Diminishing ROI on advertising spend has led local company, Australian Outdoor Living, to invest in artificial intelligence (AI) for sales and marketing optimisation for the first time. Australian Outdoor Living has engaged Complexica to deploy of its What-if Simulator & Optimiser, powered by AI platform, Larry, the Digital Analyst®. The software will be used to optimise Australian Outdoor Living's marketing mix and media spend decisions.
“Our challenges include identifying the point of diminishing return for advertising spend, identifying the optimal split of marketing budget in the different marketing channels, and improving cost per lead,” said Daryl Chim, Australian Outdoor Living COO. “Previously, we were using historical results/reports, and local knowledge and experience of the team for this. However, we wanted a consistent data analysis method, to improve cost and business efficiency, and to mitigate the risk of ‘brain drain’ and loss of experience through the departure of key staff.
The technology solution provides decision support for complex ‘what-if’ questions by using AI to analyse large internal and external datasets to generate probabilistic predictions and optimised outcomes. It is hoped the solution will increase the average lead count per week, reduce the average cost per lead (CPL) per source, provide an optimal split and allocation of the marketing budget, and increase marketing ROI by identifying the point of diminishing returns.
“Complexica’s What-if Simulator and Optimiser will provide us with a platform for improved decision-making across our marketing mix and media spend, leading to enhanced ROI and improved business outcomes," added Daryl Chim.
To read the full article, please visit: https://www.cmo.com.au/article/656550/australian-manufacturing-brand-looks-ai-increase-marketing-roi