The distinction between correlation and causation is a fundamental challenge within MMM, and it has significant implications for the efficacy of your marketing efforts. It is not just about interpreting data correctly; it’s about making sure our budget is not being wasted and misallocated. This article delves deep into why …
The Correlation vs Causation Challenge in Marketing Mix Models Read More »
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 »
There are thousands of non-marketing factors that can make an impact on your company’s base sales. Consumer sentiment, GDP growth, inflation, consumer saving rates, interest rates… we could list dozens and dozens of exogenous factors that can change your base sales. But when it comes to marketing mix modeling, we …
One of the ever-present problems with marketing mix modeling is that you always have to choose some start date. And since you always need to choose a start date, there’s always some period before the start date that’s impacting your results. Here’s how Recast handles these carry-over effects.
Now that digital tracking is breaking and brands are using alternative measurement methods, we will see much more “triangulation” and combining them to get closer to the ground truth. One great example of this we’re seeing gain a lot of traction is integrating geo-testing and marketing mix modeling. Geo-lift tests …
How Geo-Testing Enhances Marketing Mix Modeling Accuracy Read More »
If you’re considering working with a marketing mix modeling vendor, you’ve probably heard of Google’s open-source MMM tool, Lightweight MMM, Meta’s Robyn MMM, and our very own MMM platform here at Recast. Now, we know that choosing an MMM is a complex decision that has many variables you have to …
If you’re doing media mix modeling in-house or through a vendor, being thoughtful about interaction effects will be key to making your model work. For context, interaction effects in marketing are when the performance of one channel (or, in general, our marketing effectiveness) is influenced by another variable (a different …
If a tree falls in a forest and no one is around to hear it, does it really make a sound? If someone runs a marketing mix model but no one actually uses the results, is it really an MMM at all? Model validation is one of the most important …
Dynamic Spend Deployment and Forecast Checking: How to Validate your MMM Through Use Read More »
We hate when people say that statistical modeling is more art than science. It’s generally what someone says right before they are about to do some very very poor science. A good marketing mix model should be all science: as modelers, it’s our job to deeply understand and communicate the …
How To Do Stability & Robustness Checks for Marketing Mix Models (MMM) Read More »
