The MMM Zeitgeist with Elea Feit & Karen Chisholm
A professor, an analytics director, and a podcaster walk into a bar and order a whiskey. Which brand do they order? And how does that data make it's way into a marketing mix model?
That's what Simon and Jim wanted to know, so they asked Elea Feit - Associate Dean of Research and Professor of Marketing at Drexel, and Karen Chisholm, Director of Transformation Analytics at Pernod Ricard.
Find out the biggest challenge marketers are facing today regarding measurement, and how they're tackling it.
Find out what's in store for marketing measurement and MMM in the next 3 years.
Grab a drink and have a listen :)
Links from the show:
The Advertising Research Foundation
Karen Chisholm (email about job opportunities!)
00:47 Today's Topic: Marketing Mix Modeling
02:10 Introducing the Guests
05:07 MSI and ARF Initiative
07:52 Survey Insights and Challenges
12:20 Measurement Techniques and Strategies
16:34 Brand-Level Optimization and Earned Media
22:44 Granularity in Marketing Mix Modeling
28:54 Understanding Marketing Mix Modeling
29:18 The Four Ps and Their Importance
30:20 Media Mix Modeling vs. Marketing Mix Modeling
32:29 Challenges in Media and Marketing Mix Modeling
34:09 Always-On Discounts and Their Impact
37:14 Data Quality and Availability Issues
40:38 The Future of Marketing Mix Modeling
43:08 Industry Perspectives and Best Practices
50:28 Open Source Solutions and In-House Modeling
54:58 Job Opportunities and Final Thoughts