Market Mix Modelling
Driving brand growth through Marketing Effectiveness.
In today's data-driven world and with marketing budgets increasingly under scrutiny, measuring marketing effectiveness across all your marketing activities is crucial for making informed decisions and to optimize your strategy to hit all your business KPIs
At Monks, our Econometricians use a variety of analytical techniques, all stitched together to provide a single unified source of truth, to provide our clients with a complete picture of what is driving their brands' growth.
Identifying and quantifying drivers of growth and profits.
Market Mix Modelling (otherwise known as MMM or econometrics) is a key component of this unified approach. It identifies and quantifies the drivers of growth- covering factors within your control (such as media channel choice, creative, pricing) as well as those outside it (e.g. the impact of the economy, weather, competitors). In an ever changing world, this comprehensive view provides our clients with insight into what marketing activations they need to leverage in order to maximize profits to their business.
Our Market Mix Modelling delivers real tangible benefits - typically delivering 30% uplift in performance amongst our clients.
A measured approach tallies over one million in savings
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Work
Retail Media Measurement • We developed MMM models for a leading airline to analyze the impact of marketing throughout the customer journey, from brand health and search to flight bookings and loyalty program sign-ups.
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Our Challenge
How can we measure marketing's impact on our business and quantify the effects of each channel on the customer journey? Is our media balance between search and non-search optimal?
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![A person on a tablet making a purchase using a credit card]()
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We found that non-search media was predominantly important at driving long term brand health and it also drove a third of their brand searches.
Rebalancing their channel mix at current budget levels allowed them to drive an additional $9.5M in revenue per year.
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Want to hear more about what we have to offer? Get in touch.
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For More!
Measuring across the whole customer journey.
Understanding how their marketing is performing in both the short AND the long term is essential for brands to drive the long term health of their business. That’s why we’re passionate about measuring across the whole customer journey.
Understanding how effective each of your media channels and campaigns are at different stages of the buying process enables us to provide a much more accurate measurement of media performance. This enabling our clients to identify what is currently driving sales amongst those currently in market and also putting your brand on the radar or consideration list of future customers.
Analysis should empower marketers to confidently optimize budgets going forward.
goal of any piece of analysis should be to empower our clients and always provide future facing actionable recommendations
And that’s why all our projects include the “so what does this mean for me” section where we provide detailed recommendations on questions such as:
- What is the optimal level of budget to reach my target
- How many sales could I get with a budget of $X
- Which media channels should I invest in, at what level and in which months
- What do I need to spend to increase my brand consideration by y%
- Which media channels should I use to drive more sales through my online stores
- Which would drive more profit; reducing my price or advertising more?
All our analysis is tailored to meet the specific needs of our clients. Contact us to find out more about how we can help you drive your business growth.
Want to talk market mix modelling? Get in touch.
