Tag: marketing mix strategy

marketing mix optimization

How Marketing Mix Optimization Helped a European Automotive Company Increase Sales by 35% | A Case Study by Quantzig

Quantzig’s marketing mix optimization solutions helped a leading automotive company to streamline their marketing campaigns by assessing the different elements of the marketing mix. Devising a robust marketing mix optimization strategy also helped them target the right customers and generate incremental revenue of $5 million while improving sales by 35%.

Calculating the impact of marketing campaigns used to attract customers has always been one of the most common challenges faced by automotive companies. The fact that no direct link exists between marketing investments and the revenue achieved from marketing campaigns is only part of the problem. To tackle this challenge, automotive industry players must leverage advanced marketing analytics solutions and focus on developing a robust marketing mix optimization strategy, so they can react almost in real-time to how their marketing campaigns are performing.

Did you know? Marketing mix optimization is an analytical approach that can help you analyze the performance of marketing campaigns and determine factors that positively impact your customers. 

About the Client

The client is a leading player in the European automotive industry who wanted to streamline their marketing campaigns to identify and target the right customers through the right channels.

marketing mix optimization

Business Challenge

Prior to collaborating with Quantzig, the client leveraged demographic customer information to create targeted campaigns without taking into account their past buying patterns. As a result, the effectiveness of their sales campaigns was limited.

The client’s business goals were to streamline marketing campaigns by analyzing their effectiveness using a robust marketing mix optimization strategy. The client also wanted to analyze whether marketing mix optimization solutions would help them identify the right marketing mix to drive better results when compared to simple, rule-based targeting for their marketing campaigns.

Request a FREE propsal and learn how marketing mix optimization can help you drive business outcomes. 

Solution Offered and Value Delivered

Quantzig’s Marketing Mix Optimization (MMO) solution delivered timely, actionable insights that the client needed to assess the impact of its marketing campaigns. Adopting an analytical approach to gauge the elements of the marketing mix also helped them devise a robust strategy that streamlined all marketing campaigns. We also uncovered fact-based insights to create business strategies, drive business growth, and deliver breakthrough communications.

Marketing Mix Optimization: Business Outcome

Our marketing analytics experts worked closely with the client’s team and enabled them to run marketing campaigns focused on targeting customers through predictive models. With advanced marketing mix optimization solutions, the client was able to improve sales by 35%, driven in large parts through the launch of targeted campaigns.

 Our marketing mix optimization solution also enabled the client to-

  • Improve campaign effectiveness by 65% by optimizing marketing communications across all channels
  • Accurately forecast the impact of media, price, and exogenous variables on sales
  • Create tailored customer experience to maximize MROI

Our experts can guide you in developing targeted marketing campaigns. Get in touch right away!

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.

Request a Free proposal to learn how we can help you forecast integrated marketing campaign effectiveness and conversion rates.

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.

Wonder how we can help you? Request a FREE Demo.

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

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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