Abstract from http://www.nielsen.com/in/en/insights/reports/2017/five-steps-to-optimising-marketing-mix-strategies.html
Marketers need ingenious ways to reach and increase brand appeal, and find their way into consumers’ shopping carts.good steps
Brands are finding themselves increasingly challenged to capture consumer mind share.
Marketing mix modelling (MMM) helps brands achieve their objectives by studying the historical relationship between marketing spending and business performance. The MMM framework helps marketers understand the sales drivers and the ROI on their marketing investments.
Here a list of five principles to optimizing Marketing Mix Modelling:
- Evaluation’s ROI – Brands need to evaluate current ROI for their offerings across media platforms.: digital media is a critical piece that can’t be ignored. Nielsen has observed digital ROIs to be twice as efficient as TV, and so for most brands, digital now needs to be an integral part of the media plan rather than a separate strategy.
- Halo effect – When two portfolio brands in consumers’ minds have a connection, advertising for one brand may drive results for the sister brand.
- Optimize media spends – Understanding flighting patterns will help marketers optimise their media spends.
- Take care after the first year – Brands need to provide adequate support in the second year of launch in order to generate incremental trials and ensure repeat purchase behaviour.
- Connections – The influence that various media have on one another is a key aspect in advertising today. There are multiple underlying connections amongst different media which need to be understood and analysed in order to attribute sales accurately to the different vehicles.