Question

If you were in charge of a flexible budget for all of a large retailer's campaigns, what steps would you take to maximize success?

a) Develop different budgets for campaign experiments and unforeseen market changes as a means of improving chances for success.
b) Develop shared budgets and portfolio bid strategies as a means of maximizing campaign flexibility and using AI to full advantage.
c) Prevent unnecessary budget usage during seasonal periods by capping budgets at the average daily spend.
d) Define new performance targets every month or quarter in order to optimize AI-driven solutions.

Answer 1

To maximize success in managing a flexible budget for a large retailer's campaigns, steps that can be taken include developing different budgets for experiments and unforeseen market changes, developing shared budgets and portfolio bid strategies, preventing unnecessary budget usage during seasonal periods, and defining new performance targets regularly.

Step-by-step explanation:

To maximize success in managing a flexible budget for a large retailer's campaigns, there are several steps that can be taken:

1. Develop different budgets for campaign experiments and unforeseen market changes: By allocating specific budgets for experiments and unexpected market changes, the retailer can improve the chances of success by allowing for flexibility and adaptation.
2. Develop shared budgets and portfolio bid strategies: Sharing budgets across campaigns and using portfolio bid strategies can help maximize campaign flexibility and take advantage of artificial intelligence (AI) capabilities.
3. Prevent unnecessary budget usage during seasonal periods: Capping budgets at the average daily spend during seasonal periods can prevent wasteful expenditure and ensure efficient allocation of resources.
4. Define new performance targets regularly: By defining new performance targets every month or quarter, the retailer can optimize AI-driven solutions and adapt to changing market dynamics.