Brands now know more about their customers than ever before, as customers are opting in to share their digital trails during their interactions with them. Even though marketing channels & big data has proliferated, the core concept and benefit behind traditional marketing mix modelling still rings true. If implemented the right way, it still holds immense power to move marketing in the right direction.
We have seen this with some of our top clients such as Dell, where the Convergytics Marketing Mix Solution has given an exponential sales lift.
We see 4 limitations with traditional Marketing Mix Models:
Lack of Predictive Insights
Marketing Mix models tend to be backward looking and don’t provide insights on future planning.
Focus on Short Term Gains
Marketing Mix models provide only impact of short term gains and not necessarily capture long term impact of activities.
Non-marketing factors are missing
Factors like pricing, distribution, customer experience and creative effectiveness are not captured.
Have attribution bias
Most current methodologies does not account for attribution bias, particularly within digital media
Our marketing mix modelling solution helps marketers make smart decisions to maximize their ROI by focusing on 4 pillars
Be Predictive Not reactive with a solution that focuses on optimization and planning. (Not just a backward looking attribution measurement)
Marketing analysis at the granularity of decision making to enable actionable insights and recommendations
Machine learning and modelling innovation to deliver in depth insights on spends and marketing activities
Go behind the scenes of ROI by accounting for non-marketing factors like price, distribution, competition, customer experience etc.