Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the release of a three-minute primer on ‘Why Marketing Mix Modeling Matters for B2B Brand.’
Marketing mix modeling helps businesses to gauge past performance so that they can use it to improve their future MROI.
Marketing mix modeling helps businesses to gauge past performance so that they can use it to improve their future MROI. By doing so businesses can gain a better understanding of their marketing effectiveness and take corrective actions to realign their marketing budget across tactics, products, segments, time and markets for a better future return. Every marketing mix modeling project must incorporate all the marketing tactics, assuming there is high-quality data with enough information on the product, demographic, and/or market variability.
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Four Steps to Maximize Marketing Success
1. Data collection and integration
The initial phase of any marketing mix modeling project revolves around the collection and analysis of marketing data obtained from diverse sources and marketing channels. This empowers businesses to make crucial decisions on the categories to be analyzed, the timeframe, and the granularity at which data would be scrutinized.
A fundamental output of every marketing mix modeling project revolves around the decomposition of sales, often represented using graphs to analyze sales volume by each modeled tactic. Talk to our analytics experts for more insights.
2. Data modeling
Data modeling revolves around using advanced analytical methodologies to address common queries and skillfully tackle challenges. Partnering with the in-house team or third-party analytics service providers will help brand managers to leverage marketing mix modeling to addresses their challenges.
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3. Model-based measures
By analyzing how each marketing tactic affects sales, businesses will be able to devise model-based marketing measures to drive profits. However, it’s crucial to note that the outcome of your model must align with the current business requirements and answer the questions that are crucial to decision making.
4. Simulation and optimization
It’s essential to turn insights into inputs for effective planning of marketing activities. Simulation and optimization of business models play a crucial role in helping businesses plan future marketing activities as they offer valuable insights into how each marketing tactic affects sales.
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