Marketing Mix Modeling in 4 Weeks
Learn by doing.Practice new skills every week like . You'll master Marketing Mix Modeling by solving real problems for fictional companies, with expert tutorials, templates and scripts to guide you along the way. Get started today and you'll be qualified for the job by May 1, 2024!
What is Marketing Mix Modeling?
Marketing Mix Modeling (MMM) was introduced in the 1980s to match spikes and dips in sales to actions taken in marketing (as well as external factors).More
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How do I control for COVID?
External variables often affect your performance more than anything you did in marketing. Yet most marketing reports are missing the impact of macro factors like pandemics, the economy, and seasonality. Failing to control for significant variables means missing your targets in downturns and overcompensating your team in periods of high demand.
Can we try Google LightweightMMM?
After Apple killed user-level tracking in iOS14, Facebook went all in on Marketing Mix Modeling with Robyn, an open source library. Now Google is getting into the game with an *unofficial* library called LightweightMMM, and it couldn’t be more different.
Can we try Uber Orbit?
I’ve built 20+ Marketing Mix Models, and it’s always the same thing that blows the model’s credibility with decision-makers. The assumption that marketing performance doesn’t change! Nobody believes all their hard work was for nothing. Uber’s ‘Orbit’ model solves that problem.
Compare our attribution to MMM
After months drowning in data it’s such a relief to arrive at an accurate and plausible Marketing Mix Model, that sometimes I forget what I built it for in the first place: the Channel Multipliers!
What's the long term effect on brand?
Traditional brand marketers can’t justify the impact of their campaigns, and yet performance marketers have a short term bias that can wreck your company. They both fight over budget, so how do we reconcile the two?
Marketing Mix Modeling
How do I build a marketing mix model?
Imagine you’ve got an opportunity to prove yourself with your first marketing mix modeling project. It’s a big topic: what’s the minimum viable thing to do first?
From what happened? to what if?
It’s amazing just how many companies forecast future performance by extrapolating in Excel. If you want to avoid unrealistic targets or to really know how much to spend to hit it, you need a model.
Analytical Base Table
Our data is all over the place
As much as 60% of the work of a data scientist is collecting and cleaning data, before any actual modeling work can begin. Getting organized can give you a huge edge in finding insights quicker.
Finding Numbers for Greek Letters
Building a model is not just about finding the right parameters, but also the hyperparameters used to transform your data outside of the model. Finding the right numbers can be surprisingly tricky.
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The Advantages of Learning: Marketing Mix Modeling
- Marketing Mix Modeling (MMM) enables you to make data-driven decisions about how to optimize your media budget.
- MMM works even for hard to measure channels such as TV, podcasts, and influencers, making it a great option for those who need insights on all aspects of their marketing.
- MMM is beneficial because it does not rely on user data, meaning it is not affected by iOS14, GDPR, and adblockers.
- Since its introduction in the 1980s, MMM has been reinvented by companies like Facebook (Meta), Uber, and Google, making it accessible to all businesses regardless of size.
- By utilizing Marketing Mix Modeling, businesses can gain insight on how their marketing efforts are impacting their sales and make decisions to more effectively allocate their budget and resources.