you can quickly create accurate models of your entire marketing process. Within a few clicks, you can use the intelligence that you have built up and deploy your marketing metrics in a comprehensive model that allows you to use advanced analytics to run your own ‘what if’ scenarios and evaluate their impact. For example, you can test in Silico what would happen if you spend all your budget on prospecting, i.e. driving new traffic to your website (red line), rather than spreading the budget 50-50 across prospecting new audiences and retargeting previous visitors (blue base case). The dashboards generated with model variables show that cumulative conversions (top graph) are lower, while there is a higher number of daily website visitors (lower graphs).

Understanding the dependencies between different marketing strategies is not easy. It is too complex to easily understand in a spreadsheet and is too dynamic to spend the time coding into a data science notebook. Our no-code interface enables senior decision makers to fully understand any relationships or assumptions that their business analysts have made, enabling the CMO for the first time to tell a clear story that is backed up with easy-to-understand visual analytics.

What is the Impact of Silico on Marketing Analytics?

Taking the Silico approach allows you to use the data you already have to answer a range of questions including:

How is my Strategy Likely to Perform in the Long Run? 

Silico can identify the ongoing impact of budget changes on your campaign and avoid pitfalls like optimising for the short-term at the expense of long-term outcomes. For example, the dashboard below compares an altered allocation of budget to prospecting and retargeting. On the interactive dashboard, the slider represents the percentage of the daily budget spent on prospecting, i.e. driving new traffic to our website. The remaining budget is spent on retargeting. Notice that for low percentages of budget spent on prospecting, such as when the slider is moved to 10%, the altered allocation (full blue line) generates fewer conversions in the first weeks of the campaign than the original 50-50 allocation (dashed blue line). However, in the long run, the new budget allocation performs better than the original allocation. Optimising with limited, initial data rather than a simulation capturing the entire campaign duration would have led to an ineffective budget allocation. With Silico, you can maximise the impact you make as a marketeer.

Where can I Reduce/Increase Budget and have the Minimum/Maximum Impact on Return? 

Using the above dashboard input, you can easily change the allocation of budget across the marketing funnel. With the click of a button, you can add additional model variables to the dashboard, like the total budget, to investigate how additional budget should be spent to achieve optimal outcomes. Moreover, Silico’s optimiser can determine the resource allocation to different alternatives to achieve the best possible outcomes. 

For example, to maximise conversions, Silico’s optimiser suggests allocating 16% of the budget to prospecting and 84% to retargeting. This would achieve approximately 679 conversions. That’s an improvement of around 19% over the 572 conversions achieved with the original allocation. With Silico, you can make sure that your market budget is used most effectively.

What Should I Prioritise Next Year if the Market is Going to Change? 

Marketing campaigns depend on changing factors like click-through (CTR) and conversion rates (CR), and costs per thousand impressions (CPM). Using Silico’s interactive dashboards, the impact of these changes can easily be observed by adding them to a dashboard and altering their values over time. For example, increased competition for a target group may result in an increase in CPM from 25 to 45 over the course of the next months. The impact of such changes can be simulated in Silico in seconds. In this example, higher costs would result in fewer website visitors, visitors available for retargeting, and conversions (blue line). However, with our optimised budget allocation (orange line), we can counteract such changes and achieve results similar to those in the 50-50 allocation (dashed line). With Silico, you can make sure that your organisation is well prepared for its changing environment.

How Does this Simulation Modelling Fit with my Current Marketing Approach?

Using the type of advanced analytics that Silico provides is a simple way of enhancing all your current tools. You can think of Silico as a sandbox that you can use to link together different marketing metrics and analyse all your marketing strategies. If you are the type of organisation that already has a range of marketing analytics, then Silico can reach across the silos and bring those analytics together.

How Easy is the Silico Process Simulation to Use?

Silico believes in the accessibility and compatibility of offering Software as a Service (SaaS). The Silico solution will run through any browser and users can be up and running within a couple of clicks. Silico offers free access for interested users which provides modelling access for the creation of a single model. Our development cycle ensures that enhancements are regularly made available to all users. Where required the software can be deployed on any private cloud giving authenticated access and extra layers of security.

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Silico is incredibly intuitive by design. The basic premise can be understood in seconds, you can build your first simple model in minutes, and your results can be viewed instantly. From there, you can continue to layer on detail until you are satisfied; the final complexity is ultimately up to you. And if someone else needs to come back and iterate your work, the pictorial nature of the interface means that anyone can understand what the model does and build upon it.

What Level of Support Does Silico Provide?

Silico provides 24-hour support via our online support portal, which also hosts our ever-expanding online community of expert users. Silico is based in London and currently follows UK office hours providing in-person support from 8am through to 6pm GMT.