Measure Up The MMM Gap - How Marketers are Navigating the Shift to Marketing Mix Modeling
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May 30, 2024 Dive into the intriguing world of Marketing Mix Modeling as experts discuss its evolution and the pros and cons of various open-source tools. They tackle the complexities of measuring marketing effectiveness, highlighting the challenges of multi-touch attribution and the impact of AI on ad strategies. A lighthearted tangent about baseball adds humor while insights on vendor selection and pricing complexities ensure marketers stay informed. Explore the shifting landscape of analytics in an engaging and informative discussion!
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MTA's Limitations Boost MMM Interest
- Multi-touch attribution (MTA) is insufficient for understanding channel value alone. - Privacy changes and cookie restrictions have highlighted MTA’s gaps, increasing interest in Marketing Mix Modeling (MMM).
PyMC’s Vendor-Neutral Advantage
- PyMC is favored for being vendor-neutral and open source. - It offers transparency so users avoid vendor bias in MMM results.
Calibrate MMM With Incrementality Tests
- Use incrementality test data to calibrate MMM models when possible. - This helps constrain MMM outputs with real-world experimental results.