Convergytics Launches Media Mix Optimizer
Convergytics, a marketing analytics company, today launched Media Mix Optimizer, a one-stop market mix model (MMX) analytics solution.
Media Mix Optimizer is an intelligent cloud-based solution that gives marketers consolidated real-time insights into how all of their media vehicles and investments are performing. The solution is built around a Bayesian-layered marketing mix model core, which maps ultra-realistic market scenarios to estimate the impact of various marketing events on sales across all channels, brands, and geographic regions. The model also factors in competitor activities and allows marketers to launch hypothetical "what if" scenarios to evaluate alternative marketing plans and refine marketing budgets, allocations, and distributions.
Media Mix Optimizer delivers a transparent view of all business activities, high accuracy of data transformations, both short and long-term model predictability, and built-in brand equity modeling, scenario planning, simulations, automation, and optimization.
Once marketers identify an optimized marketing plan, Media Mix Optimizer shifts into tracking mode to monitor a suite of core key performance indicators, including sales volumes, target as planned, planned versus actual spends, competitor spends, brand equity measures, links between customer metrics, and marketing investments. These insights can be applied to validate marketing plans or execute mid-term course adjustments or corrections.
Marketers and other stakeholders can also generate reports that derive from market research surveys and operational data sources, such as Activity Reports to capture all marketing activities and investments to date, Brand Health Reports to assess brand performance against a variety of metrics, and more. All reports can be generated in various formats, and Media Mix Optimizer's integrated data storage warehouse is accessible via a Web interface.
"Today's marketers need advanced tools to plan for multiple scenarios, capture the long-term impact of investments, account for diminishing returns along with non-linear lead and lag factors in their models, and ultimately transform raw information into actionable insights that drive faster, smarter, and more profitable decision-making," said Santosh Atre, Convergytics' co-founder and vice president, in a statement. "With Media Mix Optimizer, marketers finally have a robust yet easy-to-use and intuitive solution that empowers them with the answers they need, while they identify and quantify all relevant factors and data sets that drive sales, including voice of the customer, distribution, social sensing, and marketing spends.
"Measuring and optimizing marketing investments should never be one-size-fits-all, or an indecipherable black box. That is why Media Mix Optimizer has been designed to deliver full transparency, so that our clients can create the optimal marketing plan, while they access powerful and unprecedented insights into their business," Atre continued. "Simply put, Media Mix Optimizer bridges the gap between doing analytics and using analytics."