Tag: Marketing Mix

marketing mix modeling

3 Minute Primer: Why Marketing Mix Modeling Matters for B2B Brands

The four P’s of the marketing mix modeling as we know it – Product, Price, Place, and Promotion are the driving forces behind every marketing strategy. Today it has been extended to include people, processes, and physical environment as well. Identifying the right marketing mix is quite a challenge and many B2B marketers face several challenges when it comes to justifying their marketing investments. Though several factors contribute to this challenge it mainly arises due to long sales cycles, ineffective media spend and marketing strategy.

However, things have started to change, with marketing and sales teams working in tandem to achieve their organization’s targets. Today, B2B marketing teams play a significant role in increasing ROI, driving down the cost of high-quality leads by optimizing their media spend.

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Marketing Mix Modeling: Four steps to maximize marketing success

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Marketing Mix Modeling

Quantzig’s Marketing Mix Modeling Solution Helps a Prosthetics Manufacturer to Optimize Marketing Spend Driving a 5% Increase in Market Share Within a Short Span

“Sudarshan and his team showed great expertise and analytical rigor in designing customized marketing mix modeling solutions to improve marketing effectiveness and drive growth across market segments”.

About the Client

The client is a Fortune 500 prosthetics manufacturer based out of San Diego, well-known for offering a wide range of customized solutions for people of all ages. Their offerings include high-tech, advanced prostheses, braces, and other such devices that are designed to promote mobility of patients.

The Business Challenge

Despite its promising growth prospects, identifying the right channels to target customers is of utmost importance for healthcare companies today, as ‘marketing’ as a core business function has turned out to be more customer-centric and value-driven. With leading manufacturers of prosthetics striving to strike the perfect balance, many are unaware that advanced marketing mix modeling solutions can help them target the right customers and drive greater profits by optimizing marketing spend.

Cost concerns keeping your marketing investments at a standstill? They can adversely impact your bottom-line results too!

Request a FREE Brochure of our analytics solutions to learn how advanced analytical techniques and best-in-class methodologies can help you rectify the bottom line impact.

With the marketing spend highly concentrated in specific local market segments, the client- a leading prosthetics manufacturing company realized that it lacked a consistent spending structure due to which they were unable to quantify the success of their marketing campaigns. To tackle this issue, they needed a full-suite marketing mix modeling solution for their offerings in the American market segment. By leveraging marketing mix modeling solutions, they were looking at quantifying the impact of their online and offline sales channels, gauge ROI of their promotional activities, optimize spend, and gain insights into cross-channel attribution between digital and traditional marketing platforms.

The challenges faced by the prosthetics manufacturer included:

  • Complex and non-granular marketing spend data
  • Uneven and inconsistent data in multiple formats
  • No set approach to data normalization
  • Lack of an unbiased estimate of marketing effectiveness
  • Lack of effective territory alignment

Talk to our analytics experts and gain comprehensive insights on the business benefits of leveraging marketing mix modeling.

Solutions Offered and Value Delivered

Quantzig’s dedicated ‘Analytics Centre of Excellence’ with a team of 20+ data scientists, domain experts, and analysts designed an innovative three-pronged approach to mix modeling to tackle the challenges faced by the client. The marketing mix modeling solutions leveraged machine learning techniques, advanced algorithms, and probability theory which focused on bridging data gaps and quantifying the impact of standalone marketing activities on revenue, sales volumes, and price of similar products in the market.

Phase 1

The first phase of this marketing mix modeling engagement revolved around leveraging domain knowledge to identify data gaps and estimate the localized spending of each channel at a more granular level.

Phase 2

Based on the insights obtained, in the second phase of this marketing mix modeling engagement, we focused on appending demographic and psychographic data sets to assess the impact of different market segments and their contribution to the marketing effectiveness.

Phase 3

In the third phase of this marketing mix modeling engagement, our experts leveraged advanced analytics and deployed interactive dashboards to uncover the relationship between sales and spend for each channel. This helped them to determine the optimal investment and optimize spend budget for each channel.

If you’re interested to learn more about our marketing mix modeling capabilities, feel free to get in touch with our experts and schedule a free demo!

Quantzig’s marketing mix modeling dashboards also empowered the client to simulate various scenarios and gauge incremental sales by performing a deep dive analysis of sales data. Furthermore, the use of regression techniques empowered the client to extract key information and insights from existing data sets.

MARKETING MIX MODELING ENGAGEMENT OVERVIEW

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marketing mix modeling

Maximizing Drug Launch Sales Through Marketing Mix Modeling for a Leading Pharmaceutical Company

How we helped the client: Empowered a leading pharma company to gauge and optimize the effectiveness of their marketing campaigns through advanced marketing mix modeling solutions that helped align their marketing goals with market trends and customer behaviors, thereby supporting their end goal of achieving the ROIC target.

About the Client

The client is a leading US-based medical device and pharma drugs manufacturer. The company wanted to better understand the impact of their marketing tactics on their new drug launch and its sales by linking and analyzing complex datasets using advanced marketing mix and multi touch attribution models.

The Business Challenge

In today’s digitally inclined world where online, influencer-based, and personalized promotions need to work parallelly to impact consumer decisions, businesses must identify channels that help them better connect with their customers in order to drive revenue. To succeed in doing so, businesses need to adopt a comprehensive, commercially-focused approach to marketing mix modeling which can help them gain an accurate read on the ROI of their marketing investments. Leveraging fact-based marketing mix modeling and multi touch attribution solutions to optimize marketing investments can also drive significant improvements in marketing investments.

A robust marketing mix model can be the difference between the success and failure of a product. Request a FREE proposal to learn more about our marketing mix modeling solutions.

The pharma company faced several challenges in transitioning one of its products from the prescription-based category to OTC. To tackle this challenge, they needed to employ a full suite marketing mix modeling solution for their products in the American market. The marketing mix modeling approach had to quantify the impact of their marketing campaigns and promotions on sales, measure ROI for each marketing channel, and provide cross-channel attribution between social and traditional channels for media mix planning.

Solution Offered and Value Delivered

We adopted a comprehensive approach to marketing mix modeling that helped the client to accurately predict, optimize, and gauge the impact of their marketing activities, including media, consumer promotions, trade activities, and competitive activities.

Have an analytics-based need or want to know more about our services? Get in touch with an analytics experts.

Leveraging advanced multi touch attribution models also helped them quantify the ROI and sales lift of each drug category. Such a nuanced understanding of factors impacting marketing effectiveness enabled the pharma client to invest in marketing tactics that work. As a result, the client’s sales and marketing teams optimized campaigns to maximize revenue from each category.

Our marketing mix modeling solutions also enabled the client to:

  • Implement a unique approach to improve cross-channel attribution
  • Generate $2M in incremental profit
  • Reduce marketing costs by 60% and exceed launch sales goals

marketing mix modeling

Learn to optimize your marketing campaigns to drive revenue and improve MROI using our marketing mix modeling solutions. Request for more information now!

How does Marketing Mix Modeling Work?

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Marketing mix

Marketing Mix Modeling | Embedding Analytics Capabilities to Drive Better Marketing Outcomes

The client is a leading non-generic drugs manufacturer based out of the United States. They wanted to establish a marketing mix strategy to calculate the ROI for their marketing initiatives.

The Business Challenge
The pharma sector is navigating a profound transformation. With the ongoing shifts in market demands and consumer needs, pharma companies are finding it hard to adapt to the changes to gain a leading edge. Along with challenges the transformations have also presented new opportunities for pharma companies to focus on a variety of new marketing mix models to improve the performance of their products by tapping into new revenue streams. Today resource allocation for new drug launch or even an existing product is not a simple task. Owing to the complex business scenario and the availability of diverse marketing channels, finding the right marketing mix strategy has turned out to be a major challenge for players across industries.

Having launched a new drug in the non-generic drugs segments the client faced several challenges in generating a useful market share for the new product. To effectively address this issue they wanted to adopt a more holistic, commercially focused approach to gain in-depth insights into their marketing initiatives. As such, they approached Quanztig to leverage its marketing analytics expertise in developing a robust marketing mix modeling strategy.

Gain data-driven insights to deliver profitable results by leveraging Quantzig’s marketing mix modeling solutions

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Solutions Offered and Value Delivered

Our marketing analytics experts helped the client to build a robust marketing mix model to gauge the effectiveness of individual marketing channels. The devised model helped the client to systematically gauge target markets to optimize marketing investments and maximize profits from specific regions. A holistic approach to marketing mix modeling helped the client to embed the required analytic capabilities into their marketing processes to drive better business outcomes.

The marketing mix modeling solutions also helped the client to:
• Reduce total marketing spend by 15%
• Increase market share for the newly launched drug
• Improve the ability to quantify the marketing effectiveness of channels and events in terms of MROI

Optimize your marketing efforts and outcompete your competitors with our marketing mix modeling solutions. Request for more information right away.

How does marketing mix modeling work?

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marketing mix modeling

Driving Profitable Growth in the Food and Beverage Sector with Marketing Mix Modeling – A Case Study by Quantzig

The Business Challenge

With the onset of the fourth industrial revolution and the invention of new technologies such as IoT, AI, and VR, the world is slowing shifting into digital platforms. As a result, most consumer and business purchases happen through multiple touchpoints with various factors affecting customer decisions. However, the marketing data can be mined to reveal the decision-making patterns of customers through marketing mix modeling. By adopting an appropriate marketing mix modeling strategy, businesses can find answers to several important questions such as:

  • What impact does each of my campaigns have?
  • What is the cost per conversion and ROI?
  • What should I do to maximize my revenue and profits?

Marketers in the food and beverage industry are constantly faced with the challenge of allocating their fixed marketing budget across various marketing channels. The client, a leading food products manufacturer was facing a similar challenge and was looking at setting up an optimum marketing mix strategy to calculate ROI for their marketing campaigns. The client’s marketing spend data was unstructured and scattered across several digital platforms, making it difficult to analyze datasets and draw conclusions. The company approached Quantzig to leverage its marketing mix modeling expertise to understand the market dynamics for specific product categories. 

Before you take the leap, it’s essential to understand how much each marketing input contributes to sales and how much you should be spending on each marketing input. Request a FREE Proposal to know more about marketing mix modeling.

Solutions Offered and Value Delivered

In an attempt to help the client, the marketing mix modeling experts at Quantzig adopted a comprehensive approach that revolved around the use of marketing analytics to identify and deploy the ideal marketing mix strategy. As the client was involved in a number of marketing activities it was first essential to gauge the contribution of each marketing vehicle to identify the growth drivers for specific product groups. The marketing mix modeling strategy not only helped them to identify major gaps and new product potentials, but also helped them to reallocate their marketing budget to better support their marketing initiatives, resulting in a 35% increase in sales and a 60% improvement in marketing efficiency.

The marketing mix modeling solution also helped the client to:

  • Drive significant improvements in marketing campaign effectiveness
  • Balance short-term marketing and promotion tactics with long-term brand building strategies
  • Quantify the ROI of improving marketing effectiveness in terms of sales, profits, and share
  • Optimize future marketing investments

Cut Down on your Marketing Spend and Save Millions with Quantzig's Marketing Analytics Solutions

Marketers today face a similar challenge which revolves around identifying the activities that actually help drive revenue. Request a FREE Demo to know how marketing mix modeling can help you address this predicament.

Four P’s of Marketing

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