Ever tried to assess how your campaign, promotion, incentive or other sales and marketing activity performed, only to find there was too much other "stuff" going on at the same time to form a firm conclusion? 

Marketing mix modelling can decipher this and assess the contributory effects of many various activities happening at the same time. At Marketing iQ we identify the key factors influencing your KPIs, and the timescales over which they take effect.

How do we do it?

Committing to making the most of your data to improve your results needn't get stuck behind your big data, IT infrastructure, or marketing automation programmes.  

Marketing iQ use marketing analytics including marketing mix modelling to help you get the best out of your marketing budgets using your existing data.

What is mix modelling?

Marketing mix modelling is essentially a set of statistical techniques used to develop mathematical models – some for developing insights and some for validating insights. The mathematical model being developed uses an equation, with the “answer” on one side of the equation, and the explanatory factors (those likely to be influencing the answer) on the other.

In a very simple example, an equation for umbrella sales could look like:

Sales = +(x)Advertising + (y)Promotion - (z)Price + (a)Rainfall

Our models are developed using time-series data, and so we are looking for changes over time between the various levels of explanatory factors and any impact on sales, to identify and decode the mathematical formula that explains it. The modelling process determines how sales relate to changes in these factors, and expresses the relationship in terms of elasticity – e.g. how a 1% change in an influencing factor influences the sales outcome.

Through this, we work out how many sales are driven by each of advertising, promotional activities, price, and rainfall, and determine the relationships between them.  

This way we can answer questions like "what will happen if I increase price", "what impact will 10% less rainfall have", and "which promotions should I re-run to boost sales".

Useful?  We think so!

At Marketing iQ we’ve extended marketing mix modelling beyond looking purely at sales outcomes, and we use the same approaches, techniques, and robust statistical models to look at what’s influencing retention, cross-sell rates, brand preference measures, and a number of other key business performance indicators.

We use only the best: marketingQED effectiveness technology.

We use marketingQED tools to do all our marketing mix modelling here at Marketing iQ. The tools have built-in machine learning and algorithmic attribution techniques, so they can produce models with additional rigour and robust quality - quickly.

In our opinion, it’s the best marketing mix modelling software available – and it’s not just us that thinks that. It’s used by all sorts of leading businesses, all over the world.

marketingQED are a UK based software and econometrics consulting company, established by former members of the Accenture UK data science team. 

They have offices in Europe, Asia, and North America with clients including large FMCG, Telco, and Financial Services organisations, media agencies and top tier management consulting firms. 

We're the local distributors of marketingQED effectiveness technology.

For our econometric and marketing mix modelling smarts, we use marketingQED effectiveness technology, and we're their marketing and support partners for Australasia.  

If you're investing in your internal analytics capability to drive your business performance, we can provide access to the full range of marketingQED products, work with you on the implementation of the tools in your teams, train key users, and deliver ongoing support and assistance. 

By embedding marketingQED technology in your marketing decision making, you'll spend less time on trials and data crunching - while single and multi-user subscription fees keep costs fully transparent. 

With marketing mix modelling, you can see straight into the future.

From single brand modelling, to forecasting for multiple brands, marketing and categories, your performance can be optimised with marketing mix modelling using the marketingQED range of effectiveness technology. 

With marketingQED tools, you're easily able to measure what's influencing your KPIs and forecast returns prior to launching new initiatives.

Use the marketingQED tools to guide delivery of brand awareness, lead generation, sales impact and profitability outcomes and determine the right balance of your marketing activities and channel spend.

All delivered to your desktop in clear, concise visual formats.

modelQED

modelQED is used to create marketing mix models that analyse past performance and forecast future marketing plans. Models can be built manually, or you can use the automated machine learning algorithm to search for a model. With this advanced capability you can run thousands of potential marketing mix models and gain deep insight into what's really driving your marketing performance. 

strataQED

strataQED builds on the robust features and functionality of modelQED with the ability to perform advanced cross-sectional marketing mix model analysis. This powerful functionality allows you to make vital decisions about where to allocate your marketing resources. It helps you answer important questions, such as “… into which regions or against which customer segments could I most effectively spend my marketing budget?” With strataQED’s advanced capability, you can achieve rapid insight for more complex marketing mix problems by analysing data nationally, regionally, by store, brand or customer segment – all with the ease of modelQED technology. 

optimiseQED

optimiseQED allows you to forecast the impact of your marketing and media plans and optimise your media spend. Once you have created a model in modelQED, optimiseQED runs a mathematical optimisation to find the best budget allocation. The optimisations can be made more realistic by adding business constraints to reflect budget that has already been committed or industry norms e.g. minimum and maximum level of GRPs.

portfolioQED

If your business runs multiple brands across the same markets or customer groups, portfolioQED allows you to combine existing marketing effectiveness insight with your internal forecasts in order to establish the correct budgets and level of resource allocation required to meet your goals. The greatest benefit of portfolioQED is the objectivity it brings to the resource allocation process. By allocating resources across your portfolio on an objective basis, your team will understand in clear terms the basis for your decision making. 

priceQED (NEW)

Conventional wisdom says that lower prices garner sales and higher profits.  Intelligent data and improved forecasting potential show this isn't always the case. The grounds for price, promotion, and product development or delisting are in long- and short-term profitability, not executive intuition or reduced input costs.  priceQED uses historical data and advanced modelling software to provide marketers with greater visibility and a better understanding of price sensitivity. No more conjecture. No more short-termism. Choose your price and build your business on solid rationale and objective data. 

Find out more about marketingQED tools here, then contact us to talk about how marketingQED effectiveness technology can work for you, and to book a demo.