ThinkTV launches Media Engine to enable econometric modelling for brands
In an Australian first, ThinkTV has launched the Media Engine, a planning aid for advertisers that draws on sales and campaign data from 60 Australian brands across 10 categories with collective annual advertising spend of $450 million and turnover of $23 billion.
The real-life, free tool, available on the ThinkTV website, democratises the data marketers need for designing campaigns. Built with Australian marketers and their agency partners in mind, the Media Engine shows how media can be used to generate significant returns.
The engine is fuelled by analysed data from The Payback Series research, conducted by ThinkTV in conjunction with Professor Peter Danaher, head of the Monash University department of marketing and Professor of marketing and econometrics, GroupM and global marketing effectiveness consultancy Gain Theory.
The launch 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.
ThinkTV CEO Kim Portrate said: “There’s nothing more powerful than econometric modelling to demonstrate how media investment can generate business results. But not all brands have access to wide-scale modelling. 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.
“Great results come from great campaigns and great campaigns begin with great briefs. The Media Engine will help you power up your revenue with all three.”
Portrate added: “ThinkTV at its heart is interested in helping advertisers get better out of media, video specifically. We’ve been looking at ways to do that. One of the conversations in market that struck us as important quite recently is this idea that great campaigns start with great briefs. We asked ourselves what exactly makes a great brief, which led us to the launch of Media Engine.”
ThinkTV director of research, insights & education, Steve Weaver, said: “We worked with GroupM, which is one of the largest media agencies in Australia. It allowed us to get the breadth that we needed when you’re trying to understand general trends from various sectors and various nuances of marketing approaches.”
Marketers can select from eight inputs to customise the tool’s recommendation:
• Category
• Market approach (e.g., mass-market or niche)
• Percentage of sales that come from online
• Brand size
• Annual media spend
• Risk profile – appetite for the variability of the sale outcome
• Competitiveness of the category
• Consumer switching behaviour in the category
Based on these key variables, the Media Engine outlines the ideal media investment to generate revenue returns.
ThinkTV is part of the Premium Content Alliance. Foxtel Media, along with Nine, Seven and Ten are all stakeholders in ThinkTV.
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topics
BetterBriefs Project
GroupM
kim portrate
Media Engine
Steve Weaver
The Payback Series
ThinkTV
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