Tag: marketing mix analytics


Marketing Mix Modeling: Top 10 Success Stories that Will Help You Decide If You Really Need It

In today’s competitive landscape, businesses find it difficult to measure marketing effectiveness. Understanding the future impact of a change in marketing metrics and optimizing investments to drive sales and profits for profitable customer segments is challenging for most companies. Moreover, the impact of operational factors and external factors such as weather, macroeconomic factors, and aggravating competition is increasing the marketing spend for businesses.

If investments are not optimized and analyzed properly, companies cannot identify their key drivers of profit, sales, and performance. Therefore, marketing managers need to take marketing mix modeling into account, to set the right foundation for their marketing initiatives and branding solutions.

Marketing mix strategy has the potential to streamline marketing activities to maximize revenues, profits, and predict sales while simulating various scenarios.

At Quantzig, we understand the impact that marketing mix modeling can have on your business. And to help companies bost marketing efficiency, we have listed below some of our top success stories that have helped numerous companies to implement an effective marketing mix modeling technique to maximize ROI.

Marketing Mix Modeling Success Stories

Success story #1: Marketing mix modeling paved the way for precise marketing mix strategyAnalyzing the key components of the marketing mix is a pre-requisite when it comes to developing a solid marketing mix strategy. Don’t you agree? Marketing mix modeling comes to rescue here as it did for one of Quantzig’s clients. By leveraging marketing mix modeling solutions, the client was able to use multiple regression techniques. Furthermore, this helped them predict the optimal mix of marketing variables and develop a rigid marketing mix strategy to persuade their customers to act immediately.

Success story #2: Marketing mix modeling paved the way for a 50% boost in ROI:Want to avoid wasteful spending and suboptimal results in your business? If yes, then this success story can inspire you. One of the Quantzig’s clients was facing issues boosting their ROI and approached Quantzig to leverage our expertise in offering industry-leading marketing mix modeling solutions to examine the relationship between marketing mix elements and performance measures. Our marketing mix modeling solutions proved useful for the client, especially in ascertaining the effectiveness of each marketing input in terms of ROI and this boosted returns to 50%.

Driving Market Advantage with the Help of Marketing Mix Modeling – A Retail Banking Case Study

Success story #3: Marketing mix modeling optimized the incremental value of investments: With the aid of marketing mix modeling, it becomes easy for any company to analyze the incremental value of investments. Do you want to know how? Our latest success story can shed light on how Quantzig’s marketing mix modeling techniques integrated both digital and traditional channels through the effective allocation of marketing budgets. With the help of marketing mix modeling, it becomes easy to gain actionable insights into the impact of the marketing campaigns across various business segments. Furthermore, marketing mix modeling is also very helpful when it comes to budget optimization, channel and campaign ROI analysis.

Analyzing the Incremental Value of Investments Through Marketing Mix Modeling for a Gourmet Food Retailer

Success story #4: How can marketing mix modeling can transform your business? Marketing mix modeling is the best way to evaluate past marketing outreach activities, forecast the return on investment, and measure its impact on the overall sales. It allows companies to gain actionable insight into market variables and their impact on sales. Irrespective of the industry in which the business operates, tmarketing mix analysis allows organizations to make strategic business decisions, identify opportunity costs, and optimize marketing strategies.

Marketing Mix Modeling Transforms the Healthcare Industry

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Success story #5: Marketing mix modeling quantified the impact of sales on marketing activities :Do you think quantifying the impact of sales on marketing activities is a tough nut to crack? Well, not anymore! Marketing mix modeling solutions can help you do so very easily as it did for one of Quantzig’s clients. Marketing mix modeling provided assistance to the client in understanding the impact of online media on sales and optimizing investments to drive profit. Furthermore, marketing mix analysis proved beneficial in measuring the potential value of all marketing inputs and make investments to increase long-term revenue.

Marketing Mix Modeling: How Quantzig Helped a Prominent Client in the CPG Industry Optimize their Marketing Spend

Success story #6: Leveraging marketing  mix modeling to reduce marketing spend significantlyThe key advantage of leveraging marketing mix modeling solutions is its go-to-market research evaluation approach. This is what formulated the way for better savings since Quantzig’s marketing mix modeling solutions quantified the effectiveness of marketing channels in terms of revenue, incremental sales, ROI, and contributions for the client. Furthermore, it also unlocked the business potential and reduced marketing spend significantly.

Marketing Mix Modeling Helps an Electronics Retailer Reduce Marketing Spend

Success story #7: Why is marketing mix modeling inevitable for your business? Marketers often face the challenge of correctly determining and analyzing the effectiveness of their campaigns across offline and online marketing channels. Ideally, marketing strategies are concocted by using primary and secondary media research, but if you do not measure the marketing effectiveness efficiently, you might be missing out on some vital information. This is where marketing modeling mix helps and therefore, ignoring it is not at all recommended for businesses if they really want to stay ahead in the competition.

Why is Marketing Mix Modeling Inevitable for Your Business?

Success story #8: Marketing mix modeling offered a real-time solution for investment decisionsMaintaining and increasing market share on the basis of optimization of marketing spends is a real challenge that almost all businesses face. This is the problem that one of the clients of Quantzig also faced and marketing mix solutions helped them effectively. With its ability to analyze various data such as sales data, market-level media measure, variable marketing expenses, fixed marketing expenses, and economic and purchase funnel indicators, it provided the management with a decision support system and analyzed the sales at the granular level.

Marketing Mix Modeling Helps a Leading Bank Gain a Holistic Overview of Their Marketing Spend

Success story #9: What are the thumb rules of marketing mix modeling? Marketing mix modeling may include a vast range of marketing variables; however, companies must understand that it does not follow a ‘one size fits all’ approach. Every brand is unique and so are the variables impacting that particular brand. The thumb rules such as setting realistic levels or base line, avoiding hasten decision making, understanding the underlying factor behind growth, maximizing participation and involvement across all channels of an f organization, can help companies boost their ROI to an optimum level.

The Heuristics of Marketing Mix Modeling (MMM)

Success story #10: Marketing mix modeling laid mechanism for comparative ROI analysis :In this era of technology, understanding the impact of media investments at both national and local levels for products or services is very crucial for companies. Don’t you feel so? Marketing mix model can assist companies in improving the ability to quantify the marketing effectiveness of various media channels and events in terms of ROI and revenue. Furthermore, it can also contribute to synergy analysis to identify the direct and indirect effect of media types on incremental sales.



Why Marketing Mix Should Be in the Basket of Every Retailer

Marketing mix is often regarded as the cornerstone of success for retail companies. A retailer must engage in planning, research, and analysis before implementing a marketing strategy. At the core of any retail marketing plan is the marketing mix consisting of the four Ps – Product, Price, Place, and Promotion. Furthermore, with packaging gaining immense traction for retail companies in the recent years, packaging is said to be the 5th P of the marketing mix. In the case of services, the marketing mix consists of 3 Ps – People, Process, and Physical evidence. These elements form an integral part of the strategy formulation and decision making-process for retail companies. Still not convinced of the benefits of marketing mix for a retailer? Here are some vital reasons why it is considered inevitable and of great importance in the retail industry:

Aids new product development

During the product design stage for a new item, there could be several ideas which can crop up for a related product that can be designed by the company. The place, pricing, and promotions might be different for these products. It can be classified as a new product; and while designing the marketing mix, retail companies can come up with good ideas for new product development as well.

Better resistance to contingencies

By gaining a clear understanding of their product, processes, people, promotion, retailers can respond to unforeseen contingencies with more agility. During a recession or in a poor business environment, companies will be able to respond better if they have in-depth knowledge of their marketing mix.

Helps in differentiation

When retailers analyze their marketing mix with that of their competitors, there are many different ways you can differentiate yourself from the competitors. The competitor might have poor promotions and by analyzing them, you can create better promotions of your own product. By doing things, companies will gain knowledge on the weak points of the competitors and build on them to get a competitive advantage. For instance, the competitor might have poor promotions and by analyzing them, companies can create better promotions of their own product.

Guide to improve business

Marketing mix is as important to service-based companies as it is for product-based companies. If a restaurant or an interior design business realizes that it’s important, then naturally they can act on it and improve the physical evidence of their business; thereby, bringing in more business. Knowing the people and process are important to the organization and optimizing both can improve the overall efficiency of an organization. Hence, marketing mix is an excellent guide if a retailer wants to improve their business or conduct a gap analysis.

Better product portfolio

When retail companies want to increase the product depth or product line and length, they must make minor changes to the product. In essence, it involves making minor changes in the marketing mix itself. Changes are being made to the product features, to its pricing and possible to its promotions. As a result, by altering the marketing mix and certain features within it, companies can end up with an enlarged product portfolio.

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Quantzig’s Marketing Mix Optimization Helped a Prominent Retail Banking Client Improve Business Efficiency by 30%

The Client: A renowned banker

Area of Engagement: Marketing mix optimization

Amid the tentative financial recovery, the retail banking space is facing pressures to develop digital and data capabilities to simplify their business process. Retail banking focuses on conducting businesses directly with the customers to improve services such as transactional accounts, debit cards, credit cards, personal loans, and mortgages. With the growing needs and expectations of the customers, the retail banking sector at large is focusing on delivering efficiency, quality, and speed to deliver exceptional customer experience. Moreover, the sector will witness a stipulated growth owing to the rising discretionary incomes, robust GDP growth, and larger population of banking customers. Although the retail banking space is witnessing a promising growth, several factors may influence the growth of the industry. These include.

  • Technological changes: Today, innovations are growing at a rapid pace, and prominent banking organizations are developing new products and services to serve the customers better. The considerable growth in IT spending is compelling businesses to invest heavily in research and development to improve business process and enhance their ROI.
  • Changing customer expectations: As the retail banking is shifting toward a customer-driven environment, improving the customer loyalty becomes a primary concern for the businesses. With the changing customer perceptions, businesses need to understand different types of customers and how they make choices and accordingly allocate their resources.

To address these challenges and measure the impact of marketing on business performance, leading businesses are leveraging marketing mix optimization solutions. Marketing mix optimization helps businesses to measure the effect of advertising, packaging, and distribution challenges on the sales revenue. Marketing mix optimization also helps businesses allocate their marketing elements to determine the net effect on the company’s profit.QZ- Request free proposal

The Business Challenge

Retail banking remains an essential part of the financial services accounting for 45% of the total banking revenues.

The client, a renowned retail banker, wanted to gain an understanding of the historical relationship between marketing spending and business performance. With the help of a marketing mix optimization solution, the client wanted to understand the sales drivers and their ROI for their offerings across media platforms. The retail banker wanted to measure the performance of their marketing mix and understand how external influences such as competitive actions, seasonality, and economic conditions impact the sales performance. The primary concern of the client was to revisit their marketing plans to meet the business goals of improved revenue, sales, and profit.

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The Solution Benefit and the Business Impact

The marketing mix optimization solution offered by Quantzig assisted the retail banking client accurately forecast, monitor, and periodically assess the impact of marketing campaigns on their business performance. The solution also focused on quantifying the marketing decisions of the past and predicting the future sales of marketing variables. By determining the impact of various media channels, the client was able to reallocate their resources to form an optimal marketing mix.

Marketing Mix Optimization Predictive Insights

Quantzig’s marketing mix optimization helped the retail banking client evaluate the impact of different components of marketing plans such as advertising and promotion on the overall business performance. The engagement also helped the client understand the trends in the specific industry and pricing differences across sales regions. Moreover, the client was able to develop robust marketing models to continuously improve top-line revenue and ROI.

Want to know more about the benefits of marketing mix optimization for the retail banking space

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