GlobeNewswire
2012-07-10 Luxury Car Company's Marketing Mix Study Leaves CMO for Dead
NEW YORK, July 10, 2012 (GLOBE NEWSWIRE) -- A luxury car manufacturer
hired a top research firm to build a marketing mix model to determine
if their integrated marketing campaigns were moving potential customers
through the hierarchy of effects funnel to purchase. The model
suggested that several key elements were not working, and that they
were wasting money. The CMO was confident the "wasted elements" were
moving people through earlier phases of the buying process, and
questioned the results and recommendations. The Modellers were called
in to see where the rubber really hit the road.
The Modellers found holes in the approach that made it difficult to
pick up critical funnel effects. The client had good sales and
traditional mix data, but the data was not capturing the movement from
awareness-to consideration-to test drive-to sale accurately, and could
not evaluate campaigns as they were happening. The Modellers and their
academic partners created a new model that included survey data to fill
in the holes. The combination of the new Bayesian cross sectional model
and vector autoregression (VAR) was able to capture effects of current
activities along with short- and long-term effects, interactions, and
indirect effects. This new innovative approach quantified the CMO's
efforts, and resulted in more accurate answers to drive the highest
possible sales with the least amount of marketing spend. Plus, it
allowed for early forecasting of campaign effects rather than waiting
for months or years.
About The Modellers:
The Modellers are a breakthrough market research company with a focus
on the application of predictive modeling and advanced analytics. They
were acquired by the Omnicom Group in 2010. Although many market
research companies claim to be able to get sufficient answers to your
tough questions, The Modellers are the "go to" firm to fix research
disasters, or for companies that simply want to get it right the first
time. The Modellers provide unique and different thinking in their
approach to market research studies resulting in better and more
actionable answers for their clients. Learn more at
www.themodellers.com
About Diversified Agency Services:
Diversified Agency Services (DAS), a division of Omnicom Group Inc.
(NYSE:OMC) (www.omnicomgroup.com), manages Omnicom's holdings in a
variety of marketing communications disciplines. DAS includes over 200
companies, which operate through a combination of networks and regional
organizations, serving international and local clients through more
than 700 offices in 71 countries.
About Omnicom Group Inc:
Omnicom Group Inc. (www.omnicomgroup.com) is a leading global marketing
and corporate communications company. Omnicom's branded networks and
numerous specialty firms provide advertising, strategic media planning
and buying, digital and interactive marketing, direct and promotional
marketing, public relations and other specialty communications services
to over 5,000 clients in more than 100 countries.
CONTACT: Media Contact: Steve Brazell
Hitman, Inc. - Competition Removal(TM)
New York (212) 300-6012
www.yourhitman.com