I would like to know if any one ever used a model in Knime to allocate a marketing budget to maximize
efficiencies of the marketing spend.
I would like to use the historical result and base on that create a plan to allocate the budget for the future.
I have all the spend and the revenue generated in the previous week
I don’t think there is a dedicated workflow for budget allocation on the example server, but maybe you can abstract your problem to see whether you can solve it by adjusting one of those workflows to your specific needs? How do you usually do marketing budget allocation?
that is what i means, if there is some model that can fit in this case .
I try to explain a bit more in details
I have historical data for the past x weeks, with some variable such as
- week n
- total marketing spend
- signup (customer sing up )
- make a orders (customer that make an order )
- acquisition channel
I know the customer LTV
My problem is how i can use those info to allocate the budget across the channels to maximize the result , base on % of customer that make the first order.
I think the challenge is to define a model that give the best amount to allocate for each channels that also considerate the threshold of marketing , that means each channel has a limit and after that even if i spend more money it will not have a positive effect but negative, some result whit more money
Hope is more clear
This seems to me like a linear programming challenge after you determine your equations. KNIME doesn’t have dedicated nodes for it but there are R and Python integrations which do…