To identify and attract high-value customers in today’s volatile telecommunication industry, organizations must allocate marketing and media spend wisely. Successful marketing mix modeling projects require contributions from both the business and technical teams. With the advent of digital channels and shift in consumption patterns of the customers, marketing mix modeling and techniques need to be updated with the unprecedented demand for more real-time and customized solutions.
Marketing mix modeling estimates the impact / effectiveness of media executions across channels to determine the ROI and incremental sales. It helps telecommunication industry players predict future media investments and allocate funds in a more precise manner. Marketing mix modeling also help in creating brand and product awareness to drive penetration and influence customers to upgrade service and product packages.[spacer height=”20px”]
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The Business Challenge
A leading telecommunication industry player in the US wanted to increase its market share in the retail space based on marketing mix modeling of marketing spends. The client had operations across multiple geographies and wanted to understand the impact of its media investments at both national and local levels for products such as – wireless, internet, and cable television. There was a need to improve profitability and cost savings based on optimized media spending.[spacer height=”20px”]
By assessing competitor sales data, media spending, and GRPs for display, paid search, social media, and purchase funnel indicators, Quantzig’s marketing analytics team collected data to develop effective marketing mix models.
Marketing Mix Modeling Benefits
- Improved ability to quantify marketing effectiveness of channels and events in terms of ROI, revenue, contributions, and incremental sales
- Supported future investment decisions based on simulated scenarios
- Created a real-time solution for investment decisions, providing executive management a powerful decision support system
Marketing Mix Modeling Predictive Insights
- Comparative ROI analysis across media types based on advanced regression methods for each product (wireless, internet, and cable)
- Insight into contribution of brand equity advertising on incremental sales at national and local levels
- Campaign analysis of individual campaigns to understand the ROI and incremental sales generated at a granular level for cable television
- Synergy analysis to identify direct and indirect impact of media types on incremental sales and the ROI generated