How to Optimize Marketing Mix for More ROI

You've heard it before — the consumer is in charge. They have more choice and more voice than ever. They are no longer consuming information in a vacuum but from multiple channels, and often times, simultaneously, making it more difficult to reach and engage them in a meaningful way. This increasing power of the consumer coupled with the rapid pace of technology makes it more critical than ever for marketers to spend their marketing budget in the most effective and efficient way.

 

On Feb. 28, 2012, during a CGT web event, Supply Chain Insights Founder Lora Cecere, and ThinkVine Founder and CSO Damon Ragusa discussed how marketing mix can help you to simulate consumer response to measure how consumers will respond to different marketing; and measure ROI of all marketing before you spend in traditional, digital and social media, trade promotions, mobile, sponsorship, public relations, and more.

 

--Cecere kicked off the event by going over some recent news in the consumer goods industry that is impacting marketing mix. For example, Kroger closed its vendor labs, multiple manufacturers launched digital path to purchase programs, and P&G laid-off 1,600 in the shift from conventional advertising to digital. Cecere defines market mix as the use of technology to determine the right mix of marketing tactics — advertising, social, price, promotions, trade — over multiple years. She next polled the audience to see who is using technology to determine the right market mix. The result: Only 32 percent of the audience is using a technology to determine the right mix.

 

--Ragusa rounded out the event by discussing how market dynamics necessitate change. He posed key questions such as:

Ragusa advises that marketers, “Compare, measure and analyze your forecasted sales results of marketing plans by varying spend levels, timing, mix of tactics and consumer targets.”

 

To listen to this event in this entirety, click here.