WHAT IS MARKETING MIX MODELLING?
What is Marketing Mix Modelling? Marketing Mix Modelling definition by eDigital.
MMM is one of the best sales forecasting techniques & methodologies.
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MARKETING MIX MODELLING DEFINITION
Marketing Mix Modeling (MMM) is a statistical method used to measure and predict the impact of marketing activities on the sales of a brand or a collection of brands, over several years.
While MMM is most commonly used to forecast the impact of advertising, marketers and/or brand managers can also use Marketing Mix Modeling to measure the impact that in-store activities, promotional activities and macroeconomic trends can have on a business.
For these reasons, many marketing professionals around the world use Marketing Mix Modeling, while some top marketers even consider it the standard for measuring marketing effectiveness.
In addition to the breadth of insights that MMM can uncover, marketing specialists also look to Marketing Mix Modeling because of its customizability.
For example, apart from sales, MMM can measure the impact that marketing activities have on the number of conversion goals: product usage, trials, app downloads, etc, referrals, etc.
Because marketers use the insights derived from MMM for strategic sales and marketing planning, they should pay close attention to the inputs and setup of the model to ensure a high level of accuracy in the results.
As such, eDigital can work with your business to marketing engineer the right inputs of your MMM to answer your most pressing sales forecasting challenges.
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Marketing mix modelling is important for marketers because it enables them to optimise marketing budget allocation, measure marketing effectiveness and understand customer behaviour.
Marketing mix modelling can also inform strategic decision-making, forecast and plan future sales and optimise the marketing mix
Implementing Marketing Mix Modelling correctly can also help marketers evaluate ROI and make data-driven decisions that drive business growth and profitability.
eDigital can help you conceptualise, plan, develop, run and optimise successful marketing campaigns that generate leads and sales for your brand.
Our digital marketing services include:
- Strategic planning for social media and other digital marketing channels.
- Online advertising management and optimisation (Search, Display, social media ads and re-marketing).
- Marketing training: social media training and digital marketing training.
- SEO strategy and execution. Including content development (articles, stories, eye-catching and SEO-optimised visuals).
- Celebrity and influencer marketing campaign strategy.
- Brand development. Logo creation, brand personality development and design of marketing materials.
- Consumer contests/competitions/giveaways.
- Email marketing. Dip sequence design and deployment.
- Conversion rate optimisation. It is also called “path to purchase” optimisation.
Contact us today and start boosting your leads and sales.
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WHAT IS MARKETING MIX MODELLING?
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