Marketing professionals are more and more accountable for proving the value, and making investment recommendations and decisions, based on business and marketing performance. Marketing Mix Modeling is quickly being adopted across different industries as the preferred way to measure, forecast, optimize, and plan marketing budgets.
Today, I am pleased to announce the publication of The Forrester Wave Marketing Mix Modeling Providers Q2 2013. This vendor review is a result of countless hours of vendor reviews and assessments, in-person briefing reviews, customer calls, fact checking, and intensive research work. This Wave will help firms create a short list of providers based on their unique business needs.
After long days and nights, I am glad to share with you the key takeaways emerged from the Forrester Marketing Mix Modeling Wave:
- Wide arrays of firms are adapting Marketing Mix Modeling. Marketing Mix Modeling is the traditional approach to uncover value and build a marketing plan for Consumer Package Goods Companies. However, other industries, including financial services and retail, are quickly taking interest in adopting this approach because they need a more scientific, holistic way to understand marketing and business performance. As a result, we see an upsurge in adoption across different industries.
- Marketing Mix Modeling is a mature market. The top marketing mix modeling providers in this space have years of experience, solid methodologies, a laser sharp understanding of complex marketing, business problems and a clear vision of how to constantly evolve to remain relevant. To remain competitive, all the providers are focused on managing the deluge of data, and expanding their core offerings with complementary analytics and insights that expand beyond marketing insights.