Common ground

Would it surprise you if we said a bank has the same marketing challenges as a shampoo brand? Or a hotel chain and a DIY store? For some this might seem obvious, for many others less so. 

Can I briefly mention Brexit? Number 1 rule of writing a company blog is to avoid politics! There’s no doubt that Brexit has torn the country into competing halves with both sides becoming ever more entrenched by the day. But are we really so far apart?

Have you seen Grayson Perry’s Brexit post, one for leave and the other remain? As Perry explains: ‘Not to get too pretentious, but the formal message of the work is that people have got so much more in common than what divides them.’ Don’t we all want less inequality, more pay, a healthier environment and more time to spend with our friends and families? 

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Returning again to the safety of marketing, whether it’s a bank or a shampoo brand, the challenges are much the same – grow sales, grow profit. From this we move into the need to be competitive, both in terms of product offering and price. And in the long-term the brand needs to grow and act as a shield in bad times and a sail in good. 

Econometrics: Similarities across sectors 

Over the years we have noticed that we get asked surprisingly similar questions from brands that otherwise would never consider themselves bedfellows. We thought it might be helpful to mention some of them briefly here.  

Econometrics relies on perfect data 

It might surprise you to hear that no econometrics project has ever started with perfect data. It means we use a layered approach to consolidate different sources and work around natural breaks in the data. I’d actually go further than this – one of the internal objectives for every project is to identify missing data and fill in the gaps. 

Even if we can fill all these gaps, our models don’t rely on perfect data either. Instead, they need to pass stringent tests. More than just a good fit at face value – robust models with a solid structure will prove reliable and trustworthy in broad range of situations. 

Econometrics doesn’t work for out-of-home 

It’s strange how often we hear this and it’s simply not true. It stems from the crude way OOH is often modelled, but will tube cards have the same effect on consumers as a 48 sheet billboard? When we get into the detail of different formats it’s soon quite obvious why a model containing weekly adspend will struggle. 

Do digital screens make a difference, is it more effective to show ads during rush hour, which messages are working best…? These are all questions you can answer once you realise Outdoor ads are more varied than you think. 

Finding common ground 

We’re finding common ground every day in our modelling projects, with apparently different sectors all pushing for the same goals and asking the same questions. 

If you have any specific marketing questions that you’re facing at the moment, please do get in touch – it’s likely something we’ve come across elsewhere, and we’d love to help. 

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