Many marketers exhaust budgets as they attempt to determine the percentage that works in any specific channel, despite the mounds of data being collected today. InfiniGrow has built a technology that enables marketers to plan and allocate their budget across online and offline channels.
“In practice there are limitless possibilities on how to budget, from choosing the right channel, dividing the amount spent between channels, and reallocating budgets according to the most recent data,” said InfiniGrow CEO Daniel Meler.
Building, managing and optimizing the mix requires specific parameters, from the product profiles and goals and constraints to competition.
The platform recognizes each interaction a consumer makes on their way to a purchase such as the website landing pages visited or the number of clicks required to make a purchase. Then it assigns data to actions. From there it determines the budget to allocate a portion to each media.
The process requires the platform to calculate the actions, and based on artificial intelligence, to determine the amount of budget to allocate.
The engine also takes into account a range of market factors such as seasonality, new market channels, time to entry for new channels, expected response times, as well as data to calculate the effectiveness of each investment. It helps to improve predictions.
Marketers can define constraints and then review and select among the AI engine-generated recommendations for unknown variables.
“Sometimes a company can have too much data and not enough relevant data,” he said.
Meler said people struggle with data. “We are not machines and we are not able to pull and calculate so many factors and data points to understand specifically what we need to do to achieve the results,” he said. "It helps the marketers understand what they need to do next."
He said it works in a similar way to A/B testing without requiring the marketer to calculate the results themselves.