Econometrics involves the formulation of mathematical models to represent real-world economic systems, whether the whole economy, or an industry, or an individual business. Econometric modelling is used to analyze complex market trends (the demand function) to determine the variables driving the growth or shrinkage of demand for a product or service

Marketing mix modelling is one application of econometric modelling, where all marketing inputs are modelled over time to arrive at an optimal allocation of marketing inputs. For example, what is the correct amount to spend on television advertising compared to the radio or the Web? Should a company invest money in more salespeople or in more advertising? What is the impact of promotional spending? How much of an influence do the competitor's prices and advertising have on our sales? How are our sales influenced by for example the seasons, the weather or macroeconomic relations? Econometrics can provide answers to these questions, and enable your future marketing plans to be optimised with a planned return on investment that can be tracked and monitored.

Tony has both commercial and academic experience of developing and implementing econometric models. During an engagement with Lloyds Banking Group he provided econometric modelling consultancy to the General Insurance Marketing division. He evaluated major 'above the line' marketing campaigns, by considering impact on new business sales, retention/renewal rates and overall ROI. Tony recently attended the London School of Economics 2010 Summer School, where he took classes in Econometrics, to ensure his technical skills and knowledge are up-to date.