Marketing mix optimization has always been a corner stone for businesses looking to perform a deep dive analysis of the potential opportunities in developed as well as emerging markets.
The rising demand in the emerging economies and the market’s saturation in developed countries has created a rapid shift in the market dynamics across the globe. As a result, organizations’ marketing function faces a tough time in optimizing its marketing investment, devising market expansion strategies to gain and retain market shares, and identify revenue driving opportunities. Marketing mix modeling (MMM) is a type of statistical analysis that helps businesses evaluate their past marketing activities and forecast the marketing return on investment (MROI) based on data driven insights. Marketing Mix optimization enables companies in bridging the disconnect between the marketing spend and the bottom line.
Through marketing mix optimization, marketers can maximize their return on marketing spend and identify profitable marketing mix with a variety of channels and media. Optimizing the marketing mix helps companies determine the value of marketing activities and interactions while identifying the revenue and cost opportunities for the same. These insights are based on the data collected through traditional media (TV, Print, Radio, PR, etc.) as well as digital media (websites, social media, etc.). Additionally, the data obtained through various sources is combined with the sales information and can enable organizations to develop marketing strategies that will help in driving profitability, increase incremental sales, and improve conversions by identifying media channels that are effective and profitable in reaching customers.
This webinar on “marketing mix optimization for marketing excellence” delves on these aspects and offers insights into the benefits of leveraging digital channels in the marketing mix, the challenges of optimizing marketing mix, and the future of marketing strategy development in organizations.
Here’s an insight into the top four aspects that our 45-minute webinar on the application of marketing mix optimization for marketing excellence in the industry will address:
- Current challenges and market mix models to maximize sales and marketing effectiveness
- Roadmap for advanced data analytics driven market mix modeling
- Rising prominence of digital channels in market mix optimization
- The way forward for marketing strategy development for future organizations