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Public Relations and the Marketing Mix Modeling Process
Source: SO02 Public Relations Strategist
Product Code: 6K-030608
Organization/Author/Firm: Mark Weiner and Hans Bender, Ph. D.
Specialization(s): Research - Evaluation / Value and Return on Investment
Format: In Depth Magazine Article (Strategist)
Summary
Soon, each marketing function will be judged on its ability to deliver a return on investment (ROI), with those consuming the greatest resources feeling the most pressure first. On the basis of relative spending, public relations may seem like a lower priority. In terms of ROI, however, media- and marketing-based public relations (MMPR) may be the most meaningful. As such, public relations has the most to gain in this new environment.
PR research and evaluation are becoming more meaningful as those who invest in public relations demand to know more about what has been earned for their investment. The catalyst for change is “marketing mix modeling,” a form of statistical analysis applied to marketing outputs to mathematically explain historical results and predict future outcomes. These analyses focus on probabilities and trends based on variable factors likely to influence future behavior or results.
