Marketing mix modeling has recently come under some criticism. Concerns are being raised that this strategy fails to be granular, comprehensive, or quick enough for today's marketing needs.
While the arsenal of tools available to market researchers has certainly grown over the years, perhaps none has been more insightful than what is referred to as structural equation modeling.
While media mix modeling may provide lessons on channel relationships, it fails to leverage granular data. Conversion attribution relies on that data and moves it from channels to individual ads.
While some brands continue to debate the merits of social media in their marketing mix, others have made tangible strides in measuring these initiatives.
Changes to technology, media and society at large have led the advertising industry into an "adaptive marketing" era, defined by greater interaction with consumers and initiatives tailored to the individual, according to a March 29 report from Forrester Research.
Damon Ragusa, CEO and Founder of Thinkvine, sat down with Contributing Editor Sara Holoubek at ad:tech Chicago last week to discuss the state of marketing mix modeling and why it is important to put the consumer back into the equation.
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It doesn't matter how much data you have if you don't integrate your data sets, says market researcher Matthias Hartmann.
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