LONDON--(BUSINESS WIRE)--Quantzig, a global data analytics and advisory firm, has recently announced the completion of their latest Q&A session on the role of market mix modeling in boosting ROI for businesses with Mr. Aviral Sinha, Manager and an Analytics Services Leader at Quantzig. He has cumulative experience across multiple types of analytics engagements including advanced customer and marketing analytics, price optimization, sales analytics and BI solutions. In this blog, Mr. Aviral Sinha decodes market mix modeling myth and provides detailed insights into challenges that companies face while implementing market mix modeling to improve their business strategies. Also, he discusses what companies should do to be future-ready.
With the rapid growth in demand in the emerging economies and saturation in developed countries, there is a significant shift in the market dynamics across the globe. As a result, companies are finding it difficult to devise market expansion strategies to gain and retain market shares, optimize their marketing investments, and identify revenue-driving opportunities. This is where market mix modeling can help businesses to evaluate their past marketing activities and forecast the marketing return on investment based on data-driven insights. Also, with the help of market mix modeling organizations can bridge the gap between the marketing spend and the bottom line.
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Evolving markets are resulting in more competition, more products and more options for buyers. This has created a challenging marketing environment. Therefore, it has become crucial for companies to identify and collect data that is completely different from internal and external sources such as marketing, sales, advertising agencies, etc. Also, dealing with selection biases in ad targeting based on interest, seasonality in demand, and funnel effects to specify market mix models is important.
"Organizations of the future will drive marketing excellence by connecting the online and offline journey with the help of the marketing analytics," says Mr Aviral Sinha.
Marketing mix modeling looks at the historical relationships between marketing spending and business performance to help you determine your business drivers and how much you should spend along with the best allocation across products, markets, and marketing programs. By applying a more holistic approach to marketing mix modeling, marketing-driven analytic organizations can achieve higher returns on their marketing investments. Applying fact-based marketing mix ROI optimization solutions to marketing investments can drive significant improvements in your marketing effectiveness.
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In this discussion, Mr. Aviral Sinha provides answers to questions relating to:
- Is market mix modeling a black box?
- What are the current challenges in market mix modeling?
- Is market mix modeling biased to promotions and fails to capture the true effects of advertising?
- What is it that companies should do to be future-ready?
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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 15 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 our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal