Optimizing marketing budgets using AI [and ML]

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A decision intelligence solution to build an AI-driven marketing mix model.

the story

Businesses today constantly need to make decisions about allocating their fixed marketing budget among various marketing channels. They often face challenges while deploying marketing campaigns that integrate traditional and digital channels and effectively allocate their marketing budget between these channels. Our client, a smart home systems provider, understood the importance of market mix modeling and valued marketing as an important channel for revenue generation and brand building. Their goal was to optimize costs while focusing on marketing and make data-driven decisions on the ideal combination of marketing channels to maximize ROI. Nagarro built an advanced decision intelligence solution that recommends the ideal combination of marketing channels to boost sales and the return on investment.

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challenge

The client was leveraging a mix of print, digital, radio, retail, and influencer marketing as part of their go-to-market strategy. With data-driven insights, their main aim was to understand the right mix of marketing channels to invest in, its effectiveness, and the impact on sales to measure ROI and fine-tune the marketing budget.

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process

Using an ML-based model, the team collected data from historical marketing spends, channel performance, and sales numbers. The solution incorporated the impact of marketing on sales numbers, the diminishing nature of each marketing channel, and its saturation levels to define the right recommendations. The ideal combination of marketing channels is recommended based on the model data. Additionally, data combinations were used to determine a quarterly plan for marketing investments and expected sales.

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outcome

Nagarro’s decision intelligence solution for market mix modeling helped the client with sensible and optimal budget spending and make informed decisions about the ideal combination of marketing channels.

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