Marketing’s primary objective is to drive profitable business outcomes. While specific goals may vary across companies, the overarching aim typically involves achieving sales targets, increasing market share, cultivating brand health, and enhancing shareholder value. Doing so entails strategically positioning products or services in the market, effectively communicating their value proposition, and engaging customers in ways that prompt desired actions and results. Tactics such as advertising, promotions, market research, advanced analytics, and customer relationship management can deliver measurable contributions to your company’s success.
The corresponding principle is that every marketing investment must achieve maximum, quantifiable return on investment (ROI). This is evident in measuring the effectiveness of media spending, your agility to adjust pricing to market changes, the strategic design of promotions to influence consumer actions, the careful selection of product attributes to attract buyers, and the specific selection of target buyer segments to the exclusion of others.
While the aspiration for “better business results” may seem straightforward, the path to achieving it—ensuring that all marketing investments contribute most effectively—is exceedingly complex. Yet none of your marketing investments operate independently; they are interconnected.
Your company must adapt swiftly to dynamic market changes and discern which business drivers will have the greatest impact on your goals and KPIs.
Therefore, the initial question you want your marketing analytics and research partner to answer is: “Where can your optimized your marketing dollars take you in the pursuit of optimal business growth?”
At in4mation insights, we are committed to harnessing robust analytics and deliver hands-on decision support. Our aim is to provide proven strategies that drive growth.
How can we help to drive optimal decision making?
None of your marketing endeavors exist in isolation. Each demands particular expertise to refine and adjust strategy throughout your campaigns.
Consider the media and marketing mix. Numerous factors influence Return on Advertising Spend (ROAS), including:
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- the varying effectiveness and contributions of different media channels,
- geographical considerations for brands with uneven and imbalanced penetration across markets,
- seasonal product trends and weather patterns, changing market dynamics and
- for Consumer Packaged Goods (CPG) companies, the complex and enigmatic metrics associated with the proliferation of retail media networks.
There’s growing consensus that robust analytical approaches, like Marketing Mix Modeling (MMM), have resurfaced as the most reliable resource for evaluating and optimizing media dollars and spending on other marketing tactics within your overall marketing budget. With the complexity of today’s marketing challenges, it’s critical to partner with advanced MMM firms who have robust and effective software and analytical tools that deliver swift, accurate, and detailed optimization results at every level of granularity that matches your needs.
Yet, media and promotional spending do not function in isolation. They are distinct components within the broader, often intricate, marketing frameworks that integrate disparate elements and datasets. When meticulously synchronized to complement each other, these components offer the most effective means to persuade consumers to select your brand, product, or service.
Pricing serves as a foundation of your firm’s offerings, yet to attain optimal sales volume, your teams require detailed data to portray price sensitivity, identify gaps, and uncover the drivers of premiumization. Adjusting pricing based on evidence from consumer choice models, AKA Choice-based Conjoint Analysis (CBCA) — a tried-and-true methodology — can yield maximum benefits.
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- CBCA allows you to simulate real-world decision making, as buyers “purchase” from a set of market solutions or offers which have different features, functions, and prices.
- CBCA can handle a large number of product or service attributes, making it suitable when the marketplace has items with diverse features and options.
- CBCA estimates the relative importance of different attributes by quantifying their impact in driving choice.
- CBCA uncovers the trade-offs that buyers will make between different attributes. This knowledge is crucial for optimizing your product and pricing strategies.
Your strongest defense in navigating a complex and ever-changing market landscape is to align with an analytics solution provider—which Forrester calls a “MMO” or Marketing Measurement and Optimization service provider—whose expertise in data science spans across all the above challenges.
Whether you’ve grown your internal analytics function or seek external expertise to address the multifaceted factors influencing consumer choices and decision-making, an MMO partner can assist brands in forecasting, optimizing, and taking decisive actions which yield more effective marketing investment strategies.
While there’s no one-size-fits-all approach in marketing performance analytics, generic or do-it-yourself solutions fail to deliver the necessary business impact in these intricate times.
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- Seek out partners with extensive experience in robust analytics, tailored to address your specific challenges.
- Look for those capable of providing customized services and offering marketing and upskilling training methods customized to your team’s level of maturity and business objectives.
- Choose partners who can integrate various components into a coherent plan aimed at optimizing your brand’s overall marketing performance to your advantage.
That is who we are at in4mation insights. Below are the services that we provide to clients, but most important are the business questions these services help you to answer.
If you’re tackling issues related to media spending or grappling with intricate pricing challenges, consider partnering with a firm that prioritizes understanding your goals. Reach out to us today at info@in4ins.com for a conversation.
