Build advanced Marketing Mix Models at speed
The traditional Marketing Mix Modeling process is too difficult for most Marketers to solve on their own. It’s seen as a slow, specialist and cumbersome process which needs to be delivered by expert statisticians. We looked at the ideal process needed to build these powerful models and realised that through careful design and attention to detail, we could create a unique software package that would help your team run these analyses in hours not weeks and with full control over the whole process. That software package is strataQED.
strataQED is a powerful marketing mix modeling software tool that evaluates historical data and quantifies the relationship between business drivers and business results through Marketing Mix Modeling. It quantifies the impact of all key business drivers on performance. These effects can be quite rich - varying over time and also incorporating the concept of diminishing returns. Quantification of diminishing returns is especially important in a marketing mix context since it is vital to understand this in order to plan campaigns successfully to maximise return on investment.
All of these insights are made available to the user via simple and easy-to-read data visualizations that you can then use to make better resource allocation decisions. Even better - use our optimiseQED or portfolioQED solutions to simulate and optimize future marketing campaigns.
strataQED provides powerful solutions to problems like “…in which regions or against which customer segments could I most effectively spend my marketing budget? How much should be spent in each period? Which tactics should we use?”
With its advanced marketing mix measurement capabilities, you can achieve rapid insights into even the most complex marketing mix problems by analyzing data nationally, regionally, by store, brand or even by customer segment.
Uncover the power behind data-driven organizations
The Anti-Blackbox Equation
The process starts with:
- Data collection and investigation
- An advanced data repository tool that lets you import and manage multiple data files simultaneously
- Users can extract data from multiple databases including our MarketingTracker based solutions
The Modeling Process
Users are simply asked some basic questions about the data that has been collected. This process helps us to understand the nature of the data presented.
- strataQED help users develop powerful explanatory marketing mix models which explain the influencing factors of all your business drivers on business performance
- The unique machine learning technology, ensures that millions of potential marketing mix models can be considered and helps to identify a higher quality answer to your marketing mix questions
- For example, strataQED can identify the differences in responsiveness for your advertising or promotions across regions or customer segments
Who are our users?
strataQED is a great tool for all business analysts! Yes you read it right - anyone who wants to understand what is driving their business at a more granular level, whether the KPI is sales, website visits or brand awareness can use strataQED to build a marketing mix model. Whether you’re a larger organisation who manages brands across multiple regions or segments within a market, a Telecoms provider looking to understand how your advertising affects usage by customer segment or a restaurant group operating outlets in 20 cities – strataQED will help you solve your marketing mix challenge!
Typical Benefits of strataQED
- Identification of the key drivers of sales, or other KPI
- Contribution from each media and marketing channel to performance
- Identification of key external impacts on performance such as competitive acitivty
- Average and marginal ROI for each activity
- Response curve for each media and promotional channel
- Differences in responsiveness / ROI by cross section
A European retailer wanted to determine the effectiveness of their marketing budget for each of their retail chains and understand if the ROI varied by region. They wanted to be able to quickly analyze their data and generate new insights using their in-house team rather than rely on external consultants to run the analysis for them. They developed an internal capability that utilised strataQED and optimiseQED tools to quickly achieve this. Staff were trained to use the software via on-site workshops and they also utalized our eLearning platform and user certification processes to ensure that staff were both confident and competent users of our software tools.
Sounds like a tool you could work with? Contact us today.