This course enables you to gain an understanding of the principles of econometric modelling and how this approach is used to calculate ROI of marketing activities. The content will provide a grounding of the principles which will be important whether you want to run models yourself or you want to gain a better understanding of the process in order to be a more effective buyer of these services.
Aims and objectives
To provide a grounding in the principles of how econometric modelling works
To give hands on experience in building basic models
To show how ROI calculations for marketing activities (such as advertising) can be derived from models
To gain an understanding of price elasticity calculation and pricing optimisation
To become familiar with basic simulation approaches
To give an overview of the pros and cons of econometric modelling in the context of other research approaches
Understand whether econometric modelling is an appropriate solution to the research question
Critique a model or modelling approach effectively
Run simple econometric models themselves using Excel
Use these models to calculate directional ROI for marketing activities
Understand the concept of price elasticity
Understand the principles and pitfalls of simulations
Who will benefit?
The course will benefit researchers who need to understand this area in more depth but feel daunted or frustrated by the complex “black box” nature of modelling. Basic spreadsheet skills are an advantage, but the course assumes no prior knowledge of the topic.
Tom Lloyd has over 20 years’ experience in Market Research. He is a full member of the MRS and has spoken and led workshops at MRS conferences. He also lectures from time to time at South Bank University in London on data analysis and ROI. Prior to starting his own analytics consultancy, Tom worked at Nestle, held roles at Kraft Foods as joint head of UK Consumer Insight and European Analytics Director and led Global Analytics for SABMiller.
Where is the event taking place?
The Old Trading House, 15 Northburgh Street London EC1V 0JR