As per a study concluded, more than a trillion US dollars were spent by various companies in the year 2017 on marketing alone. This puts enormous pressure on marketers to justify the costs to CEOs and CFOs. In order to respond to this seemingly unfair pressure, CMOs have developed their own matrix titled as the Marketing Mix Optimization (MMO). Here the various elements of the marketing mix such as creatives or media are assessed. MMO has gone through two major stages, so it is now time for the MMO 3.0. For this to work well, certain conditions are necessary to be imposed. First of all, the marketing efforts must be aligned with the overall company strategy and periodic targets. The marketers must have access to the data warehousing done, so that meaningful insights may be extracted from the same. A balanced approach is needed to be applied towards business analytics. While it is necessary, analytics must not be considered the final word, as a qualitative humanizing effort is needed to gauge business insights. The analytics that will be gauged needs to be used by marketers who have a sense for the right numbers. Flexibility must be built into the operations. Marketing efforts will thus succeed through proper accountability and using a portfolio of techniques as outlined on MMOs.

Source:http://www.bain.com/publications/articles/how-cmos-can-get-and-keep-their-marketing-mix-right.aspx

Uploaded Date:23 February 2018