Hahn, a leading predictive marketing and PR agency, is launching Hahn Labs, a new measurement company aiming to redefine how businesses understand their return on marketing investment (ROMI). Hahn Labs is the evolution of the agency’s acquisition of Statistical Vision in 2021.
“After two years in development, we’re ready to embark on a mission to dramatically improve marketing and PR measurement,” said Tim Weinheimer, General Manager of Hahn Labs. “The industry is stuck in the 1940s with admittedly terrible measures like AVE. We’re bringing an A.I. perspective to evaluating impact so clients can confidently make smart business decisions on their marketing and PR mix.”
While earned media is often seen as the most credible and cost-effective marketing communication for brands, measuring its true impact has always been elusive. Although using Advertising Value Equivalency (AVE) to gauge earned media effectiveness has been controversial for decades, it remains a commonly used yardstick for corporate communication departments.
Hahn Labs’ data science team is led by Chief Data Officer Michael Griebe, an Oxford economist. “I approach marketing differently because I’m an economist first,” said Griebe. “I’m drawn to marketing because it involves rich data sets, offers interesting problems to solve and contains plenty of blind spots for companies to navigate. The models, tools and methods we’ve designed throw light into every dark corner.”
Hahn Labs’ first product is its Earned Lift Model. The algorithm is able to correlate earned media mentions with sales results and provide predictive forecasting for the expected sales impact of a brand’s media mentions. The Earned Lift Model goes well beyond the outdated AVE approach and uses econometrics and data engineering to measure the value of earned media on other key variables such as employee retention and even shareholder value generation. Geography, media type, reach and story durability are all considered in the algorithm.
Labs’ second product, nearing completion, is focused on influencer measurement. The tool predicts the impact an influencer will likely have on a brand’s lift, giving organizations the ability to make the best possible choice of influencer partnership. A May 2024 release is expected.
SOURCE: PRWeb