LONDON--(BUSINESS WIRE)--Marketing mix modeling (MMM) is a statistical tool that is growing in popularity across many industries. Organizations in the retail, finance, banking, and healthcare sectors are already taking advantage of MMM, and now internet giants Facebook and Google are adopting the tool as well.
MMM leverages advanced statistics to measure the impact of marketing campaigns on sales volume, profit, customer acquisition, and customer retention. It can be used to analyze current marketing spend, determine ROI, and predict future spend. Facebook has been working to provide clear metrics to marketers on the performance of their ad campaigns, and has therefore launched a portal that allows them to track MMM analytics. So far over 150 brands have benefited from this portal. Google also has a high volume of advertisers that want access to powerful campaign analytics, and the company has therefore created an MMM partner program of its own in partnership with leading analytics firms.
Why should you adopt MMM?
Marketing mix modeling isn’t just for tech and analytics giants. Other firms can take advantage of it to improve the effectiveness of their marketing campaigns and increase sales, as well as more accurately forecast marketing spend. Quantizg’s marketing analytics experts recently shared their top four reasons why adopting MMM is good for your business:
A 360-degree approach: MMM examines both internal and external factors and encompasses both online and offline media, making it less likely to overlook relevant variables.
Digital attribution + customer insights: MMM provides granularity that other tools lack, allowing organizations to track details and make connections that would otherwise have escaped notice.
Driving marketing effectiveness by leveraging insights: Data analytics provide faster, more efficient results than traditional evaluation methods, making for a better decision-making process.
Change management: In today’s fast-paced world, it is essential to change and adapt with the market. MMM provides data-driven facts and digital attribution that help firms create sustainable advantages in a competitive environment.
Quantzig offers customized marketing mix optimization solutions that help businesses gain accurate insights on the ROI of their marketing efforts, understand the impact of changing their marketing strategies, and measure the effectiveness of various marketing channels. Organizations across many different industries are turning to MMM to reduce sales and marketing spend but still increase sales due to improved targeting.
Recent Marketing Mix Modeling Quantzig Studies:
Increasing Marketing ROI for the Telecom Industry
Marketing Mix Models to Improve Profitability in the Food and Beverage Industry
Marketing Spend Analysis for the Banking Industry
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of about 120+ clients, including 45 Fortune 500 companies.