Media Mix Optimizer is an in-depth & intelligent analytics solution to plan and optimize your marketing spends or investments. It is built around a Marketing Mix Modeling core that estimates marginal contributions of marketing events to sales across multiple channels and geographies.
The mathematical market model factors in competitor activities. This allows managers to hypothesize alternate competitive “what-if” scenarios and optimize marketing budgets. Media Mix Optimizer gives you a consolidated view of how all your media vehicles are performing with the ability to forecast and continually optimize media mix to deliver peak return on media investments.
Media Mix Model Core: Marketing Mix Model captures the individual effect of multiple marketing events (including competitive activities) operating simultaneously in the market. At the heart of it is an empirical Bayesian model that helps estimate brand or market specific effects across numerous trade channels, geographies and brands. The Bayesian model represents a “learning mechanism” that estimates category and market level deviations from a global estimate.
Simulator: The tool supports managerial decision making by allowing managers to build market scenarios and test alternate marketing plans. A scenario is a marketer’s best estimate of what each brand is likely to invest on each activity – advertising, consumer promotions, trade promotions, distribution, price and others. The mathematical model estimates the resultant sales for each brand (in each market). The manager uses these simulations to determine how investments are to be distributed across brands and markets to optimize marketing budget. The diagnostic capabilities are estimated by Incremental Volume Contribution, Effectiveness & ROI.
Reporter: Once an optimized marketing plan has been developed, the manager implements the planned activity. The tool tracks the impact of these investments in the market by measuring sales volumes, target as planned, planned vs. actual spends, competitor spends, brand equity measures, links between customer metrics and marketing investments. Managers can generate a variety of reports from market research surveys and operational data sources which can be standardized to formats specified by the user. Activity Reports detail the marketing activities and marketing investments undertaken. Brand Health Reports specify the performance of the brand on a number of brand health parameters.
A state-of-the-art model to help marketers take effective decisions related to pricing, price-promotions, TV and Print campaigns, in-store promotions as well as distribution by answering,
How much of total brand sales come from advertising or any of the other marketing activities?
How do competitive activities impact sales of my brand?
What will be sales impact of a display and a price reduction occurring simultaneously compared to these activities working in isolation?
What was the effect of sponsored events on sales?
What is the halo effect of the mother brand on individual variants?
Which advertising copy worked best?
Increased business agility using the Simulator which allows marketers to test ‘What If’ scenarios and switch investments between activities, brands, markets and across time in order to optimize marketing budgets.
Integrated data storage through a data warehouse which captures and stores data from a number of data sources, and can be easily accessed via a user-friendly web interface.
High-end data visualization and reporting features allow marketers to track the performance of marketing programs on a variety of brand performance parameters and sales in order to execute mid-term course corrections to marketing plans.