Background
A North American multi-brand retailer wanted to understand how it could optimize key elements of its media strategy to make its marketing more effective and halt declining sales. In particular, the marketing team wanted help in understanding how to improve:
- the funnel mix, to cater for the entire customer journey
- the overall channel mix, to focus more on digital
- their approach to capitalizing on key sales periods, notably major holidays
- their approach to allocating media budgets across different brands.
Solution
We implemented a unified measurement approach that featured marketing mix modeling (MMM) and Sensor™, our award-winning solution that provides granular, privacy-first insights in near real time. This approach measured the short- and long-term performance of three key brands against KPIs, such as in-store and e-comm sales and traffic, and used scenario planning capabilities to optimize future plans. As a result, we were able to provide detailed, data-informed answers to all their queries.
Results
We identified key factors, such as inflation and category trends, that were driving the downturn in growth. This enabled the marketing team to defend their media investments and provide the business with other levers they could pull to arrest the decline. We also identified $115 million in incremental revenue that could be generated via media optimization.
in incremental sales identified