Tag: Marketing mix modeling

Marketing mix

Marketing Mix Optimization for a Food and Beverage Manufacturer | Quantzig

About the Client

A leading food industry player was looking at investing significant marketing dollars across multiple marketing channels to enhance visibility. The use of a log-linear marketing mix model did not help the client to achieve the desired business outcome. This is when they decided to leverage Quantzig’s marketing mix optimization solutions to devise an innovative way to modernize and diversify their marketing mix to generate revenue.

The Business Challenge

The dynamic market landscape and technological developments have paved the way for food industry players to expand their marketing channels to drive ROI. Though businesses today have access to troves of customer datasets, they lack the expertise and tools to extract meaningful insights from the datasets. Analyzing customer datasets can help businesses to make informed decisions, the ones that help drive sales and ROI. One way to make this happen is by leveraging Quantzig’s advanced analytics solutions that focus on marketing mix optimization.

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The client was looking at developing an innovative cross-channel marketing strategy to optimize their marketing budgets and identify new channels for growth. To help them address this challenge, we adopted a two-tiered approach to marketing mix optimization. The initial phase revolved around the development of a statistical model, whereas the second phase focuses on the analysis of the results to ensure the best possible allocation of resources.

Solution Offered and Value Delivered

The food and beverage industry player had the required datasets but lacked the analytics expertise and appropriate tools to integrate and optimize the datasets. Our marketing analytics experts leveraged advanced data fetching and ingestion tools to help them assess the datasets. Our marketing mix optimization solutions also enabled the client to determine and capitalize on cost-effective media vehicles and campaigns that helped them drive significant improvements in revenue. Moreover, evaluating the cost per acquisition rate also empowered them to analyze and categorize marketing efforts based on sales.

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A combination of advanced marketing mix modeling solutions and market data enabled the client to:
• Generate insights from disparate datasets
• Integrate sales and customer data into a single unified machine-learning model
• Map customer journeys across the sales funnel using both top-down and bottom-up approach
• Reduce marketing spend by over 14% while consistently increasing sales across regions
• Quantify the value and impact of new marketing channels

What is marketing mix optimization? (more…)

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.

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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.

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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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IR23

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.

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IR31

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

What the Client Wanted: Analyze and optimize the incremental value of investments through marketing mix modeling.

The Outcome: The solutions offered by the experts at Quantzig enabled the gourmet food retailer to establish an optimum marketing mix model. This engagement entailed the implementation of a robust marketing mix model to help the gourmet food retail client understand the impact of marketing campaigns on their overall ROI.Request Proposal

Gourmet Food Retail Industry Overview

Over the past few years, the class of foods consumed by the global population has undergone a massive transformation. The growth of the specialty retail segment, urbanization, rise in disposable income, and a surge in economic growth have greatly impacted the gourmet food segment. Such factors have not only catalyzed the growth of the gourmet food retail segment but have accelerated the strategic shift from traditional, low-cost food products to premium upgrades such as French cheese, Swiss chocolates, and exotic fruits and vegetables. Owing to such factors, leading food retail firms have now realized the importance of analyzing and optimizing their marketing investments to ensure they are on the right track. This has also prompted leading players to invest in developing robust marketing mix models to identify the factors affecting the incremental revenue.

Food Retail Industry Challenges:

  • Growing competition from non-traditional food retailers: Players in the food retail industry are witnessing growing competition from online and non-traditional food retailers. Also, leading gourmet food retailers have now realized that the online food retailers have a more perceptible impact in areas such as store sales, foot traffic, and basket size.Request Solution Demo
  • Increasing health awareness: Consumers across countries are now focused on improving health and wellness, and as a result, they are increasingly leveraging food to effectively manage and avoid health issues. This has both positively and negatively impacted the gourmet food segment by paving the way for new opportunities as well as challenges. To counter such challenges, food retail companies are focusing on implementing consumer wellness programs, nutrition guidance programs, and retail dieticians.

About the Client:

A food retail industry major, specializing in the gourmet food segment.

Client’s Challenge

To analyze the incremental value of investments, the client – a leading food retail industry player  – approached Quantzig. The client wanted to devise an appropriate marketing mix modeling strategy that integrates both traditional and digital channels through the effective allocation of marketing budgets.

Also, the gourmet food retailer wanted to leverage Quantzig’s vast experience in the food retail industry to their benefit and devise an effective approach to marketing mix modeling to better understand the impact of their marketing campaigns across their business segments.


Benefits of our marketing mix modeling solution

Gourmet Food

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Business Impact

With the help of Quantzig’s marketing mix modeling solution, the gourmet food client was able to calculate the relative ROI of innumerable marketing decisions, which helped them in developing an optimum marketing mix. The solutions offered also brought about several improvements in their business performance. Marketing mix modeling also helped them quantify the impact of individual marketing activities on several factors including price perception, revenues, and volume.

Marketing Mix Modeling Insights

Marketing mix modeling acts as a powerful tool for gaining breakthrough insights that positively impact business outcomes. If managed well, marketing mix modeling (MMM) can offer a significant competitive advantage to organizations across industries. Also, marketing mix modeling plays a key role in improving revenue and profit margins by offering new predictive insights on marketing campaigns.

Quantzig’s marketing mix modeling solutions are aimed at creating a single point of truth, which enables enterprises to work toward a common goal. Also, it is essential to conduct an exhaustive study of successes and failures prior to implementing a new marketing mix model. However, organizations with little or no experience in marketing mix modeling should consider involving analytics experts who can help them successfully navigate through their challenges to devise an appropriate marketing mix model.

Quantzig provides analytics solutions that help optimize marketing decisions. Our market expertise enables organizations to adopt the right strategy to develop a marketing edge that is required to develop winning products, convert traffic into customers, and enhance sales.


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