Scenario planning or demand forecasting decides everything an enterprise does. Right from quantities of raw material sourced to the inventory that needs to be stocked, through to shipping, packaging, hiring, and all the way down to purchasing office supplies — everything is dependent on accurate forecasting and scenario planning. Forecasting […]
Marketing Mix Modeling for Scenario Planning Read More »
You cannot double spend and expect sales to double. Advertising on auction-based platforms like Meta or Google exhibits diminishing returns, meaning as you increase spend, efficiency suffers. When you continue to increase your advertising spend you see increased customer acquisition cost (CAC) and lower return on investment (ROI). Essentially, there’s
Diminishing Returns: Accounting for Channel Saturation Read More »
Disclaimer: This blog post was written by an external contributor about detecting and addressing heteroskedasticity in marketing mix models. The approach laid out in this document is not reflective of how Recast approaches heteroskedasticity and model validation. The actual model specification can be found in the technical model specification. Heteroskedasticity
How to fix heteroskedasticity in your Marketing Mix Model Read More »
People who have been around the world of marketing mix modeling (MMM) for a while are often shocked that Recast is designed to be refreshed on a weekly cadence. “How are you able to do in a week what it takes many other vendors months to do?” they might ask.
How is Recast so Fast? Read More »
Marketers hate planning season. It can often feel like an impossible task: you’re being asked to predict the future in an industry where consumer sentiment (not to mention channel performance) can change suddenly and where multi-touch attribution tools (MTA) can’t be used for reliable predictions. Over the last few years
How to use MMM for planning and forecasting Read More »
“How do we know if the model is right?” That’s one of the most important questions in MMM. Most MMM models are black boxes, but business decisions can’t be based on faith alone. How do you distinguish credible results from vendor promises? How do you actually know if you’ve built
Why is validation challenging in MMM? What are the different ways to validate? Read More »
You don’t just want an MMM model. You want a model that can be trusted. But since MMM models are really powerful, they can also be subject to overfitting. So, how can we build confidence in the model and the recommendations we’re making to the marketing team? The answer: backtesting
How to do holdout accuracy and backtesting for your MMM (and why it matters) Read More »
Brands looking for 100% clarity in marketing measurement by using just one method won’t find it. Multi-touch attribution won’t give you that. Conversion lift studies won’t give you that. Even marketing mix modeling, which is what we focus on here at Recast, won’t give you that either. There is not
It is said that the best product ideas come from having to scratch your itch – from facing a big, challenging problem and urgently needing to find a solution for it. Recast has a similar genesis story. I ran the data science and analytics team at Harry’s, known for its
We live in an omni-channel world, and that has drastically changed the way consumers buy. It’s no longer a linear journey; it’s an intricate web of touch-points across online and offline channels. So it’s no surprise that this interconnectedness means that actions in one channel can ripple across others, sometimes
What are Halo Effects and how do they impact MMM? Read More »
