Business Objective
The client is a US-based multinational medical device, pharmaceutical, and consumer packaged goods manufacturer.
They needed a full-suite marketing mix modeling solution for their CPG and pharma products in the American market. The solution had to quantify the impact of advertising and promotions on sales; measure ROI for each advertising and promotional activity to optimize spend; provide cross-channel attribution between social and traditional media for media mix planning.
Challenges
- Need to have a consistent approach across 25 products from 10 brands in 6 categories. Products included oral care, moisturizers, OTC drugs, body washes & lotions, baby care, medical-related, and OTC drugs
- Varied marketing spend and promotional activities across brands and categories
- Numerous data sources, and uneven and inconsistent data in multiple formats
Solution Methodology
- In developing the solution, we used sales data from multiple sources such as:
- Retail partners
- Syndicated data provider
- Offline media
- Search and Website
- Display ads
- Digital media
- Consumer promotion
- Competitor retail data
- Used Sales data from 44 retailers across the US
- Uncovered the relationship between sales ($) and spend ($) for each channel/activity
- Designed and implemented a unique technical approach to take care of cross-channel attribution between traditional and digital channels.
Business Impact
- Built marketing mix models for all the 25 brands in under 4 months – a 40-50% reduction in time compared to traditional methods.
