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Marketing mix modelling(MMM) is an analytical approach to optimize marketing efforts. It quantifies the impact of various marketing inputs,such as product features, pricing strategies, distribution channels,promotional activities, competition activity, and environmental factors, to maximize return on marketing investment ( ROMI ).
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How does one evaluate the return on investment from a sponsorship – let’s say the big bucks spent by Dream 11 on sponsoring the shirt of the Indian cricket team. Spend by Dream 11 was reported to be Rs 358 Cr for150 matches across all India teams – Men's, Women and Under 19. The interesting thing is that this rate is not even half spent by Byju’s and before them Oppo, who spent a whopping Rs 5.09 Cr per match. The increase and decrease in rate seems to be based on how buoyant some companies felt, a few years ago as opposed to how they are feeling today.
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RainMan has worked for over 15 years in the area of Marketing Analytics, and one consistent and recurring theme has been that otherwise great marketing companies, leave a lot of opportunity go a begging when it comes to use of their assiduously collected data.
A standard question that faces marketers in today’s media scenario is how much to spend on online vs offline media. Advanced Marketing Modelling techniques can be used to throw light on this very important issue and help optimize spending for a brand
Learn how Marketing Mix Models (MMM) helped an FMCG brand increase sales by 8%. Find out how MMM optimized advertising strategies and media channels for better results.
MMM can take media variables at different levels to estimate their effectiveness. It can be at the media type level – TV, Print, Digital Media, Out of Home, In-store media, Mobile.
An MMM study revealed the overall price elasticity over the past few years. This meant that if the competition maintained or took a lower price increase, the brand would lose 7% of its value sales