Marketing mix modeling (MMM) is one of the most efficient advanced marketing analytics tools available to devise marketing strategies based on accurate insights. Traditionally, organizations relied on gut instincts and intuition to make important business decisions instead of leveraging big data and advanced marketing analytics tools like marketing mix modeling. However, today as organizations wade through competition and strive to magnify its share of wallet by innovating, maximizing value, and enhancing marketing activities. In order to maximize value and enhance marketing strategies, marketers must improve targeting, set clear differentiation strategies, and enhance branding tactics. In short, businesses can improve their marketing campaigns by adopting marketing mix modeling and other marketing analytics solution to evaluate past campaigns, identify present trends, and forecast their impact on future sales.
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In the global market, trends and patterns keep changing every single day. Organizations are well aware of this fact as they continue to deal with big data in order to maintain the prices and drive profitability. Marketers often shy away from big data and market research, which is the backbone for an efficient marketing strategy. Big data may sound complex and difficult, but in reality it is merely collating, storing and analyzing huge data that facilitates strategic decision making and yields accurate insights and positive outcomes. Big data has a huge role to play in the success of marketing mix modeling, as MMM highly relies on historical decisions and present trends in order to predict the marketing effectiveness of past, present and future marketing campaigns. But how you ask? Here’s how.
Big Data has a Bigger Impact on Marketing Mix Modeling
Often marketers make a mistake of relying solely on big data rather than leveraging analytics to interpret them. Big data just provides access to a large pool of structured and unstructured data from a variety of sources, which could be both historical as well as real-time data. Whereas marketing mix modeling and other related marketing analytics tools leverage this big data to provide insights to marketers to improve their marketing efforts and perform better. Marketing professionals know for a fact that if you don’t measure your marketing activities and campaigns, you can’t pinpoint the poor result to a single factor. Hence, the solution is to not isolate from big data and marketing mix modeling instead they should adapt it to create exceptional marketing programs and deliver superior results.
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Acquire, Engage, Retain and Build Customer Loyalty
Marketers know that it is easier to retain an existing customer rather than making efforts to acquire a new one. With big data, defining target customer segments and acquisition has become easy as marketers can easily interpret the customers buying pattern by charting their journey through various touchpoints. It also helps build engagement between customer and the brand by analyzing the customers interact with the digital platform or brick and mortar store. Marketing mix modeling can leverage these benefits in order to improve customer experience, retain them and build loyalty by offering tailor made suggestions, offers and promotional campaigns.
Optimizing Marketing Mix and Marketing Spend
Traditional performance measurement tactics cannot help measure the impact and effectiveness of marketing campaigns. However, with the advent of marketing mix modeling, other advanced marketing analytics coupled with big data analytics, companies can keep a track of the marketing return on investment (MROI) of past, present and future marketing activities and thereby forecast its effect on sales. Further, marketing mix modeling and big data allows companies to evaluate their marketing spend and allocate budget effectively in order to yield a higher ROI. marketing mix modeling enables marketers to optimize the marketing mix and its variables – Product, Price, Promotion and Place (the 4PS).
Quantifying the Quantzig Advantage
There are two things that organizations must keep in mind while leveraging marketing mix modeling and big data analytics are as follows,
- Gather, collate, store and analyze the right data from credible sources and interpret them to derive actionable insights.
- Leverage tools like marketing mix modeling and other advanced marketing analytics tools to analyze and solicit insights that drive savings and positively impact the organizations bottom line.
At Quantzig, we offer a wide range of advanced marketing analytics solutions that drive cost-saving opportunities and improve profitability by providing granular insights that help in informed decision-making.