The modern marketer must leverage a wide array of channels and strategies to reach their target customers. But the challenge lies in identifying effective channels that drive the maximum revenue and profit. This is where Marketing Mix Modeling comes into the picture. It allows marketers to simulate different marketing scenarios to assess the impact of marketing investments and optimize future marketing strategy, budget allocation, sales/conversion forecasts, and maximize MROI.
Our marketing mix modeling solutions enable you to understand the descriptive (what happened?), predictive (what if?), and prescriptive (what next?) aspects of all your marketing activities. We use integrated artificial intelligence (AI) and robust statistical techniques to recommend the optimum marketing mix, designed to give you optimal MROI and conversions. Our solutions also enable you to understand the impact of changing your marketing strategies and measure the effectiveness of various marketing channels with multi-channel performance metrics.
Companies must quantify the effectiveness of various marketing channels — online (social, email, paid), offline (in-store, paid), and external (trends and consumer actions, competitor actions).
Our advanced marketing mix modeling solutions use statistical and analytical tools to analyze and quantify the effectiveness of all marketing channels and campaigns, enabling you to make better, smarter decisions to maximize incremental sales while minimizing costs.
Marketing Spend Optimization and Scenario Simulation
Companies must aim to reduce maverick spend on marketing campaigns. Our marketing spend optimization approach leverages advanced econometric models that help determine the performance and revenue generated from marketing activities. It also plays a crucial role in identifying the relevant marketing channels that generate more qualified leads and allocating budgets to build those channels up basis the level of marketing activity required.
Our advanced marketing mix modeling solutions allow companies to run simulations of various scenarios and conduct optimizations accordingly. Scenario simulation is a process by which one can make assumptions about several independent variables and environmental factors and analyze their impact on the outcome. For example – in one scenario simulation, we can keep the total marketing budget constant and vary the percentage change in spending across each marketing channel. This result, when clubbed with integrated artificial intelligence (AI) and robust statistical techniques, enables them to understand the optimum marketing mix, designed to maximize sales, revenue, and conversions.
Marketing Promotions — The Halo Effect
The halo effect in marketing promotions is the tendency for an impression created in a consumer’s mind for one product/service/experience of a company to influence another product/service/experience by the same company. The halo effect enables companies to use previous momentum or marketing success to reach customers, thereby saving on marketing spends.
Quantzig’s marketing mix modeling analysis provides you with data-driven insights into your successful marketing activity and how you can utilize that win to reach out to your target customers again, with the same or different offerings.
It is imperative for a company to understand the demand for their product/service before assigning marketing budgets to avoid unnecessary spending.
Quantzig’s demand analysis and forecasting solutions help you identify the right time to market your offerings basis customer buying behavior analysis, market and competitor analysis, and the impact of other macro- and micro-economic factors on the sales. This will enable you to optimize your marketing spends and reach your consumers at the right time, with the right message.
With our advanced analytics approach and intelligent, data-driven insights, you will be able to gain a unified view of your marketing activities to gauge their performance and enable you to make smarter decisions.
Quantify your marketing channels’ effectiveness in terms of MROI, revenue, and sales, and leverage our intelligent, actionable insights on the optimal marketing mix for your business to drive conversions and maximize returns.
Before you take the leap, it is essential to understand how much each marketing input contributes to sales and how much you should be spending on each marketing input.
Request a proposal to know more about marketing mix modeling to learn how Quantzig’s advanced marketing mix modeling can help you find the optimum marketing mix, designed to give you optimal MROI and conversions.
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