Marketing Mix Modeling Helps Medical Imaging Client Optimize Marketing Spend

Aug 22, 2017

With the rising healthcare expenditure, organizations in the medical landscape have started devising an effective go-to-market strategy to be more precise about their marketing budgets. Large businesses across the globe are also relying on marketing mix modeling to assess their impact on topline and bottom-line performance. Marketing mix modeling involves robust analysis that links multiple variables, including marketing, sales activities, operations, and external factors. With the help of marketing mix modeling, companies can better understand the impact of key business drivers and optimally allocate the budgets to maximize revenue and profits. In the healthcare environment, businesses were able to refine their models to evaluate the return on investment on marketing spending effectively. With the help of marketing mix modeling, companies can identify their individual contribution in terms of sales, revenues, and profits generated from each marketing channel.

Quantzig’s marketing mix models help the client develop robust simulation models and optimize these models to devise alternative marketing programs. Quantzig’s marketing mix models also enable the client to gain an accurate and actionable view of full attribution to drive gains into marketing performance. Moreover, through the marketing mix model, the client will be able to assess individual and granular ROIs at each tactical level to improve the ROI for each channel.

The Business Challenge

Growth prospects in the healthcare sector are dwindling with the presence of numerous competitors. Like all other companies in the medical landscape, a leading healthcare and medical products company with a considerable number of branches spread across the globe wanted to establish an optimum market mix model. The client wanted to understand the problems related to marketing spend and further wanted to leverage the use of market mix modeling to stimulate patient outcomes – ROI, incremental volumes, and revenues. The client further wanted to increase long-term sales and their brand awareness.

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Marketing Mix Modeling Solutions Benefits

The robust go-to-market research evaluation approach helped the client quantify marketing effectiveness of channels in terms of ROI, revenue, contributions, and incremental sales. The client also gained a 360-degree approach of the market effectiveness and further determined the ROI. Also, with the help of Quantzig’s marketing mix modeling solutions, the client optimized their marketing efforts and measured an increment in the revenue and profit. The client leveraged insights on market conditions to further enhance the decision-making process and unlock organizations’ potential and drive profits.

Marketing Mix Modeling Solutions Predictive Insights:

  • Compare ROI across different media types
  • Understand the ROI and incremental prescriptions generated at a granular level
  • Measure how specific channels are performed at specific time intervals in the presence of negative media publicity

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