Take the Guesswork Out of Optimizing Your Marketing Strategy
By Melissa Todisco, February 5, 2019
For many organizations, creating the optimal marketing strategy is a daunting task. The sheer number of options available—media channels, product options, pricing decisions, competitor action—as well as the impact of word-of-mouth make it difficult to determine which decisions will have the most impact.
Today, best practices call for developing machine learning models to piece together a cohesive strategy from historical data in order to predict what will happen in the future. Highly-skilled data scientists and data engineers gather and prep data, and then spend weeks or months developing, testing, and tweaking these models to come up with answers. And by the time they have the finished model, conditions may have changed, rendering the model ineffective.
But what if there was a way to automate how you optimize your marketing investments to maximize revenue, increase sales, enhance your company’s perception, or increase brand awareness?
At Concentric, simulation technology has advanced to the point where organizations are able to create a virtual doppelgänger of their market—competitors, brand or service attributes, touchpoints, and other market dynamics. By performing what-if scenario testing in this simulated environment, you can answer complex business questions and test out ideas before implementing them in real life where real dollars are involved.
With version 9.3 of the Concentric Market® simulation platform, we have accelerated the process of optimizing your marketing strategy to accomplish any of these goals. The upgraded optimizer feature in version 9.3 provides a simple form-fill interface to quickly find the optimal marketing or media mix across multiple touchpoints, based on your company’s goals and the total marketing investment.
By delivering an easy-to-use optimizer feature that quickly generates an optimized marketing strategy, you free up time for your analytics team. Data scientists can use the Concentric Market platform to focus on more complex business questions like “how does this competitive offering affect our business?” and “should we build a factory or purchase a company to remain competitive?” while still delivering answers to the business and marketing teams on an accelerated timeline.
The optimizer lets you specify an investment, the consumer segments you want to address, and the different marketing touchpoints you want to simulate. Then, you set your goals to one of four different areas—revenue, sales, perception, or brand awareness. In seconds, the optimizer delivers an improved marketing plan and forecasts the business impact of those investments. This fast, accurate, and dynamic process enables business leaders to build confidence in their strategy, demonstrate ROI, or justify the need for additional funding.
The upgraded Optimizer feature in Concentric Market version 9.3 is a continuation of our efforts to deliver a better, faster, and more efficient user experience for our customers. As we make the platform even easier to use, we increase the ability of our customers to accelerate and optimize their analytics, allowing them to forecast with confidence.