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Marketing Mix Modeling: Optimize Your Marketing Budget

Marketing Mix Modeling: Optimize Your Marketing Budget

Marketers are under more pressure than ever to execute high performing, high ROI, marketing plans. While total sales volume and response rates do provide some measure of ROI for past campaigns, how can marketers know how those channels will perform in the future? Marketing Mix Modeling uses Predicative Analytics to study the impact various factors such as pricing, the economy, the season and brand awareness have on a Marketing Plan. This analysis, combined with "what if" analysis and incremental gains data are used to determine the most optimal mix for a marketing budget. Marketing Mix Modeling can guide marketers through adjusting their marketing plan to incorporate proven effective strategies, and demonstrate how changing the allocation in one area will impact the others.