Category: Computers

Tags: Marketing Mix Modeling, marketing mix modeling mmm, marketing mix modeling optimization, Marketing Mix Modeling tool

Marketing Mix Modeling can best be introduced through John Wanamaker's famous quote: "Half of my advertising money goes down the drain; unfortunately, I have no way of knowing which half." Marketing Mix Modeling MMM offers marketers the critical measurement tool to explore this question of budget allocation and understand which parts performed best and which did not. MMM employs advanced statistical techniques on historical data to efficiently disentangle sales drivers, assess contributory factors, measure marketing ROI across every individual marketing channel and predict future performance and optimize budget allocations - all using MMM's methods which have shown up to 20%-30% improvements in marketing spending efficiency thanks to media optimization (Gartner 2016). Marketing Mix optimization is an essential element of successful marketing strategies, as it offers a scientific method to develop profitable plans using knowledge gained from past performance.