LONDON--(BUSINESS WIRE)--Organizations have increased the adoption of marketing mix modeling (MMM) as it is one of the top advanced marketing analytics tools available to devise marketing strategies based on accurate insights. The use of MMM can help an organization to focus on its target customers and know their demands, improving targeting, set clear differentiation strategies, enhance branding tactics, and ultimately gain an edge over the competition.
In their recent blog titled ‘Big Data and Its Role in Marketing Mix Modeling (MMM)’, global analytics and advisory firm Quantzig evaluates some of the ways organizations have been incorporating MMM in their operations to formulate strategic decisions.
Quantzig notes that, “By incorporating MMM techniques, businesses can improve their marketing campaigns, evaluate past campaigns, identify present trends and forecast its impact on future sales. Big data has a huge role to play in the success of marketing mix modeling, as MMM highly relies on historical decisions and present trends in order to predict the marketing effectiveness of past, present and future marketing campaigns.”
How does big data impact marketing effectiveness?
To improve marketing efforts and performance, marketers are needed to combine big data with other marketing analytics tools such as MMM. The adoption of big data has helped marketers to easily define target customer segments and acquire them because marketers can easily interpret customer buying patterns by charting their journey through various touchpoints.
For more insights, get in touch with Quantzig’s analytics solutions experts
Advanced marketing analytics coupled with big data analytics can also help in keeping a track of the marketing return on investment (MROI) of past, present and future marketing activities, and thereby forecast its effect on sales. MMM and big data allows companies to evaluate their marketing spend and allocate a budget effectively to yield a higher ROI, optimizing the marketing mix and its variables.
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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.