NEW YORK, July 10, 2012 (GLOBE NEWSWIRE) -- A luxury car manufacturer hired a top research firm to build a marketing mix model to determine if their integrated marketing campaigns were moving potential customers through the hierarchy of effects funnel to purchase. The model suggested that several key elements were not working, and that they were wasting money. The CMO was confident the "wasted elements" were moving people through earlier phases of the buying process, and questioned the results and recommendations. The Modellers were called in to see where the rubber really hit the road.
The Modellers found holes in the approach that made it difficult to pick up critical funnel effects. The client had good sales and traditional mix data, but the data was not capturing the movement from awareness-to consideration-to test drive-to sale accurately, and could not evaluate campaigns as they were happening. The Modellers and their academic partners created a new model that included survey data to fill in the holes. The combination of the new Bayesian cross sectional model and vector autoregression (VAR) was able to capture effects of current activities along with short- and long-term effects, interactions, and indirect effects. This new innovative approach quantified the CMO's efforts, and resulted in more accurate answers to drive the highest possible sales with the least amount of marketing spend. Plus, it allowed for early forecasting of campaign effects rather than waiting for months or years.
About The Modellers:
The Modellers are a breakthrough market research company with a focus on the application of predictive modeling and advanced analytics. They were acquired by the Omnicom Group in 2010. Although many market research companies claim to be able to get sufficient answers to your tough questions, The Modellers are the "go to" firm to fix research disasters, or for companies that simply want to get it right the first time. The Modellers provide unique and different thinking in their approach to market research studies resulting in better and more actionable answers for their clients. Learn more at www.themodellers.com
About Diversified Agency Services:
Diversified Agency Services (DAS), a division of Omnicom Group Inc. (NYSE:OMC) (www.omnicomgroup.com), manages Omnicom's holdings in a variety of marketing communications disciplines. DAS includes over 200 companies, which operate through a combination of networks and regional organizations, serving international and local clients through more than 700 offices in 71 countries.
About Omnicom Group Inc:
Omnicom Group Inc. (www.omnicomgroup.com) is a leading global marketing and corporate communications company. Omnicom's branded networks and numerous specialty firms provide advertising, strategic media planning and buying, digital and interactive marketing, direct and promotional marketing, public relations and other specialty communications services to over 5,000 clients in more than 100 countries.