19 JUN 2020
5 MIN READ
Thinkbox’s successful optimisation tool, Demand Generator, has been further developed to offer users greater flexibility.
The Demand Generator optimisation tool, which was developed jointly by MediaCom, Gain Theory and Wavemaker, is a best-in-class starting point for media budget allocation and ROI forecasting.
Based on £1.4 billion of media spend from 50 brands across 10 different forms of advertising over a three-year period, the tool enables marketers to determine the optimal advertising media mix specific to their business and its objective. Additionally, it also forecasts the likely business results of following its guidance in terms of both incremental revenue / profit per annum and revenue / profit return on investment (ROI).
The tool has already proven an industry success. Since launching in November 2019, it has been used over 6000 times by advertisers and agencies from 77 countries. Following user feedback, and with the uncertainty of the COVID-19 pandemic making smart media planning more important than ever before, the new update will allow users greater flexibility.
This update makes four key changes to the tool:
- New option to deselect advertising channels from the optimisation
Previously the media spend was optimised across 10 advertising channels. Users will now have the option to deselect channels from the optimisation, and the media spend will be recalculated and optimised across the remaining channels.
- New option to choose different media spend budgets in year two and three
Previously, the tool assumed the same media spend across year two and three and calculated revenue/profit/ROI from this information. Users can now choose different spends for each year.
- More detail on how the effects accumulate over three years
Effects are now broken down by campaign uplift (short-term effects) and base growth effects (long-term effects). It also offers improved graphics to show the change of effects over time.
- New data download format
Report data can now be downloaded as csv or PDF.
On previewing the new Demand Generator, Sam Gaunt, the founder of The Working Fifty and former Head of Media at Lidl said:
“The ROI estimates and media channel weighting that this tool recommends for different categories are comparable with many econometric models I have worked with. The latest features provide greater insight and flexibility allowing the tool to be adapted for different scenarios. For brands without bespoke econometric insight, the Demand Generator tool is an excellent starting point for smarter media planning.”
Matt Hill, Research and Planning Director of Thinkbox said of the tool:
“The Demand Generator has seen fantastic take-up since launch. It seems to be filling a genuine gap in the market for those brands that don’t already do econometric analysis. Following its successful launch and welcome feedback from early users, we’re delighted to now build in greater flexibility and hopefully make it even more useful. In the current climate, with so much uncertainty, having a tool like this that offers such a well-informed place to start from is vital.”
Jane Christian, Managing Partner and Head of Business Science at MediaCom said:
“Since the launch, we’ve had lots of positive feedback and requests for increased functionality, which this second release delivers on. I particularly think that the ability to select your own channel mix to optimise is a real win, making the Demand Generator optimisations more bespoke for agencies and advertisers.”