Virtue Analytics

 Marketing is a key business function to help differentiate products and services in today’s competitive global market. Businesses spend a fortune and pay attention to their budget towards growing, building, and maintaining relationships with their customers. It is imperative for retailers, manufacturers, consumer goods, banks, hospitals, etc. to optimize their marketing spend. What is Marketing Mix Modeling? Marketing Mix Modeling (MMM) is a technique used by businesses to analyze the effectiveness of their marketing campaigns. By identifying which marketing drivers are most effective, decision-makers can optimize their marketing budgets, identify areas of inefficiency, and gain insights for long-term planning. Additionally, MMM allows for the simulation and forecasting of sales, providing businesses with a simulated environment to test the impact of changes to their marketing spend. However, MMM has some limitations. The ...