Choosing the Right Marketing Mix Modeling Software Matters in Life Sciences
As a brand marketer, every decision you make shapes the success of your brand. From launching new drugs to optimizing your marketing spend, your ability to act fast and make data-driven choices is critical.
An effective marketing mix (MMx) strategy includes measurement, planning, and activation. When it comes to this strategy, you might be debating whether to build a custom tool or invest in scalable, on-demand software. Perhaps you fear losing control over your data or giving up ownership of your proprietary information. However, this is rarely the case—and necessitates a shift in mindset.
Ask yourself the following:
- Would you rather spend your budget building MMx models or driving brand impact?
- Can you wait months (or years) for a custom tool when you want actionable insights today?
A scalable, AI-driven MMx solution gives you:
- Faster insights to optimize your omnichannel strategy in real-time
- Scalability so you can easily support multiple brands, geographies, and teams
- Smarter budget allocation powered by AI-driven scenario planning
- Life sciences regulatory compliance and data privacy built into the software
- A future-proof solution that adapts to changing market conditions
A custom MMx tool might seem like a good idea in theory, but in practice, it often slows you down, costs more than expected, and limits your ability to adapt to a fast-moving market.
The Build or Buy Software Decision: Weighing Effort vs. Value for Your Brand
We’ve helped numerous large-scale pharma organizations make this tough choice: create a custom-made MMx solution or purchase a self-service one. Based on surveys from these trusted clients, we compiled this effort-versus-value matrix to help you weigh the options.
Table 1: The Effort-vs.-Value Matrix: Choosing a custom-built or self-service MMx Solution. Source: Axtria Inc.
What Does it Mean for You?
- Building a custom tool is a high-effort, low-value approach that takes too long to deliver results.
- On-demand, self-service software gives you faster insights, better scalability, and stronger return on investment (ROI).
- AI-driven solutions allow you to make real-time, data-backed marketing decisions—without waiting on IT teams or external consultants.
Are You Falling for These Myths About Custom Marketing Mix Tools?
Figure 1: Common buyer myths of custom MMx tools. Source: Axtria Inc.
If you’re leaning toward building your own MMx tool, you might be holding onto some common misconceptions.
- Myth: “We need full control over our MMx models.”
- Reality: A self-service MMx solution lets you customize and control your models while eliminating IT maintenance headaches.
- Myth: “A custom MMx tool will be more cost-effective in the long run.”
- Reality: The hidden costs of maintenance, IT support, and long development cycles add up fast. A purpose-built MMx solution delivers value from day one.
- Myth: “We need a completely unique MMx model tailored to our business.”
- Reality: A scalable MMx solution adapts to your needs, integrates with your data, and offers AI-driven optimizations that custom-built tools can’t match.
The Challenges of Building a Custom MMx Tool (and How They Hold You Back)
If you’re still considering building a custom MMx tool, here are the biggest challenges you’ll face:
- Does your consultant have the expertise to execute?
- MMx is complex—it requires deep life sciences domain expertise that many firms don’t have in-house.
- Even experienced consultants struggle to design custom MMx systems that optimize spending for this specialized market.
- Are you prepared for data privacy and compliance hurdles?
- Integrating data from multiple sources is tough, especially with evolving regulatory requirements.
- Self-service MMx software automates compliance, so you don’t have to worry about data security.
- How will you handle scalability and multi-business unit needs?
- Supporting multiple brands, business units, and global markets requires advanced governance.
- Custom solutions often fail to scale, creating inefficiencies across teams.
- Will your solution keep up with constant changes in the life sciences market?
- Custom tools often struggle to adapt to new data models, AI advancements, and omnichannel shifts.
- AI-powered MMx solutions continuously improve, ensuring your strategy stays ahead of the competition.
Why a Scalable, AI-Driven Marketing Mix Modeling Software Solution is Your Best Bet
With standardized, scalable MMx software, you get.
- Faster time-to-value – No long development cycles, just immediate insights.
- AI-powered optimization – Smarter budget allocation and better marketing ROI.
- Automated data integration – Seamless ingestion from multiple sources.
- On-demand recalibration – Real-time scenario planning to optimize spend.
- Generative AI capabilities – Intelligent recommendations, automated workflows, and predictive modeling.
Final Checklist: How to Choose the Right Market Mix Modeling Software
Before you decide, ask yourself these key questions:
- Can I afford to wait 12 months or more for a custom MMx tool, or do I need insights now?
- Will my custom solution be scalable enough to support multiple brands and regions?
- Does my team have the expertise to manage and maintain an MMx solution long-term?
- How much will IT support, compliance, and governance actually cost me?
Your Next Step: Future-Proof Your Brand Strategy
The choice is clear: building a custom MMx tool is a high-risk, low-reward move that limits your brand’s potential. Instead, invest in an AI-powered, self-service MMx software solution that enables:
Axtria offers a next-generation commercial marketing solution, purpose-built for the intricacies of the life sciences industry. Axtria MarketingIQ™ helps you democratize marketing analytics to achieve strategic performance. It enables superior brand performance through market attribution, delivering timely insights that drive effective planning, evaluation, and execution.
Axtria MarketingIQ™ drives marketing impact based on decades of domain experience, expertly replacing simpler intermittent analytics with continuous, predictive smart analytics. It provides sophisticated granular models in a collaborative environment that enables experts to focus on more complex, bespoke problems.
Contact us to see how Axtria MarketingIQ™ can elevate your MMx strategy today!
Author details
