The benefits of Marketing Mix Modeling (MMM) are already well established for companies with many brands, operating in numerous markets. Without it, allocation and optimization of the marketing budget would be messy guesswork. Nowadays the question lies not in whether you should do it, but rather how can you do it yourself.
You can, of course, hire an external party to perform marketing mix modeling for you, which might be easy, but as with most easy solutions, it is far from ideal. In the end, the benefits of building modeling capabilities internally are definitely worth the effort, but that’s easier said than done.
Here is what will be covered:
- How to build Marketing Mix Modeling capabilities internally
- What the 4 pillars of data-driven decision making are (and how MMM plays a major role)
- What was the outcome of going from using an external agency, to conducting marketing mix modeling in-house