The central modeling challenge for an MMM is the following: given any set of marketing inputs (budget decisions, promotion dates, new product launches, etc.) to be able to accurately predict what our customer’s performance will be. But, how do we judge our model’s ability to meet this challenge? How do …
Marketers are in a tough spot when it comes to measurement: iOS14 made everyone conservative about tracking, performance marketers are nervous to test less measurable channels, and all their attribution methods disagree, with no single source of truth. If there’s one thing we want to achieve at Recast is to …
The 4 phases in the marketing measurement journey: Read More »
Quite often we encounter people who have been working with legacy MMM vendors for 15+ years who are shocked when we tell them that Recast is designed to refresh the MMM model every week. While some people see the obvious value in always having the most up-to-date data to work …
Brand new channels can be very difficult to measure out of the gate, so it’s important to be thoughtful about your goals and your measurement strategy. Many brands want to slowly scale up a channel as they learn how it works. This is a practical approach, but it makes measuring …
Many marketers have been turning to experiments to help them get a true read on incrementality for their marketing channels. However, it’s important to be aware that there’s a hierarchy of the evidence you get from different types of experiments. Classifying Experiments: The Three Tiers We think about three different …
Not All Experiments Are Created Equally: Navigating the hierarchy of evidence Read More »
When we talk to folks who are new to Media Mix Modeling (MMM) and tell them there’s no pixel or digital tracking involved, it can be a surprise and they want to learn how the methodology works without tracking. The idea of tracking people as well as possible has become …
Brands have been using models to understand the effectiveness of their marketing activities since the ‘Golden Era’ of advertising in the 1960s. However, as our history of Econometrics details, the dawn of the internet era and digital marketing in the early 2000s moved Marketing Mix Modeling (MMM) out of the …
Updated: August, 2024 Many brands want to know what the long-term effects of their marketing efforts are. The theory is that advertising today may boost brand awareness, which in turn, might have long-term positive impacts for the business. Wanting to understand these long-term effects is good and important. However, measuring …
Why “Brand Effects” are so difficult to measure in MMM Read More »
Marketers are often very focused on the future as their jobs rely on anticipating and meeting the needs of consumers in a rapidly changing market environment. However, to understand the future, it is crucial to look to the past. This post will focus on understanding the history of econometrics to …
Disclaimer: This blog post was written by an external contributor about techniques for validating marketing mix models using cross-validation. The approach laid out in this document is not reflective of how Recast approaches model validation. The actual model specification can be found in the technical model specification. You’ve spent countless …
The right way to cross-validate your Marketing Mix Model Read More »
