LONDON–(COMMERCIAL THREAD) – Quantzig, a leading analytics consultancy that offers customized analytics solutions, announced the publication of a three-minute guide to ‘Why marketing mix modeling is important for the B2B brand. ‘
Marketing mix modeling helps companies assess past performance so that they can use it to improve their future MROI. In doing so, companies can better understand their marketing effectiveness and take corrective action to realign their marketing budget with tactics, products, segments, time and markets for better future performance. Every marketing mix modeling project should incorporate all marketing tactics, assuming that there is high quality data with enough information about the product, demographics, and / or market variability.
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Four Steps to Maximizing Marketing Success
1. Data collection and integration
The initial phase of any marketing mix modeling project revolves around collecting and analyzing marketing data obtained from various marketing sources and channels. This allows companies to make critical decisions about which categories to analyze, when, and how granularly the data would be reviewed.
A fundamental result of every marketing mix modeling project revolves around the sales decomposition, often represented using charts to analyze the sales volume by each tactic modeled. Talk to our analytics experts for more ideas.
2. Data modeling
Data modeling revolves around using advanced analytical methodologies to answer common queries and skillfully overcome challenges. Partnering with the internal team or third-party analytics service providers will help brand managers leverage marketing mix modeling to meet their challenges.
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3. Model-based measurements
By analyzing the impact of each marketing tactic on sales, companies will be able to design model-based marketing metrics to generate profit. However, it is essential to note that the output of your model should align with current business requirements and answer critical questions for decision making.
4. Simulation and optimization
Turning information into inputs is essential for effective planning of marketing activities. Simulating and optimizing business models play a crucial role in helping companies plan their future marketing activities, as they provide valuable insight into how each marketing tactic affects sales.
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Quantzig is a global analysis and consulting firm with offices in the United States, United Kingdom, Canada, China and India. For over 15 years, we’ve been helping customers around the world with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm has more than 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