IPA publishes guide to econometrics
The IPA today (19th February 2004) has published ‘Econometrics Explained', a beginners guide to understanding econometrics and measuring the payback from marketing communications.
Written by Louise Cook and Mike Holmes (Partners, Holmes & Cook), and edited by Les Binet (European Director of DDB Matrix), ‘Econometrics Explained’ is the industry’s first guide to explain how to use econometrics to measure the impact of communications on sales and profits.
The guide covers the principles of econometrics and seeks to dispel the belief that econometrics is an obscure and intimidating practice used only by academics by tackling the essential concepts in a straightforward and user-friendly way.
The sections cover:
Section 1 explains in broad terms what econometrics is and what it is used for.
Section 2 focuses in on how it is applied to communications.
Section 3 explains in simple terms how econometrics actually works.
Section 4 explains how to commission an econometric project.
Section 5 tells you how to judge whether or not a project is any good.
Section 6 explains how to use it.
The publication of the guide is part of the IPA Value of Advertising Committee’s agenda to demonstrate how agencies add value to a client’s business.
Said Les Binet, European Director of DDB Matrix and ‘Econometrics Explained’ Editor: “Econometrics has been around for quite a long time now, but there are still a lot of clients and agency people who don't really understand what it is and what it can do for them. A big problem is that econometricians aren't always terribly good at explaining what they do. This guide explains the basics of econometrics in simple terms, and offers some practical help on commissioning and using econometrics.
In the short term, it should be useful for people who are thinking of using econometrics in the forthcoming IPA Effectiveness Awards. But in the longer term, we hope that it will help clients and agencies to make better use of econometrics when evaluating and planning their marketing communications, and so help them to spend their marketing budgets more efficiently.”
Said Mike Holmes, Author and Partner of Holmes and Cook: “The IPA economet-rics guide is essential reading for anyone interested in, or concerned with, the evaluation and quantification of advertising effects. In essence it provides an entry level explanation of econometrics with sufficient technical & practical detail but without recourse to mathematical concepts.”
Said Sven Olsen, IPA Value of Advertising Committee Chairman, EVP FCB Europe: “Econometrics gives our industry the opportunity and confidence to prove the case for the value of advertising. Anyone who reads Econometrics Explained will understand the power of this weapon at our disposal to argue eloquently and conclusively for our professions ability to transform their clients business.”
Last updated 24/06/2008