There was a time when a major international life sciences company—valued at $3 billion and employing more than 5,000 people—had little to no idea what media and marketing activities were working. And it had nothing to do with lack of effort, either.
Rather, the marketing team was in a similar position to so many others, in its space and elsewhere:
- its legacy approach to BI just wasn’t suited for the complexities of modern marketing, which is marked by a growing number of channels and is much more digital in nature than ever before; and
- its data was unreliable, fragmented, and time consuming to clean and prepare, which in combination prevented visibility into marketing ROI, making it difficult to make proactive, data-driven decisions.
Now, the organization has real-time access to—and a clear picture of—channel data and marketing spend, enabling it to accurately calculate the ROI of that spend and determine the appropriate mix of activities for effectively improving sales.
So, what changed? Put simply, the company installed Domo’s modern BI platform, which enabled it to develop the kind of media mix modeling solution it needed.
“I built this at a previous company, and it took several years and millions of dollars,” said a marketing executive for the enterprise. “With Domo, it is happening in a fraction of the time, and at a fraction of the cost.”
With Domo, marketing teams cannot only bring live data from various sources into one unified view, they can do so at cloud scale and in record time.
This allows them to quickly build media mix models that better account for the needs and behaviors of their target audiences, uncover new opportunities with greater ease, maximize the impact of their activities, and make informed decisions with confidence—at the moment those decisions need to be made.
How does Domo do it? It starts by integrating and transforming data at speed, which frees workers from burdensome BI tasks. But it certainly doesn’t end there.
It also provides real-time and predictive analytics that can be accessed quickly; makes it easy to build intelligent apps designed to tackle specific use cases; and offers a mechanism (Domo Everywhere) for controlled data sharing, which is key to driving monetization and commercialization of your data.
As far as what Domo has meant to the aforementioned life sciences company’s marketing success, one needn’t look any further than the bottom line.
Because Domo scales to cover the enterprise’s entire global product portfolio at efficient cost and time to value, and updates findings automatically as new data comes in, the business was able to identify opportunities to reallocate promotion spend and, in turn, experience a 33% increase on its return.
To learn more about how Domo can improve the effectiveness of a life sciences business’ investments, click here. To see how Domo combines marketing data with data from any other department across your entire company so you can maximize ROI, go here.