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Strategic Implementation of Marketing Mix Model Analytics for Data-Driven Decision Making: A Holistic View

Author(s) Simran Sethi
Country United States
Abstract Marketing Mix Modeling (MMM): Even with the evolution of traditional and digital marketing, marketing mix modeling has remained an area of primary focus. The sophistication within the econometric and statistical aspect of modern MMM might be impressive, but there are still numerous organizational and practicality problems left unresolved, especially for the data teams that have to work with broken datasets, trust problems, and implement solutions. In this paper, I single out the most important strategic steps needed for the successful implementation of MMM in data research. It unpacks the contemporary approaches that utilize diverse category data integration and reach-and-frequency powered funnels. It also analyzes real world examples of MMM cross-channel budget optimization. The final sections outline the remaining problems and issues with the suggested solutions and forms of future MMM, such as causal tests and modeling with constraints to privacy-sensitive data.
Keywords Marketing Mix Modeling, Digital Marketing, Budget Allocation, Data Science, Advertising Analytics
Field Engineering
Published In Volume 5, Issue 10, October 2024
Published On 2024-10-07
Cite This Strategic Implementation of Marketing Mix Model Analytics for Data-Driven Decision Making: A Holistic View - Simran Sethi - IJLRP Volume 5, Issue 10, October 2024. DOI 10.5281/zenodo.14945315
DOI https://doi.org/10.5281/zenodo.14945315
Short DOI https://doi.org/g86pcw
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