Enhancing Integrated Marketing Effectiveness Through Marketing Mix Modeling
Quantzig’s marketing mix modeling analysis for a leading pharma major company in the US maximizes their incremental volumes, ROI, and revenues.
Marketing mix modeling
Marketing mix models help companies quantify the impact of marketing strategies based on their past marketing spend. The model uses big data analytics to analyze the impact of marketing activity through media expenditures, various distribution channels, and sales organization. The exponential growth of digital and social media channels in the promotion mix has created new communication opportunities and increased the requirement for better analytics to make business decisions. The data collected through various sources is vast; however, with analytical models, companies can structure this information to use for business development. Leading organizations are using marketing mix modeling to understand how these promotional channels interconnect with each other and their effect on the product usage. Quantzig offers marketing mix models that simulate potential outcomes in terms of ROI, incremental volumes, and revenues under different spending scenarios. The business solutions help evaluate the impact of marketing strategies and ROI assessment.
Successful marketing mix modeling is equally an art and science. The method requires technical proficiency and complete knowledge of the business domain. Designing efficient models require managing and transforming data with specific predictive variables. Organizations are benefiting by structuring models based on the recommendations from key players in modeling companies and advertising agencies.
Aligning marketing strategies
The best way to deal with marketing models is by aligning marketing strategies through various advertisement channels. Creating channel specific marketing strategies will help companies to reduce the cost of advertisement and generate more interaction with the target audiences. Communication is the key to building good marketing strategies, and these models suggest the best way to increase communications between the company and its consumer. Gaining a pulse of the consumer trend will allow companies to establish better business goals and generate sales revenues.
Implementing test marketing
Test marketing helps companies analyze the success ratio of the new product, marketing campaign, and ideas to improve the design of the mix before the launch of the product. This helps organizations to evaluate the risk and impact of investment before designing a marketing campaign. This method is perfect for industries such as technology, healthcare, and hardware, where the initial cost of investment is very high. Moreover, it will help companies gauge the target audience and preferences before introducing the product in the market.
Outcomes and solutions offered
Quantzig’s research experts analyze distribution data, prescription data, sampling promotions and pricing data, and various media spending and GRPs to arrive at business objectives and create efficient marketing mix modeling for a leading pharma company. Some of the solutions offered are as follows:
- Improved ability to quantify marketing effectiveness of channels and events in terms of ROI, contributions, revenue, and incremental sales
- Designed a real-time solution for investment decisions, providing executive management for a powerful decision support system
- Offered insights on the contribution of brand equity advertising on incremental prescriptions (NRx) and the ROI from each media type
- Identified a set of suitable predictors for a more precise set of response parameters
The complete case study on marketing mix modeling for a leading pharma company is now available.
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