Marketing Mix Optimization: Creating Simulated Forecasts of Marketing Scenarios to Withstand the Impact of COVID-19 on the Health and Wellness Industry
Engagement Summary In a recent engagement, Quantzig collaborated with a European health and wellness industry player to help them address the issues with their existing marketing mix models. The existing marketing mix model of this wellness industry client was not capable of withstanding the shocks of COVID-19. In this success story, our marketing mix optimization […]
In a recent engagement, Quantzig collaborated with a European health and wellness industry player to help them address the issues with their existing marketing mix models. The existing marketing mix model of this wellness industry client was not capable of withstanding the shocks of COVID-19. In this success story, our marketing mix optimization experts share insights on how the novel coronavirus is wreaking havoc on every sphere of the economy, and explain how health and wellness industry players can become more resilient by leveraging our marketing analytics solutions.
About the Client
The client is a well-known European health and wellness industry player catering to a huge customer base across western Europe. The client is well known for its prompt services and world-class product quality.
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The strain of coronavirus has affected the world, countries are now facing new challenges every day with rising positive cases of COVID-19. Apart from the human impact, the economic downfall caused due to the spread of this pandemic is affecting business outcomes of every business category. The wellness industry client was facing major challenges with planning their upcoming business operations.
The health and wellness industry as a whole is witnessing major shocks due to the outbreak of coronavirus. The client was already facing some challenges with dilution in the quality of products and services offered to their customers. This European health and wellness industry client wanted to expand their operations across the globe and allocate their future spends effectively across channels. By collaborating with Quantzig, the wellness industry client was looking forward to improving their sales and shareholder value. Additionally, with the help of advanced marketing mix optimization solutions, the wellness industry client wanted to measure the impact of their marketing and advertisement channels on the overall sales revenue.
Marketing Mix Optimization Engagement Summary
The challenges faced by the Canadian grocery retailer included:
- Lack of visibility into marketing channel’s performance
- Unable to improve profit margins
- Unable to penetrate new markets
- Redefine the marketing mix
- Link marketing efforts with the consumer purchase journey
- Build segment level models
- Improve business outcome
Our advanced marketing mix optimization solutions can help you to break down the business metrics to identify contributions from promotional activities and other media platforms. Request a free demo to learn more about our marketing mix optimization capabilities.
By collaborating with Quantzig the European wellness industry client embarked on a marketing mix optimization transformation journey that revolved around improving overall business performance. To help them, Quantzig’s marketing analytics experts adopted a comprehensive approach that helped them to understand the shortcoming of the existing marketing mix.
Our advanced marketing mix optimization solutions enabled the client to effectively allocate their marketing budget across different media platforms to increase visibility. This resulted in a measurable improvement in ROI for their products and service offerings across various marketing channels.
Our marketing mix optimization solutions helped the health and wellness industry client to identify an additional opportunity to forecast the marketing campaign’s effectiveness and conversion based on channel spend. The benefits also included:
- Optimized models to identify optimum media channel combinations for specified business outcomes
- Improved MROI by 55%
- Business-friendly simulators to analyze what-if scenarios
- Identified the macro-factors impacting business outcomes such as purchase power and inflation
Marketing data must be collected accurately and analyzed at requisite time intervals to avoid data imbalance and silos. We can help you address this using, contact our analytics experts right away!
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