Beyond the pair: media archetypes and complex channel synergies in advertising
Prior research on advertising media mixes has mostly focused on single channels (e.g., television), pairwise cross-elasticities, or budget optimization within single campaigns. This is detached from practice where (i) marketers decide between an increasingly large number of media channels, (ii) medi...
| Main Authors: | , , |
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| Format: | Journal article |
| Language: | English |
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SAGE Publications
2024
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| _version_ | 1817931559801454592 |
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| author | Bell, JJ Thomaz, F Stephen, AT |
| author_facet | Bell, JJ Thomaz, F Stephen, AT |
| author_sort | Bell, JJ |
| collection | OXFORD |
| description | Prior research on advertising media mixes has mostly focused on single channels (e.g., television), pairwise cross-elasticities, or budget optimization within single campaigns. This is detached from practice where (i) marketers decide between an increasingly large number of media channels, (ii) media plans involve complex combinations of channels, and (iii) marketers manage complementarities among many channels. In this work we use Latent Class analysis to uncover tendencies in media allocations. Latent classes account for non-random selection of channels into campaigns, capture pairwise and higher-order interactions between channels, and allow for meaningful interpretation. We describe the most common media channel archetypes and estimate their relationship to the effectiveness of a set advertising campaigns on common brandrelated performance metrics. We use a dataset of 1,083 advertising campaigns from around the world run between 2008 and 2019. We find no single media mix that consistently correlates with high performance across all metrics, but clear high-performing patterns emerge for specific metrics. We find that traditional channels (TV, outdoor) often appear together with digital channels (Facebook, YouTube) in high-performing campaigns. Additionally, current marketing practices appear suboptimal, with simple strategies predicted to improve lifts by 50% or more. |
| first_indexed | 2024-12-09T03:23:57Z |
| format | Journal article |
| id | oxford-uuid:7a2c35cd-ebc3-433d-8088-dd386e6567c3 |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-12-09T03:23:57Z |
| publishDate | 2024 |
| publisher | SAGE Publications |
| record_format | dspace |
| spelling | oxford-uuid:7a2c35cd-ebc3-433d-8088-dd386e6567c32024-11-25T11:30:16ZBeyond the pair: media archetypes and complex channel synergies in advertisingJournal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:7a2c35cd-ebc3-433d-8088-dd386e6567c3EnglishSymplectic ElementsSAGE Publications2024Bell, JJThomaz, FStephen, ATPrior research on advertising media mixes has mostly focused on single channels (e.g., television), pairwise cross-elasticities, or budget optimization within single campaigns. This is detached from practice where (i) marketers decide between an increasingly large number of media channels, (ii) media plans involve complex combinations of channels, and (iii) marketers manage complementarities among many channels. In this work we use Latent Class analysis to uncover tendencies in media allocations. Latent classes account for non-random selection of channels into campaigns, capture pairwise and higher-order interactions between channels, and allow for meaningful interpretation. We describe the most common media channel archetypes and estimate their relationship to the effectiveness of a set advertising campaigns on common brandrelated performance metrics. We use a dataset of 1,083 advertising campaigns from around the world run between 2008 and 2019. We find no single media mix that consistently correlates with high performance across all metrics, but clear high-performing patterns emerge for specific metrics. We find that traditional channels (TV, outdoor) often appear together with digital channels (Facebook, YouTube) in high-performing campaigns. Additionally, current marketing practices appear suboptimal, with simple strategies predicted to improve lifts by 50% or more. |
| spellingShingle | Bell, JJ Thomaz, F Stephen, AT Beyond the pair: media archetypes and complex channel synergies in advertising |
| title | Beyond the pair: media archetypes and complex channel synergies in advertising |
| title_full | Beyond the pair: media archetypes and complex channel synergies in advertising |
| title_fullStr | Beyond the pair: media archetypes and complex channel synergies in advertising |
| title_full_unstemmed | Beyond the pair: media archetypes and complex channel synergies in advertising |
| title_short | Beyond the pair: media archetypes and complex channel synergies in advertising |
| title_sort | beyond the pair media archetypes and complex channel synergies in advertising |
| work_keys_str_mv | AT belljj beyondthepairmediaarchetypesandcomplexchannelsynergiesinadvertising AT thomazf beyondthepairmediaarchetypesandcomplexchannelsynergiesinadvertising AT stephenat beyondthepairmediaarchetypesandcomplexchannelsynergiesinadvertising |