LONDON--(BUSINESS WIRE)--Identifying high-value customers and allocating marketing spend is challenging, and involves many variables. Marketing mix modeling uses analytics to determine an optimal marketing budget and quantify the contribution of marketing activities to sales. Global analytics and advisory firm Quantzig recently completed several marketing mix projects for companies across multiple industries, helping them improve ROI and incremental sales.
Marketing Mix Models Increase Marketing ROI for Telecom Company
In a volatile industry such as telecommunications, managing the marketing mix is vital to efficient spending. A good model can estimate the effectiveness of media executions across channels to determine the ROI and incremental sales, improving investment decisions and fund allocation.
A US telecom firm approached Quantzig for help increasing its market share by optimizing marketing spend. With operations spread across multiple regions, the client wanted to understand the impact of its media investments at both national and local levels. Quantzig’s team of marketing analytics experts assessed a variety of data points, including competitor sales, media spending, and GRP of multiple channels. From there, they developed effective marketing mix models that helped the client improve profitability and cost savings.
Marketing Mix Optimization for the BFSI Industry
For banking and other financial institutions, marketing funds are often allocated based on the previous year’s performance, leading to inaccurate predictions and wasteful spending. Marketing mix models can improve the budgeting process, using analytics to predict future needs more accurately. To enhance their marketing strategy, a leading bank with a presence in more than 10 countries turned to Quantzig to maximize returns from traditional and digital marketing activities.
The client was manually tracking marketing spend, leaving a significant lag between effort and evaluation on marketing ROI assessment. Quantzig’s research experts analyzed sales data, fixed marketing expenses, variable marketing expenses, and economic and purchase funnel indicators to create effective marketing mix models. This allowed the company to create a more effective marketing strategy and make plans with greater certainty, improving ROI.
Quantzig Provides Marketing Mix Modeling for the Pharma Industry
A paradigm shift in the pharmaceutical marketing landscape has had a significant impact on promotional strategies, with the explosion of digital and social channels in the promotion mix creating new communication opportunities. This has made it essential for industry players to analyze how these promotional channels interact with each other and their impact on product usage.
A leading pharma company in the US recently approached Quantzig for help improving visibility on marketing ROI, as well as quantifying the contribution of each media type to incremental sales and ROI. The client had been relying on excel-based analysis and reporting across different clinical departments, and wanted to utilize marketing mix models to simulate potential outcomes. Quantzig analyzed a range of data to create effective models through which evaluate the impact of the client’s marketing strategies and improve business planning.
Recently Facebook and Google have adopted the marketing mix model for measuring performance and visibility. However, Quantzig notes that this model isn’t just for tech and analytics giants. Other types of firms can also reap the benefits of this method to improve marketing campaigns and increase sales. To help organizations improve marketing ROI, Quantzig’s marketing analytics experts released their top four reasons why businesses should adopt marketing mix modeling:
View Quantzig’s list of top four reasons to adopt marketing mix modeling
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 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.