Methods and Applications in Marketing Management, Public Policy, and Litigation Support
Edited by Natalie Mizik and Dominique M. Hanssens
Chapter 16: How time series econometrics helped Inofec quantify online and offline funnel progression and reallocate marketing budgets for higher profits
In order to better allocate its limited marketing resources, Inofec, a small and medium entreprise (SME) in the business-to-business sector, needed to quantify how its marketing actions drive offline and online funnel progression. We developed a conceptual framework and econometric time-series model and found evidence of many cross-channel effects, in particular offline marketing effects on online funnel metrics and online funnel metrics on offline purchases. Moreover, marketing communication activities directly affected both early and later purchase funnel stages (website visits, online and offline information and quote requests). Finally, we found that online customer-initiated contacts had substantially higher profit impact than offline firm-initiated contacts. Shifting marketing budgets towards these activities in a field experiment yielded net profit increases 14 times larger than those for the status-quo allocation.
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