Marketing Mix Modeling

In the past, marketers have been constrained by decades-old approaches and the limitations of hand cranked statistics. Spreadsheets just won’t cut it any more. With the advent of data science oriented technologies and repositories, new mathematical approaches, and machine learning we can now run thousands of iterations to accurately identify and attribute sales to marketing efforts on a much larger set of predictor and dependent variables. It is helpful to be able to look at TRx, NRx, and NBRx concurrently to hone in on the right course of action. It is just as valuable to be able to run the models as frequently as weekly depending on the lifecycle stage of the brand. Our models can be tweaked after an initial run for additional assumptions and constraints. Sentier provides interactive dashboards that can be used to conduct brand reviews and answer questions.

Example Interactive Dashboards from Sentier Marketing Mix Modeling Service

All of the analytics we speak to above are predicated on having a comprehensive set of sales and tactic level data. Based on our decades of experience, Sentier can quickly guide our clients through (or handle for them) the tasks of identifying and acquiring the necessary data. The data is out there and persistence pays off in the accuracy of the analyses as well as the creation of a client owned marketing specific repository that can fuel ancillary analytic efforts. The integration and delivery of analytic ready data is included in the service. Sentier also provides a visual data review dashboard so the data for each channel can be reviewed and discussed with the brand teams prior to analytic execution.

Marketing Mix Spend Optimization

Response curves can be tricky depending on the data. We have developed a method for generating usable curves that reflect the nature of the channel, and not the most convenient outcome.

Once the curves and ROI have been established, we provide the optimal spend as well as provide a method for adjustments based on additional brand management information and directives — i.e. what if we cut spending by 20% for the brand next year?

As with Marketing Mix Modeling, the acquisition and integration of spend data can be challenging. We have developed a method to triage (budget, actual, and unit) cost inputs and review channel spend for any given time frame to ensure the amounts meet with brand management approval.

Example Self Service Dashboards from Sentier Marketing Mix Spend Optimization Service

Tactic Execution Analytics

While optimization is the first step, the highest value insights lie in delivering recommendations as to how tactics should be executed.  Which group of physicians should be targeted?  What are the interactions between channels that most often lead to the desired outcome?  How can we measure various approaches?

The analytic repository created for Marketing Mix Modeling and Optimization holds the information required to answer these questions. Sentier has developed a set of visual analytics to allow analysts and marketers to analyze sensitivity across available segments and to plot out a recommended plan to optimize spend within that channel.