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Summary
Marketing mix models have become primary, essential tools for analyzing marketing performance and productivity. They have also become an important method of determining return on marketing investment. However, marketers can still feel very uncomfortable with marketing mix modeling. Understanding what the systems need for effective analysis as well as the capabilities of the modeling process, are endeavors full of confusion and anxiety. As a result, many marketers are making big mistakes and missing out on key opportunities.
In this article, we examine the power of marketing mix modeling and the major limitations of the systems. We describe key mistakes to avoid for best results. Finally, we reveal methods to push marketing mix modeling further, deepening your insight and providing directions for improving marketing effectiveness.
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