CINCINNATI, Dec. 4, 2013 /PRNewswire/ -- The new version of ThinkVine's marketing mix optimization software released today gives brands the power to create their own virtual marketplaces that simulate how consumer spending will be affected by changes in marketing budget and strategy to determine how results can be improved.
The new service offering enables companies to achieve the greatest return on their marketing spend by creating agent-based models that simulate how consumers' purchasing behavior is influenced by different marketing activities. This version of the ThinkVine software is the first marketing solution that offers a DIY option for companies, agencies and consultants that want to build their own simulated marketplaces for planning and forecasting.
ThinkVine's software-as-a-service solution has also been updated for marketers that want to quantify results and plan at a faster pace. These updates include the next generation of SmartMix, which automatically optimizes marketing plans based on budget and business goals, and more control when running "what if" scenarios for more accurate sales forecasts.
"Marketing planning and optimization are undergoing a transformation as brands turn to automation and real-time data to become more agile," said Mark Battaglia, ThinkVine chief executive officer. "Old-fashioned econometric models can't keep up with consumers in the age of social and mobile. With this software update, ThinkVine gives marketers the information they need to respond immediately to ever-changing markets."
ThinkVine's software replicates the marketplace by building a population of simulated consumers – or "agents" – based on real-world data about consumers, their media consumption and their purchasing behavior. Marketers can then explore different budget levels, marketing mixes, targeting strategies, and timing of activities to see how revenue and return on investment change under different scenarios.
For companies with their own data scientists, the ThinkVine software update gives them the ability to create their own agent-based models and move at their own pace rather than waiting for consultants.
Built on the ThinkAhead Technology™ engine, the new software version enables efficient modeling and agile planning for a fast, flexible path from model building to running "what if" simulations to delivering granular insights, accurate forecasts, and optimized plans. ThinkVine supports and guides customers throughout the process by providing demographic and response data on consumers via built-in marketing science, a workflow that supports the modeling process, and comprehensive training and support.
Features of the new release include:
- A new user interface for modelers to quickly and easily build custom agent-based marketplaces with consumer, marketing, channel and competitive dynamics.
- Autocalibration, an innovative modeling function that helps automate the process of building marketplaces and results in faster insights and forecasts.
- The next generation of ThinkVine's innovative SmartMix functionality that automatically finds an optimized solution that meets key business goals like sales, ROI and profit.
- New charts that evaluate the causes of changes in sales to understand the impact of marketing and other drivers and that benchmark actual to forecasted sales to stay on track to achieve annual goals.
- More features for providing control over variables that affect "what if" forecasts.
- Software usage metrics for companies to actively manage organizational adoption.
ThinkVine's marketing mix optimization software delivers the right answers, right now by transforming marketing analysis, targeting, planning and forecasting to provide B2C marketers with both the historical insights, including accurate attribution across all of their marketing, and the forward-looking information they need to get the maximum return on their investments. With ThinkVine, marketers make better strategic decisions about spending levels, tactics and timing across consumer groups, products, channels and geographies. Using innovative consumer behavior modeling, ThinkVine's breakthrough ThinkAhead Technology creates a custom, virtual marketplace that simulates how targeted consumers will respond to combinations of marketing activities over time. The ThinkVine software provides marketers with rich historical insights and better short- and long-term forecasts of ROI and sales, as well as support for an agile, objective ongoing planning process. Its customers include market leaders in consumer goods, food & beverage, financial services, retail, consumer services and other industries. http://thinkvine.com/