Modern marketing is all about making appropriate investments in numerous marketing channels. Finding the right mix to boost those ROMI numbers with a shrinking budget takes time and effort. If you’re struggling with finding the perfect marketing mix model for your company, Getrecast or Recast is just what you need!
Recast is a marketing mix modeling tool that uses Bayesian statistics to accurately measure your marketing KPIs across all media and find the optimal mix for your company.
Apart from my years of experience as an e-commerce growth marketer for brands like Shopify and Userpilot, I’ve grown several tech/SaaS companies from 0 to 8 figures. In my work, I’ve come across many marketing analytics tools, and Recast is the clear winner in the MMM space.
Recast is relatively new, founded in 2019, and still pre-Series A, but its top-notch features, frequent updates, and interactive SaaS platform outperform many other old tools in the market. Keep reading for a solid Recast review highlighting its key features, pros, cons, and pricing.
Table of Content
Recast Review: Overview
Recast is a marketing mix modeling tool that measures performance across your company’s marketing channels. It helps you eliminate failed marketing efforts as Recast will identify your strongest and weakest channels, so you can allocate budgets accordingly. Just by using Recast for six months, companies report a blended ROI growth of 10%.
Apart from measuring existing marketing KPIs, Recast uses advanced data science and Bayesian statistics to estimate performance across your upper and lower funnel channels, helping you to understand which media are more profitable for your company.
Without Recast, you have two problems:
- Identify profitable media accurately.
- You need to spend thousands, potentially millions, of dollars behind a team of expert data scientists.
Recast solves both problems by using data-driven models to reach maximum accuracy. Moreover, it has a team of expert Ph.D. data scientists who will do the work for you with cost-efficient budgets.
While other companies take a quarter (sometimes even a year) to report performance, Recast does the same weekly. This allows you to get real-time data to understand how your channels are currently doing. Moreover, it allows you to experiment with new ways to help you expand your value-driven marketing campaigns.
But don’t just take my word for it. Big brands like Harry’s, Curology, Mockingbird, Calibrate, Rocket Money, etc., back Recast’s success.
Recast Review: Key Features
Let’s look at some of the finest features Recast offers:
Real-time Performance
Time is money in marketing. Any trend may become obsolete in mere weeks, if not days. That’s why it’s vital you get real-time data for your business’s marketing efforts.
However, most tools out there take months to measure the data and publish quarterly, semi-annual, and annual reports. While this may have been effective in the past, it’s impossible to stay ahead of your competitors with such delay in the modern age. That’s where Recast comes in.
Recast initially takes two to three weeks to build and configure your model. After that, you get updated results weekly. It’s beneficial to eliminate failed marketing efforts before spending your entire marketing budget on them. It also helps you understand the ongoing trends that positively affect your company.
Recast also allows you to compare your current performance with your past data. As a result, you’ll quickly discover if you have grown complacent in your profitable channels.
Another aspect of having access to up-to-date KPI data is that it helps you to try out new marketing channels. Usually, it would take months or more to know whether the new channel is giving you the revenue or conversion you want. But with Recast, you’ll see the new channel in the model the next week, and within 6-8 weeks, Recast results will show actionable recommendations regarding that new channel.
Measuring Incrementality
Incrementality is measuring what actions wouldn’t have happened if you didn’t intervene somewhere.
Marketers need help understanding what drove the current marketing channel to success. Was it something they did, or was it organic? Recast, with its advanced statistical models, help you measure just that. This observation will allow you to plan your future marketing efforts more efficiently and effectively.
Previously, measuring different marketing methods like word of mouth was harder. But Recast can measure such incrementality with its innovative solutions.
Automated Modeling
Many other tools in the market struggle to accurately measure a business’s performance simply because they can’t effectively translate the business into a code for the tool.
When utilizing Recast, you don’t need to be concerned about this. It uses the Bayesian model to convert the entire business context into code, so the whole thing is automated.
Optimizer and Forecaster Tools
Marketers can only partially measure which marketing channels are working for them and, more importantly, where they should invest in the future. Recast gives you access to accurate predictions that can be vital for success.
Recast measures the KPIs of each marketing channel and measures the unsuccessful mediums. Later, you will get a suggestion of which marketing channel to invest more in to get higher ROIs and CPIs. This allows you to optimize your current media mix model.
Recast’s optimization and forecasting tools can save you millions of dollars annually and substantially increase your profit margin.
Seasonality
Every brand has highs and lows, and it’s unlikely that a brand performs well across the year.
Using Recast’s weekly reports and historical data, you can pre-plan your marketing campaigns for your business’s successful and constraining times. Recast will suggest which media have worked in the past in those times and how much of your budget you should allocate to the successful channels. This will allow you to maximize profit while minimizing profit.
Frequent Updates
Recast constantly updates to ensure you don’t miss any trend in the marketing world The updates will significantly help you calculate the metrics and predictions during the seasonality of your business.
Apart from that, you will have full access to Recast’s support team whenever you need assistance.
Recast Review: Pricing
Recast offers competitive pricing. To get all the features of Recast, you need to spend $8000 for a single KPI. So, if you have 12-20 channels and want to measure revenue earned from the channels, Recast will measure that single KPI for $8000 and send reports as ROIs. But if you want to measure acquisitions for all marketing channels, the reports will be sent as CPIs.
If that pricing tier doesn’t work, you may measure 1 KPI for 12-20 channels for $4000. However, you will miss out on some perks, such as availability.
Recast may also set custom pricing for you based on your additional needs.
Pros
- Highly intuitive
- Accurate measurement of KPIs
- Accurate predictions
- Measures incrementality
- Weekly reports
- Real-time performance measurement
- Expert data scientists on the team
- Precise translation of business context in code
- Competitive pricing
- Measures seasonalities of business operations
Cons
- Doesn’t have a free library of data
- Focuses less on competitor activity
- Relatively new in the market
Recast Review: Who is it for?
Recast is great for mid-sized businesses and enterprises. Companies that spend $12 million to $50 million in annual marketing budget get the most value from its competitive pricing.
Recast’s standard pricing tiers work well for companies with varied annual marketing budgets, such as yearly spending of $5 million to $10 million, and for companies that spend just over a million USD.
Recast Review: 3 Things I love about Recast
As you’ve already read, Recast is packed with great features, some of which are completely new in the market. However, I would pick the following three as my favorites:
Equal Weight Across All Channels
While many marketing mix modeling tools measure the KPIs across different channels, they may need to be more balanced toward specific channels, resulting in inaccurate metrics and predictions. This is especially possible for businesses with their own team for marketing mix modeling.
Recast eliminates this by critically analyzing the data of each channel individually using their excellent automated modeling. As a result, all the profitable channels, regardless of being new or old, get equal weightage when measuring impact.
Equal weightage lets you get more accurate insights to plan your next marketing efforts. Also, the qual weight helps you to understand successful trends in experimental marketing channels. Otherwise, you may miss out on potentially profitable channels.
Weekly Results
Most media mix modeling tools measure KPIs for months and provide quarterly reports. The issue here is that your budget may already be drained by the time you realize low returns in a particular channel. It also becomes increasingly difficult for you to measure the incrementality across businesses.
Recast solves this by measuring real-time data and providing you with weekly reports. These reports allow you to intervene in the shortest possible time frame. You can take action quickly to drive more sales in a profitable channel or shun marketing campaigns across a low-return medium.
All-in-one Feature Pack
Recast’s founders have worked in the marketing attribution industry for a long time and know what other marketing tools lack. That’s why they integrated all the necessary features in Recast, and it’s packed with tools that Recast’s competitors lack.
The visual above shows how Recast provides extra benefits that the traditional marketing mix models and other brands lack.
A unique feature of Recast is its ability to measure the incrementality of different marketing attributions. Previously, measuring the KPIs across marketing ways like word of mouth wasn’t possible. But Recast solves that using innovative models made with advanced data science.
Final Verdict
Recast is bringing data-driven innovation in marketing mix modeling (MMM). It’s a game changer that will allow your business to deal with the shrinking marketing budget in this waning economy.
Efficiency is driven by accuracy. Recast specializes in following through with accurate procedures, and its measurements using the Bayesian model help make spot-on predictions. As I’ve already mentioned, you can rest assured that the data is not biased, and it allocates equal weightage across all marketing media.
Recast also excels in providing you with an all-in-one marketing mix solution at very competitive pricing. Feel free to sign up for a demo if you’re not convinced. You can decide whether it’s worth it after testing Recast out for a few weeks.
Full Disclosure: If you click on some of the links in this article and purchase a paid plan, I may receive affiliate commissions (at no cost to you!). Regardless, the products and services I review are some of the best I’ve tried, and I support them personally. To know more, head over to my privacy policy & affiliate disclosure.
P.S. Check out my podcast (with 78 episodes and more on the way!) if you’re interested in actionable growth marketing and hearing from actual marketers about how they’re taking their businesses forward.