The concept of marketing mix modeling has been around for a long time but has recently gained popularity among the organizations. Marketing mix modeling helps the companies forecast the return on investment, evaluate past marketing outreach activities, and measure its impact on overall sales. In a nutshell, it helps businesses bridge a gap between their bottom-line and marketing spend. Marketing mix modeling allows marketers to gain an in-depth understanding of the market variables and their impact on sales. Irrespective of the industry in which the business operates, the statistical modeling technique allows organizations to make strategic business decisions, identify opportunity costs, and optimize marketing strategies.
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Why Should the Healthcare Industry Leverage Marketing Mix Modeling?
The healthcare industry is plagued with high capital expenditure, which has forced them to adopt statistical modeling solutions that drive growth and value. This is where marketing mix modeling comes into the picture as leading organizations in the healthcare industry are adopting it to allocate and optimize their marketing spend effectively. Why should the healthcare companies leverage the statistical modeling technique, you ask? Here’s why.
- The use of advanced statistical modeling technique allows the companies in the healthcare industry to quantify the impact of their marketing activities and measure the ROI
- Healthcare companies can leverage this spend analysis to develop strategies and forecast sales
- Furthermore, marketing mix optimization helps healthcare companies to identify their target audience and profile them accordingly
Quantzig’s marketing mix optimization solution helped a leading healthcare player to optimize their marketing activities and perform a campaign analysis to gain market insights. Read our full case study here.