LONDON–(BUSINESS WIRE)–#BigData–Market mix modeling (MMM) is gaining popularity because of its ability
to forecast future outcomes based on past performance and
present trends. Marketing mix modeling includes the four ‘P’s: Product,
Price, Promotion and Place, and is used as a tool by analysts for fixing
prices and formulating prudent managerial decisions.
In their recent blog titled ‘Everything
You Need to Know About Marketing Mix Modeling’, global analytics
and advisory firm Quantzig
evaluates some of the ways companies are using MMM to formulate prudent
managerial decisions and drive profit.
According to Quantzig, “By incorporating MMM, marketers can analyze past
data and present trends, determining its impact on individual marketing
campaigns across different channels. This will in-turn help in making
proper decisions related to budget planning, fund allocation, and
keeping an eye on performance.”
The three stages of the MMM approach are:
The pre-planning stage includes analysis of historical data such as
sales, trends, past campaigns and its drivers.
The planning stage is all about forecasting and estimating the
marketing effectiveness and ROI of marketing activities occurs.
The final stage includes tracking of the effectiveness of all
marketing variables, simulating spends scenarios and re-working the
marketing activities, based on requirement.
For more insights, get
in touch with Quantzig’s analytics solutions experts
The MMM technique finds its application in several industries, including
retail and consumer packaged goods (CPG), food and beverage,
telecommunications and IT, and the healthcare industry.
“For the retail and CPG industry, the marketing mix modeling helps to
improve ROI across different marketing channels, optimize expenditure by
eliminating inefficiencies, drive sales by setting better trade
promotions and devise effective pricing strategy,” says Quantzig.
“Applying MMM techniques in the food and beverage industry can identify
the impact of competitive advertising, determine the factors that create
halo effect and help prevent cannibalization.”
Quantzig Marketing Mix Modeling Studies
Quantzig has over 12 years helping leading organizations and leading
firms from across the globe with end-to-end data modeling capabilities
to leverage analytics for prudent decision making. Here are the latest
MMM research studies from Quantzig:
Marketing Mix Models Increase Marketing ROI for Telecom Company
Marketing Mix Optimization for the BFSI Industry
Quantzig Provides Marketing Mix Modeling for the Pharma 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
Media & Marketing Executive