"Marketing Mix Modeling is just a way of looking at your old data, stuff like sales, how much you spent on ads, when things are usually busy, and even things like the economy or the weather, and figuring out what actually helped your sales."
"The mix part is all about the four Ps of marketing: Product is what you're selling and how it's positioned; Price is what you're charging and how pricing shifts affect demand; Place is where and how your product reaches people; Promotion is every ad, campaign, sponsorship, and email you send out."
"According to Valesnova Limited, McKinsey estimates that 15-20% of marketing spend can be 'released' through better marketing ROI measurement and optimization."
Marketing Mix Modeling (MMM) clarifies the effectiveness of marketing efforts by analyzing historical data, including sales, ad spending, and external factors. It helps marketers understand the interactions between the four Ps: Product, Price, Place, and Promotion. By utilizing MMM, marketers can optimize their budgets and potentially release 15-20% of marketing spend through better measurement. The approach demystifies complex data, allowing for informed decision-making and improved marketing ROI.
#marketing-mix-modeling #roi-measurement #marketing-analytics #four-ps-of-marketing #budget-optimization
Read at London Business News | Londonlovesbusiness.com
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