Improving Marketing Effectiveness with the Help of a Marketing Mix Strategy – A Case Study on the Household Goods Sector
Marketing Mix Modeling
Marketing mix modeling is an analytic approach that helps quantify the impact of marketing efforts on sales and marketing ROI. With the rise in the adoption of marketing mix modeling the need to improve speed, granularity, and holistic reporting skills have also increased drastically. Due to this marketing mix modeling has now become a key influencer of marketing strategies. The analytic evolution has been further propelled by the by advances in data, technology, and advanced analytics. This has not only broadened the scope of the marketing mix modeling to include marketing, operations, and external factors but has also dramatically improved the speed-to-insight.
Additionally, such marketing modeling techniques have acted as granular models that support tactical marketing optimization in a way that aligns with the core business processes. As the marketing modeling techniques have evolved, cross-functional involvement has expanded gradually and the value delivered through such models in the form of an increase in sales, profit and shareholder value has amplified considerably.
The client – a leading $10 billion manufacturer of household goods with over 100+ stores located globally.
Project Background and Solutions Offered
The client- a leading household goods manufacturer wanted detailed insights on the best marketing vehicles to increase sales and drive growth. The household goods manufacturer was struggling to gain detailed insights into the impact of their marketing campaigns. They wanted to develop an appropriate strategy to leverage the impact of their marketing campaigns. To do so they collaborated with Quantzig to leverage its expertise in marketing mix modeling. Also, they were looking at implementing a marketing strategy that will help them meet their business objectives.
Value Delivered to the Client
By adopting a more commercially focused, holistic approach to marketing mix modeling our marketing mix experts were able to gain detailed insights into the ROI of the client’s investments. Leveraging marketing mix modeling techniques and using the right marketing strategy, positively impacted the household goods manufacturer’s ROI. The developed marketing mix strategy was also beneficial in driving improvements in the overall marketing effectiveness, which improved by 60%.
Furthermore, based on the clients marketing performance, trade promotions, pricing strategies, economic indicators, and other business conditions we were able to offer actionable insights along with a value proposition into how the client could optimize their marketing performance for the future.
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