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 »
At Recast we always use spend — never impressions — to represent channel activity in our marketing mix model. We do not care how many gross ratings points (GRPs) your TV vendor claims to have delivered or how many impressions Facebook says you got on your ad. We don’t care about clicks or even the …
“Impressions” are misleading in marketing mix modeling Read More »
Occasionally, prospective customers react with shock when we tell them that we don’t “control for the COVID pandemic”. “The pandemic really impacted our business, so how can your model be accurate if you don’t control for Covid?” they ask. The answer is simple: Recast models changes in the macro-environment, but doesn’t control for them. This …
For many businesses, email programs are a huge revenue generator. For every $1 marketers spend on email marketing, they receive $36 in return, according to 2,000 marketers who responded to Litmus’ 2020 State of Email Survey. Emails play the important role of nursing customers along their buying journey, drive retention, and cross-sell and up-sell customers …
At Recast, we often speak with practitioners who are trying to build their own MMM in-house. While we think there are great reasons to use a tool like Recast instead of building in-house, many people want to try it themselves before committing to working with a partner. In this post, I’ll lay out the check-list …
Nearly every business has an annual cycle: seasons where the business waxes or wanes, or specific dates like Cyber Monday, Memorial Day, or Mother’s Day, which see enormous spikes in sales. Imagine you have a business that sells hot wings — when do you think the busiest time of the year would be? Football season …
You’re probably modeling seasonality the wrong way Read More »
Elon Musk believes we live in a simulation. His argument goes: “If you assume any rate of improvement at all, games will eventually be indistinguishable from reality” — Elon Musk, Founder PayPal, Tesla, SpaceX What are the chances someone beat us to it? With the potential for many simulated realities, the odds are low we’re …
Introduction Note: this post was developed in partnership with Mike Taylor over at Vexpower where they’re working to educate marketers on how to do effective media mix modeling. This post gets a bit into the weeds, so if you want a more straightforward overview, definitely go check out the companion post over there. At Recast we use Bayesian techniques …
Marketing Measurement with Recast One of the first things people generally want to know about Recast is how it compares with their other media measurement systems. Generally, the clients we work with have set up an attribution system and have run a few lift tests, and perhaps their data science team has built, or their …
