ThinkTV has launched a new tool to “democratise data” and help advertisers plan campaigns.
Media Engine draws on sales and campaign data from 60 Australian brands across 10 categories with a collective annual advertising spend of $450 million and turnover of $23 billion.
The real-life tool is available to advertisers for free and allows them to improve briefs by outlining the optimal media split to generate revenue.
“There’s nothing more powerful than econometric modelling to demonstrate how media investment can generate business results,” says ThinkTV CEO Kim Portrate.
“But not all brands have access to wide-scale modeling. We reckon everyone should have this information at their fingertips to help grow their business. So we built the Media Engine to level the playing field.”
The tool is fuelled by data from The Payback Series research, conducted by ThinkTV in conjunction with Monash University professor Peter Danaher, and GroupM and global marketing effectiveness consultancy Gain Theory.
The launch of Media Engine follows research conducted by the BetterBriefs Project which found 90% of marketers fail to brief agencies effectively with a third of marketing budgets being wasted by bad briefs, equating to more than $200 billion in global ad spend.
To use Media Engine, marketers select from eight inputs to customise the tool’s recommendation. These include category, market approach, percentage of sales that come from online, brand size, annual media spend, risk profile, competitiveness of the category, and consumer switching behaviour in the category.
Based on these variables, the Media Engine outlines the ideal media investment to generate revenue returns.
“Great results come from great campaigns and great campaigns begin with great briefs,” Portrate says.
“The Media Engine will help you power up your revenue with all three.”
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