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