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Some Key Marketing Mix Modelling Elements & Terms In  MMM,  we analyze the marketing tactics and find out which marketing tactics are giving more ROI, after analyzing we shift the money from low ROI providing tactics to high ROI providing tactics and optimize the marketing budget. Following key marketing terms will help you in understanding the marketing strategies and proper analyses of them; Base Sales and Incremental Sales You need to differentiate your sales into the base and incremental to proper analysis of your MMM metrics. Base sales are the outcome of brand equity and the reputation your brand has built for years. These are the result of brand and consumer loyalty that you’ve gained in the market. Loyal consumers promote the business without any external push, so this happens naturally. Base sales are constant for a long period of time until there are some changes in economic and environmental variables because these are the result of brand equity and awareness. I...

4Ps of Marketing Mix Modeling (MMM) Edmund Jerome McCarthy  first proposed the concept of marketing mix modeling in the 1960s. He introduced the  4Ps  of  Marketing Mix Modeling  ( MMM ). These Ps are fundamental parts of marketing theory. Understanding these 4 important factors and executing the marketing campaigns according to them can ensure the success of your marketing campaign; Product:  tangible items or intangible services designed for specific target audiences to solve their problems and fulfill their needs. It can be brand, services, or packaging. Price:  Amount of the product or service (offer price), discount, credit policy. Place:  Platform from where the company sells its products and services (channel), Market, and Distribution. Promotion:  Marketing and Communication Strategies used to promote the products such as Advertising,  Publicity & Public Relations ,  Storytelling ,  Sonic Branding , sales promotions...

What is Marketing Mix Modeling? The goal of all the marketing strategies is to distribute the product or service and get higher sales and returns from that product. There are several marketing inputs that impact  sales  or  ROI . Marketing Mix Modeling ( MMM)  helps us in understanding those marketing inputs and their effectiveness in terms of return on investment and gives us an idea of how much to invest in each marketing input. This way we can optimize the investment in each marketing channel to improve the return on investments from each marketing channel. In simple words,  Marketing Mix   Modeling  ( MMM ) is the process of performing statistical analysis on different marketing channels and measuring many factors of those channels such as  effectiveness ,  efficiency , and  returns  to optimize the marketing campaigns and marketing budgets for getting a higher  return on investments  ( ROI ). For unparalleled growth, ...

Benefits of Blue Ocean Marketing Strategy It’s easier to talk about than implement but when implemented properly we can reap the benefits of any marketing strategy.  The benefits of the blue ocean marketing strategy are; Grounded in Data Step-by-step process Avoid saturated markets maximizes opportunities while minimizing the risks pursues differentiation and low cost creates uncontested market spaces Explore unexplored market spaces Creates personalized experiences for consumers A win-win situation for both people and brands, brands get higher revenue and growth while people get customized products and solutions to their pain points. Have growth potential from the value brands provide through this Increase in word-of-mouth marketing as the consumers praise the value Increment in conversion, sales, and revenue with no competitors in the market Exponential Growth in the Business So, which benefits are luring you to apply this strategy to your brand? You can even implement it in ever...

Difference between Blue Ocean and Red Ocean Marketing Strategy Knowing the  difference between Blue Ocean and Red Ocean  will help you in identifying the untapped marketplaces for your brands. Let’s understand the key difference through some of the important points; Blue Ocean  is a new, untapped, unsaturated, and growing market while on the other hand, Red Ocean is overdeveloped saturated market. The Blue Ocean  makes the competition irrelevant while the red Ocean is filled with cutthroat competition. BO  ( Blue Ocean ) is a vast, deep, powerful, and unexplored marketplace with no defined and accepted boundaries. But in the Red Ocean, boundaries are already defined and accepted along with the capital market share, and brands fight with each other to grab a bigger percentage of that market share. Blue ocean market spaces  are crowded, hence profits and growth are decreasing day by day. While red oceans are having so many possibilities and opportunities for ...

What is Blue Ocean Marketing Strategy? There’s been two terms used by marketers;  Blue Ocean  and  Red Ocean . Have you ever heard of these terms earlier? Let’s get to know the meaning of “Blue Ocean” and “Read Ocean”! Blue Oceans  are  new ,  untapped ,  unsaturated,  and growing markets that no one or only a few people are targeting. Blue ocean marketing strategy focuses on  developing and capturing   new uncontested market spaces creating new demands . Hence this strategy  makes the competition irrelevant . While on the other hand,  Red Oceans  are  overdeveloped ,  saturated markets  with  cutthroat competition  whom everyone is targeting and fighting for the shrinking pool of profits. Even the  first introducers of Blue Ocean Strategy ,  Chan Kim and Renee Mauborgne  stated in their book that “cutthroat competition results in nothing but a bloody red ocean of rivals fighting ove...

Conclusion As we all know that memes are so much popular, free, shareable content having the latest trending topics with the scent of humor. So, whenever any meme comes across a person and that person reads it, it brings a smile to that person’s face. Laughing releases happy chemicals in the mind and it makes that person happy and relieved generating a sense of togetherness and  social bonding. This way  incorporating meme marketing  into your  marketing strategies  will be so much beneficial for your brand. If you want to make your  campaigns viral,   increase engagement,   spread brand awareness  and  increase reach , increase page activity, and build a fun-loving audience community then  meme marketing  is the best and cost-effective option for you. You know that it is the best cost-effective way for your brand but it doesn’t mean your publishing memes regularly, it will send a message that you are trying too hard to get the...

Where to use memes in your marketing materials? As memes are so popular and an element of getting viral, so it’s so much tempting to hop on this marketing strategy. But without knowing how to use it and where to use it, you are going to enter the trap, where you can even lose your reputation and make fun of yourself. So, the tactics in marketing where you can use this  marketing strategy  are; Blogposts:  you can use memes in Blogposts to increase brand visibility and improve SEO rankings. It doesn’t only contribute to the SEO but is also digestive and visually engaging for the users. Social Media:  social media is the place where memes are mostly born, thrive, and are shared by audiences. So, it can be left without consideration. You can share your memes on social media channels such as Instagram, FB, YouTube, Twitter, etc. To know more about social media channels, you can have a look at  DigiAvtar’s  other blog on “ Social Media Marketing ”. Email Marketi...