Recast’s MMM uses Bayesian statistics, but why doesn’t everyone else? We asked this to Recast’s co-founder Michael Kaminsky, and the rest of this article covers what he answered: “When I started my career as an econometrician, I was pretty comfortable with the frequentist methods that people who did a technical degree saw in their statistics …
Today, we introduce the Lift Test Calculator – an open-sourced tool designed by Antonio Vargas, a senior data scientist at Recast. The Lift Test Calculator was created to address the gap in the way lift tests are conducted and interpreted. Antonio and the Recast team recognized that marketers often ran into issues when trying to …
Recast’s Lift Test Calculator [Download + Video Walkthrough] Read More »
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 we know if it’s doing …
People often ask us about the differences between Recast’s next-generation MMM platform and Google’s open source MMM tool, Lightweight MMM. In this blog post we do a compare-and-contrast between these tools – we’re obviously biased but will do our best to lay out the pros and cons of each tool as we see them. There …
People often ask us about the differences between Recast’s next-generation MMM platform and Facebook’s open source MMM tool, Robyn. In this blog post we do a compare-and-contrast between these tools – we’re obviously biased but will do our best to lay out the pros and cons of each tool as we see them. There are …
Your marketing performance doesn’t live in a silo and it’s not independent of external factors. One of those that will impact it is GDP (gross domestic product). But that brings many questions to marketers: If our marketing is doing well during a period of GDP growth, is it because our marketing is effective or is …
Why You Need to Stop Controlling for GDP Growth (and what to do instead) Read More »
Marketing Mix Modeling (MMM) is hard. The core difficulty is that MMM is trying to solve a causal inference problem where there is no ground truth to compare the model results with. There is no ground truth source that can tell us what the true incrementality of TV is as an advertising channel. That means …
MMM is about Causation not just Correlation At the highest level, the idea behind MMM is to look at the correlation between marketing activity on one side and business results (revenue, new customers, leads, etc.) on the other. However, we don’t just want correlation. We want to actually estimate causation, so we want to be …
At Recast we believe that in order for our customers to get value out of Recast, the model needs to be correct. That is, it needs to give valid, actionable inferences that our customers can use to drive bottom-line improvements in their business. In order to get to a correct model, we have a white-glove …
Many people want to know what the long-term effects of their marketing are. The theory is that advertising today may boost brand awareness which might have long-term positive impacts for the business. Often, they want to know how Recast thinks about these long-term impacts. Unfortunately, we believe that it is practically impossible for an econometric …
Why “Brand Effects” are so difficult to measure in MMM Read More »
