LONDON--(BUSINESS WIRE)--Diversified industries across the globe have started adopting the marketing mix modeling (MMM) technique because of its ability to forecast marketing return on investment (MROI). Marketing mix modeling is a statistical analysis that helps in evaluating the past marketing activities and forecasting its impact on actual sales. The MMM model will ultimately help businesses to gain an edge over the competition.
In its recent analysis titled, ‘The Heuristics of Marketing Mix Modeling (MMM)’, global analytics and advisory firm Quantzig evaluates some of the ways different industries have been incorporating MMM in their operations to formulate strategic decisions.
According to Quantzig, “By incorporating MMM techniques, marketers gain an in-depth understanding of the marketing variables and its impact on sales and conversion. By its help, management can make strategic business decisions and identify the opportunity costs thereby optimize strategies from a long-term perspective.”
Theoretically, there are two marketing mix modeling strategies: longitudinal and cross sectional, that are pursued by organizations. Longitudinal analysis evaluates sales and profits over a fixed time and compares it with the marketing spend for that period. Cross sectional analysis entails allocating different levels of funds to each territory or region and then comparing the spend with the outcome.
For more insights, get in touch with Quantzig’s analytics solutions experts
Analytics experts at Quantzig say, “Marketing mix modeling may include a wide range of marketing variables, however the organizations must understand that it does not follow a ‘one size fits all’ approach.” To help organizations better understand these variables and techniques, Quantzig has released their top six heuristic approaches that organizations should keep in mind when identifying the right marketing mix modeling solution.
Quantzig’s marketing analytics solutions help organizations evaluate the success of their marketing initiatives. Their analytics experts have worked with numerous organizations of all sizes to help them integrate data across all marketing channels and consolidate it into a common marketing view, providing invaluable assistance in driving marketing efforts forward.
Recent Quantzig Marketing Mix Modeling (MMM) Studies
MMM Study to Increase Operational Efficiency in Banking Industry
Marketing Mix Optimization to Help Retail Chains Improve ROI
Marketing Mix Modeling to Improve Profitability in the Food & Beverage 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 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.