At present, key players in the medical supplies landscape have started facing the need to streamline their increasingly complex supply chain activities. Existing models in medical supplies services sales have increased inventory management costs. Moreover, the extensive cost pressure faced by the medical supplies firms is forcing them to optimize their inventory to increase ROI and reduce costs across channels. Additionally, to curb the challenges associated with legislation and changing global demand, the medical supplies firms have started adopting marketing mix modeling to optimize spend across channels. Marketing mix modeling involves a robust analysis of several variables, including marketing, operations, sales activities, and external factors. Additionally, with the help of marketing mix modeling, medical supplies firms can gain an in-depth understanding of the impact of key business drivers and consequently allocate budgets to maximize profits and revenue across channels.
Quantzig’s marketing mix models help medical supplies client develop a robust optimized simulation model to devise alternative marketing programs. Additionally, Quantzig’s marketing mix models also allow the client to gain a precise and actionable attribute to drive profits into marketing performance. Also, through the marketing mix model, the client will be able to evaluate and improve individual and granular ROIs across channels.
The Business Challenge
Growth prospects in the medical supplies sector are decreasing due to the presence of several competitors in the market space. A leading medical supplies firm with offices spread across the globe was also facing similar issues and wanted to leverage effective marketing mix modeling solutions to optimize their spend across channels. Additionally, the medical supplies client wanted to gain a deeper understanding of the problems related to marketing spend and leverage the use of marketing mix modeling to stimulate ROI, increment volumes and revenues. Also, the medical supplies client wanted to enhance long-term sales and brand awareness.
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Marketing Mix Modeling Solutions Benefits
After gaining complete information into the medical supplier landscape, the client was able gained a 360-degree approach to the market effectiveness and was able to further determine ROI. The engagement further helped the client quantify marketing effectiveness of channels in terms of ROI, revenue, contributions, and incremental sales. Also, the client was able to further leverage insights on market conditions to further enhance the decision-making process. Effectively leveraging marketing mix models helped the optimize marketing efforts and measure increments in the revenue and profit.
Marketing Mix Modeling Solutions Predictive Insights:
- Measure how specific channels perform at time intervals in the presence of negative media publicity
- Measure the impact of customer experience, long-term sales, and other areas
- Understand the ROI and incremental remedies generated at a granular level
- Compare ROI across different media types