MMM’s Advanced Statistics Are Used To Calculate The Effect Of Marketing Campaigns On Sales Volume, Profit, Customer Acquisition, And Customer Retention
As a statistical tool, Marketing Mix Modeling (MMM) is gaining momentum in popularity spanning multiple industries. MMM is already benefiting organizations in the retail, finance, banking, and healthcare sectors are already taking advantage of MMM. Now the tool is being adopted by internet giants like Facebook and Google as well.
The advanced statistics of MMM is used to calculate the effect of marketing campaigns on sales volume, profit, customer acquisition, and customer retention. The tool benefits marketers by analyzing marketing spend as well as by determining the ROI while predicting the future investment. Facebook, which is already providing clear metrics on ad campaigns performance to marketers, has now launched a portal that allows the marketers to track MMM analytics. Till date the portal has benefited 150 brands. As the volume of Google advertisers seeking access to powerful campaign analytics is growing, the company too has created an MMM partner program of its own in association with leading analytics firms.
The advantages of adopting MMM
Marketing mix modeling is beneficial to more than just the tech and analytics professionals as any other enterprise can use it to enhance the efficiency of their marketing campaigns to drive sales, as well as more accurately predict marketing spend. The marketing analytics experts from Quantzig recently shared the top four ways in which MMM can benefit a business:
- A 360-degree approach: MMM examines both internal and external factors and encompasses both online and offline media, making it less likely to overlook relevant variables.
- Digital attribution + customer insights: MMM provides granularity that other tools lack, allowing organizations to track details and make connections that would otherwise have escaped notice.
- Driving marketing effectiveness by leveraging insights: Data analytics provide faster, more efficient results than traditional evaluation methods, making for a better decision-making process.
- Change management: In today’s fast-paced world, it is essential to change and adapt with the market. MMM provides data-driven facts and digital attribution that help firms create sustainable advantages in a competitive environment.
Quantzig’s customized marketing mix optimization solutions help businesses gain actionable insights on their marketing efforts and the ROI, in order to understand the impact of changing their marketing strategies, while evaluating the effectiveness of various marketing channels. Organizations spanning different industries are adopting MMM to reduce sales and marketing costs as well as to increase sales with improved targeting.
MMM’s recent Quantzig studies include:
- Increasing Marketing ROI for the Telecom Industry
- Marketing Mix Models to Improve Profitability in the Food and Beverage Industry
- Marketing Spend Analysis for the Banking Industry