Marketing Mix Optimization for a Food and Beverage Manufacturer | Quantzig
About the Client A leading food industry player was looking at investing significant marketing dollars across multiple marketing channels to enhance visibility. The use of a log-linear marketing mix model did not help the client to achieve the desired business outcome. This is when they decided to leverage Quantzig’s marketing mix optimization solutions to devise [...]
About the Client
A leading food industry player was looking at investing significant marketing dollars across multiple marketing channels to enhance visibility. The use of a log-linear marketing mix model did not help the client to achieve the desired business outcome. This is when they decided to leverage Quantzig’s marketing mix optimization solutions to devise an innovative way to modernize and diversify their marketing mix to generate revenue.
The Business Challenge
The dynamic market landscape and technological developments have paved the way for food industry players to expand their marketing channels to drive ROI. Though businesses today have access to troves of customer datasets, they lack the expertise and tools to extract meaningful insights from the datasets. Analyzing customer datasets can help businesses to make informed decisions, the ones that help drive sales and ROI. One way to make this happen is by leveraging Quantzig’s advanced analytics solutions that focus on marketing mix optimization.
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The client was looking at developing an innovative cross-channel marketing strategy to optimize their marketing budgets and identify new channels for growth. To help them address this challenge, we adopted a two-tiered approach to marketing mix optimization. The initial phase revolved around the development of a statistical model, whereas the second phase focuses on the analysis of the results to ensure the best possible allocation of resources.
Solution Offered and Value Delivered
The food and beverage industry player had the required datasets but lacked the analytics expertise and appropriate tools to integrate and optimize the datasets. Our marketing analytics experts leveraged advanced data fetching and ingestion tools to help them assess the datasets. Our marketing mix optimization solutions also enabled the client to determine and capitalize on cost-effective media vehicles and campaigns that helped them drive significant improvements in revenue. Moreover, evaluating the cost per acquisition rate also empowered them to analyze and categorize marketing efforts based on sales.
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A combination of advanced marketing mix modeling solutions and market data enabled the client to:
• Generate insights from disparate datasets
• Integrate sales and customer data into a single unified machine-learning model
• Map customer journeys across the sales funnel using both top-down and bottom-up approach
• Reduce marketing spend by over 14% while consistently increasing sales across regions
• Quantify the value and impact of new marketing channels
What is marketing mix optimization?
Marketing mix optimization describes the analytical processes involved in analyzing datasets to gauge the performance of marketing campaigns in order to determine their impact on the end audience. Leveraging such insights can help businesses to optimize their marketing mix strategy by identifying the right marketing channels and campaigns that resonate with the customer’s behavior.
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