Marketing Mix Modeling: What Marketers Need to Know
Though you may already use primary and secondary media research to guide your marketing strategy, you may be missing out on key information if you’re not measuring marketing effectiveness too. So you need more information to answer these compelling questions:
- How much media is enough?
- Which medium is most effective?
- What is the best media environment to use?
- Is it better to use flighting or continuity?
- When are ads worn out?
Marketing mix modeling (MMM), the use of statistical analysis to estimate the past impact and predict the future impact of various marketing tactics on sales, can deeply inform marketing plans. While marketing spend and bottom line results are often perceived as disconnected, marketing mix modeling closes the loop and shows the path to improved return on marketing investment.