Marketing Mix Modeling
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.
Company of the Week
SK&A is a leading provider of U.S. healthcare information solutions and databases. As part of IMS Health, SK&A researches and maintains contact and profiling data for over 2 million healthcare providers, including 800,000+ prescribers. SK&A's data supports research and marketing initiatives for life sciences, medical device, managed healthcare, direct marketing, publishing, education and more. SK&A's proprietary databases are telephone-verified twice per year from its world class Research Centers. SK&A enables multi-channel marketing and sets the standard for data quality and reliability. SK&A's customers include many of America's most recognized healthcare, publishing and pharmaceutical institutions.