FIVE STEPS TO OPTIMISING MARKETING MIX STRATEGIES

It’s tough being a marketer today. Consumers have a barrage of choices in front of them, leaving marketers scrambling to establish value, stand out and deliver. Marketers need ingenious ways to reach and increase brand appeal, and find their way into consumers’ shopping carts. Add to it a cluttered media landscape and rapid advancements in technology, brands are finding themselves increasingly challenged to capture consumer mind share. The irony of their position is that brands are advised on the efficacy of their media plans and campaigns by the very agencies who create them, which effectively defeats the purpose of independent return on investment (ROI) evaluation.

In the midst of stiff competition and increasing budget concerns, brands want to know where and how to spend effectively. That’s where marketing mix modelling (MMM) can help. MMM helps brands achieve their objectives by studying the historical relationship between marketing spending and business performance. The MMM framework helps marketers understand the sales drivers and the ROI on their marketing investments. It addresses many challenging questions that a marketer faces, including prioritising and optimising choice of media, timing of exposure, the size of investment and more. Nielsen – Read more…​