It involves creating a probabilistic-statistical model that describes the mechanism of the functioning of an economic or socio-economic system. Essentially, econometrics is about estimating how various factors (including advertising) influence sales and predicting future sales. The main question that econometric modelling answers is “how many sales/calls/people will I get if I spend this budget on advertising.”
Econometric modeling
It is the estimation of how various factors (including advertising) influence sales, as well as forecasting future sales.