LONDON--(BUSINESS WIRE)--Market mix modeling (MMM) is gaining popularity because of its ability to forecast future outcomes based on past performance and present trends. Marketing mix modeling includes the four ‘P’s: Product, Price, Promotion and Place, and is used as a tool by analysts for fixing prices and formulating prudent managerial decisions.
In their recent blog titled ‘Everything You Need to Know About Marketing Mix Modeling’, global analytics and advisory firm Quantzig evaluates some of the ways companies are using MMM to formulate prudent managerial decisions and drive profit.
According to Quantzig, “By incorporating MMM, marketers can analyze past data and present trends, determining its impact on individual marketing campaigns across different channels. This will in-turn help in making proper decisions related to budget planning, fund allocation, and keeping an eye on performance.”
The three stages of the MMM approach are:
- The pre-planning stage includes analysis of historical data such as sales, trends, past campaigns and its drivers.
- The planning stage is all about forecasting and estimating the marketing effectiveness and ROI of marketing activities occurs.
- The final stage includes tracking of the effectiveness of all marketing variables, simulating spends scenarios and re-working the marketing activities, based on requirement.
For more insights, get in touch with Quantzig’s analytics solutions experts
The MMM technique finds its application in several industries, including retail and consumer packaged goods (CPG), food and beverage, telecommunications and IT, and the healthcare industry.
“For the retail and CPG industry, the marketing mix modeling helps to improve ROI across different marketing channels, optimize expenditure by eliminating inefficiencies, drive sales by setting better trade promotions and devise effective pricing strategy,” says Quantzig. “Applying MMM techniques in the food and beverage industry can identify the impact of competitive advertising, determine the factors that create halo effect and help prevent cannibalization.”
Quantzig Marketing Mix Modeling Studies
Quantzig has over 12 years helping leading organizations and leading firms from across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Here are the latest MMM research studies from Quantzig:
Marketing Mix Models Increase Marketing ROI for Telecom Company
View Study: https://www.quantzig.com/content/marketing-mix-models-telecom-industry
Marketing Mix Optimization for the BFSI Industry
View Study: https://www.quantzig.com/content/marketing-mix-optimization-bfsi-industry
Quantzig Provides Marketing Mix Modeling for the Pharma Industry
View Study: https://www.quantzig.com/content/marketing-mix-modeling-pharma-company
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.