Company: Discover Palm Beach County
Title: MARKETING MIX MODEL
RFP #13969893
Scope: Objectives for the Marketing Mix Model (MMM) Below is a list of objectives to be considered when drafting a response and developing an approach. All factors may not be necessary and proposals will be evaluated based on the company’s full approach in how to best address the overall purpose and expectations.
1. Develop a MMM to analyze and optimize marketing and media performance.
2. Integrate diverse data sources, including historical media spend, audience insights, relevant external market factors, and campaign performance metrics.
3. Provide actionable recommendations for media allocation across various channels, including digital, traditional, and emerging media.
4. Enable real-time or near-real-time adjustments to campaigns based on performance.
5. Enhance understanding of audience behavior and engagement across platforms.
Discovery
• Work with key stakeholders to ensure understanding of business needs
• Understand current data environment and available resources
• Audit existing media plans, campaign reports, and analytics tools
• Identify consumer behavior signals in order to structure model
• Determine any data gaps and identify solutions to fill gaps
• Identify and understand the impact of any extraneous variables that may impact the model
• Determine the appropriate methodology to meet goals and expectations
Gather data and resources
Compile relevant data sources, including but not limited to:
• Data available to DTPB
• Data available to proponent
• Develop process for any primary or secondary research that may be needed
• Historical media spend and performance data
• Website analytics and social media insights
• Audience segmentation and behavioral data
• Industry benchmarks and competitive analysis
Data analysis
• Work with DTPB in the development of the model by testing variables and KPIs determined in previous steps
Development of model and optimization tool
• Work with DTPB in the development of the model by defining variables and KPIs
• Design a robust mixed media model that incorporates key variables, including: Media channels (e.g., digital, TV, print, out-of-home, social media).
o Audience demographics and psychographics.
o Seasonal and geographic considerations
o Conversion and engagement metrics
o Sales Tactics, Tradeshow Attendance
o Event Sponsorship and Partnership
• Use advanced analytics techniques, such as regression analysis, machine learning, or predictive modeling, to establish media impact relationships
• Validate the model using historical data and refine based on findings
Implementation and Testing:
• Collaborate with DTPB’s marketing team to integrate the model into existing workflows and tools
• Conduct pilot testing with sample campaigns to assess model accuracy and usability
• Provide training sessions for DTPB team members on how to use and interpret the model
Reporting and Optimization:
• Develop a dashboard or reporting system to visualize model outputs and insights
• Deliver monthly or quarterly reports detailing media performance and optimization recommendations
• Offer support for model refinement based on evolving marketing needs and data availability
Project deliverables:
• Comprehensive MMM tailored to DTPB’s objectives
• Full detailed report analyzing past performance with recommendations
• Periodic status calls, which may be virtual, with key project leaders
• User-friendly dashboard for monitoring media performance
• Training materials and sessions for DTPB staff
• Documentation detailing model methodology and assumptions
• Development of tool that can be used to optimize future campaigns and evaluate the value of hypothetical future investments
• A defined partnership/process or ability to access/independently modify underlying model and/or tools subsequent to delivery for DTPB to conduct future enhancements
• At least 2 in-person or virtual presentations (at DTPB’s discretion) to DTPB Board (1) and TDC Board (1)
• Provide any additional support and consultation that may be required after delivery of report
• A plan with recommendations on future model enhancements
Expected Timeline:
• 3 to 6 months from contract date
Due Date: February 19, 2025
Contact: RFPpr@thepalmbeaches.com