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, ‘Marketing Mix Modeling and its Strategic Impact on an Organization’s Success’, 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, “MMM strategies were initially used in the retail and consumer packaged goods (CPG) industry as it faced high competition with low profit margins and low involvement products. These products have a low level of customer loyalty because customers tend to shift brands easily.” This issue has now spread across almost every industry; with a rise in demand, there is more competition as consumers have more options to choose from.
By adopting marketing mix modeling for performance measurement metrics, organizations have been able to obtain a data-driven approach and improve decision making. However, to obtain successful results, organizations need to put in time, effort, accurate data, and involvement of every function to drive success.
For more insights, get in touch with Quantzig’s analytics solutions experts
Analytics experts at Quantzig say, “MMM helps to determine the factors that drive marketing activities, categorizing them into external and internal factors. These factors that impact the performance could be anything right from the 4Ps of marketing mix to economic conditions and trends.” MMM further helps in providing insights for budget planning, budget allocation, spend benchmarking, and ROI.
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.