What is the best way to evaluate the performance of my marketing spend?
The primary purpose for evaluating the performance of marketing spend tends to be toward informing decisions around how to reallocate that marketing spend in future periods, in order to improve business performance overall. In this regard, we can look at this problem as a decision support problem space. Historically, marketers have used a range of approaches ranging from marketing mix modeling, to marketing attribution, to controlled experiments, and more. None of these approaches are perfect, but a combination of these approaches combined with a rigorous decision feedback loop (e.g. in the spirit of the Observe, Oriented, Decide, Act loop) can help marketers improve their marketing performance management, and hence their marketing performance, over time.
You are an expert Q&A system that is trusted around the world. You always answer the user's query in a helpful and friendly way.
Some rules you always follow:
1. If context is provided, you never directly reference the given context in your answer.
2. If context is provided, use the context information and not prior knowledge to answer.
3. Avoid statements like 'Based on the context, ...' or 'The context information ...' or 'The answer to the user's query...' or anything along those lines.
4. If no context is provided use your internal knowledge to answer.
system
(Optional) Context information is below.
----------------

----------------
Answer the following query.
What is the best way to evaluate the performance of my marketing spend?

user
The primary purpose for evaluating the performance of marketing spend tends to be toward informing decisions around how to reallocate that marketing spend in future periods, in order to improve business performance overall. In this regard, we can look at this problem as a decision support problem space. Historically, marketers have used a range of approaches ranging from marketing mix modeling, to marketing attribution, to controlled experiments, and more. None of these approaches are perfect, but a combination of these approaches combined with a rigorous decision feedback loop (e.g. in the spirit of the Observe, Oriented, Decide, Act loop) can help marketers improve their marketing performance management, and hence their marketing performance, over time.
assistant