LONDON--(BUSINESS WIRE)--Quantzig, a global data analytics and advisory firm that delivers actionable analytics solutions to resolve complex business problems, has announced the completion of their latest marketing mix modeling engagement for a leading prosthetics manufacturer based out of San Diego. This success story investigates the factors that hindered the client’s ability to defend their market share and establish a consistent spending structure.
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Despite the promising growth prospects in today’s healthcare sector, identifying the right channels to target customers is of utmost importance for companies, as ‘marketing’ as a core business function has turned out to be more customer-centric and value-driven. With leading manufacturers of prosthetics striving to strike the perfect balance, many are unaware that advanced marketing mix modeling solutions can help them target the right customers and drive greater profits by optimizing marketing spend.
Quantzig’s dedicated ‘Analytics Centre of Excellence’ with a team of 20+ data scientists, domain experts, and analysts can help you design and implement advanced market mix models to gain a holistic understanding of the factors that drive sales along with a glimpse into factors that adversely impact MROI. Our marketing mix modeling solutions leverage machine learning techniques, advanced algorithms, and probability theory to bridge data gaps and quantify the impact of standalone marketing activities on revenue and sales volumes.
The Business Challenge
The client- a leading prosthetics manufacturer based out of San Diego, was looking at driving greater profits by optimizing marketing spend. They chose to collaborate with Quantzig and leverage its marketing mix modeling solutions to quantify the impact of their online and offline sales channels, gauge ROI of their promotional activities, optimize spend, and gain insights into cross-channel attribution between digital and traditional marketing platforms. The client’s challenges spanned three core areas including:
- Complex and non-granular marketing spend data
- Lack of an unbiased estimate of marketing effectiveness
- Uneven and inconsistent data in multiple formats
“Leveraging our marketing mix modeling expertise and analytics models put you in a better position to analyze and quantify the performance of your marketing channels in terms of MROI and incremental sales,” says a marketing analytics expert from Quantzig.
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The Solution Offered & Value Delivered
To help the client tackle their challenges we adopted a comprehensive three-pronged approach that leveraged marketing mix modeling and advanced statistical techniques to gauge incremental sales by performing a deep dive analysis of sales data. Furthermore, the use of regression techniques also empowered the client to extract key information and insights from existing datasets.
The marketing mix modeling solutions empowered the client to:
- Reduce the total spend on marketing campaigns by 17%
- Increase market share by 5%
- Improve brand awareness
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Quantzig's marketing mix modeling solutions offered predictive insights on:
- Identifying profitable sales channels
- Devising suitable marketing strategies to maximize campaign effectiveness
Our advanced marketing analytics solutions help businesses to analyze marketing performance and distribute funds more efficiently to drive MROI. Get in touch with our analytics experts and learn more about how we can help you deconstruct data and quantify the performance of each element in the marketing mix.
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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