Marketing by itself is a huge expense for most companies, especially in CPG/FMCG companies. Marketers continuously strive to get more return for their spending. One of the techniques marketers use is the MMM (Marketing Mix Modelling) – using statistical analysis to understand past trends and predict the future effect of marketing tactics.
Happiest Minds solution employs MMM and measures the effectiveness of each of the marketing elements (TV advertising, Print advertising, coupons, direct mail, Internet, trade promotions etc.) in terms of its contribution to sales volume and sales value. These learnings are then used to refine marketing strategies, optimize/re-allocate the marketing spend on activities which give the highest ROI.
- Multi-variate algorithms and Optimization engine: This is a framework of algorithms/solutions that answers the following business questions:
- Social media sentiment visibility: Uses our proprietary CIP (Cyber Intelligence Platform) solution to understand the impact of all marketing activities on brand equity on a real time basis to get visibility into Social Media Sentiment.
- Visualization of marketing performance: Visualize in real time through an interactive dashboard, which displays the performance of the promotion campaigns. This allows them to take corrective actions while the promotion is still running.
- Which marketing channels both digital and non-digital work together to drive incremental sales?
- How to allocate optimally marketing dollars in N channels that are available for maximum ROI?
Our differentiator is real time evaluation, measurement and optimization, not post-facto. We measure ROI of digital media and social media spend which is lacking in existing solutions. Existing solutions only evaluate ROI of only traditional media. The insight provided not only considers marketing factors. driving sales but others like supply chain, economy and other external factors.
There are many established players in this space like IRI, AC Nielsen, Mu Sigma, TCS, Merkle Inc., Lityx, and MMA.com etc. However, none of them measure the spending on digital media. They mostly analyse ROI on traditional media. Some of the pioneers who are attempting or succeeded to a certain extent are Adobe, Thinkvine, Visual IQ and a few more.