RDSC Scientists Receive Grant to Develop New Marketing Mix Model
Dr. John Handley and Dr. Andrew Boslett of the Rochester Data Science Consortium (RDSC) received a research grant from the New York State Center of Excellence in Data Science (CoE) to develop a spatiotemporal marketing mix model. This new model has the potential to be a game-changing tool in the industry, shifting strategic marketing decisions from an intuitive to a more data-driven approach.
The goal of the CoE’s Collaborative Research Program is to stimulate economic growth in NY state by promoting technology transfer from our universities to companies operating in NY state. Accordingly, proposed projects must involve a NY industry partner that is actively engaged with the project. Dr. Handley and Dr. Boslett are working closely with RDSC Member CAUSE + EFFECT Strategy and Marketing (CESM) and its President John Loury to complete this research.
You can read more about this exciting research below:
CAUSE + EFFECT Strategy and Marketing Working with University of Rochester Scientists to Develop Innovative Marketing Mix Model based on Spatiotemporal Awareness
Rochester, NY – CAUSE + EFFECT Strategy and Marketing (CESM), a marketing intelligence firm, is collaborating with Dr. John Handley and Dr. Andrew Boslett of the Rochester Data Science Consortium (RDSC) at the University of Rochester to develop a spatiotemporal marketing mix model, with funding from the New York State Center of Excellence in Data Science. Additionally, CESM was recently awarded the Partner Appreciation Award at the 2019 University of Rochester Technology Showcase for its dedication to advancing data science for the betterment of its industry, clients, and the region. The event was sponsored by the Center of Excellence in Data Science and the Center for Emerging and Innovative Sciences (CEIS)—a New York State Center for Advanced Technology.
To support the University of Rochester’s Principal Investigators in making an ongoing economic impact with industry partners, the Center of Excellence provides funding and support for projects looking to solve a data science problem. Dr. John Handley and Dr. Andrew Boslett, having established a relationship with CESM through their prior work at the RDSC, approached the company with a funding opportunity that could enable the group to develop a spatiotemporal marketing mixed model. Together the scientists and CESM believe that this model has the potential to be an industry game-changing tool and approach for media buying and enhanced marketing return on investment (MROI) that will positively impact growth and retention for companies.
“Most companies today take a multi-channel approach to marketing but little is understood about the impact and optimal spend of individual channels within that mix for the best return on investment, especially with regard to traditional channels,” said John Loury, president of CESM. “As a marketing intelligence firm it’s our goal to empower clients with data-driven insight and strategies to enable growth and retention. To consistently achieve that goal, research and development of new and innovative methods, tools and techniques are essential.”
According to Dr. Handley, Dr. Boslett and Mr. Loury, media buying over multiple marketing channels is more effective when ROI is measured against business metrics like sales or revenue versus branding and awareness. In addition to ROI other variables that should be included in a model measuring the effectiveness of a channel (TV, radio, direct mail, digital, social, etc.) include timing, frequency, duration and environment. Understanding this impact from a data-driven perspective allows marketers to predict potential outcomes and optimize future spends by channel. This innovative model will also assist in the development of more data-driven marketing strategies, ultimately benefiting an organization’s bottom line.
Mr. Loury was also presented with the Partner Appreciation Award at the 2019 University of Rochester Technology Showcase, an event that brings together students, researchers, and industry leaders in the Finger Lakes Region to network, share research, and forge lasting connections. The award was presented at the Showcase on April 4th by Dr. Walter Johnson, the executive director of the CoE and RDSC.
“John has been an active member of the RDSC since its inception and has brought forward several opportunities for collaboration,” said Dr. Johnson. “I am delighted that CESM has also engaged with the CoE. CESM’s investment in data science exemplifies a local company that is thinking globally and that is helping to attract the high-level talent needed to drive Rochester and the region ahead as a technological hub for innovation.”
About CAUSE + EFFECT Strategy and Marketing
Headquartered in Rochester, N.Y., CAUSE + EFFECT Strategy and Marketing is a marketing intelligence firm that leverages data insight to develop analytics and marketing strategies that accomplish client goals for retention and growth. Their clients cover ad agency, B2B, financial services, fundraising, higher education, politics, and retail industries. For more information, visit www.causeandeffectstrategy.com.