marketing mix modelling
Optimise your spend for maximum impact
Develop a high-level understanding of where and when to invest
You run a tight ship. You’re on top of the numbers and you’re constantly tweaking and refining what you do.
You may already have a good understanding of what’s working and what isn’t, but you know there’s room for improvement.
You want to spend wisely and feel confident about every decision you're making. But you have questions you can’t answer.
Problems you can’t solve:
What impact does your marketing have beyond the base sales you would have made anyway?
How are non-marketing activities affecting sales?
What is the true return on investment from every channel and tactic you’re using?
Where should you increase spending and where should you reduce it?
Which channels and tactics will work quickly to produce short-term results?
Which channels and tactics leave a lasting message?
How should you phase campaigns according to seasonal trends?
What if you had a model that helped you?
Marketing Mix Modelling (a type of econometrics) is an approach for economic measurement. It’s a technique that will help you unravel the complexity of all the different factors at play within your marketing mix. What you end up with is a simplified model that you can simulate with. It’ll help you analyse, interpret and plan for every campaign, so that you can get more for your money, wherever you’re spending it.
MMM quantifies all the factors that drive performance
How exactly does marketing mix modelling help?
1Strip out sales you would have made anyway to understand the true impact your marketing activity has on profits | 2Understand non-marketing factors, such as weather conditions, price or distribution changes or the economy | 3Optimise your budget across your marketing mix so you can increase sales and/or long term impact |
4Phase spend across the year to take advantage of seasonal and occasion-based opportunities | 5Run "what-ifs" to estimate the most likely impacts of marketing plans or other scenarios on your business | 6Measure a complete set of channels and tactics the same way, rather than looking at each data source individually |
Examples of outputs from MMM
“I enjoyed and learned a lot from her during our project and would highly recommend her to potential clients, particularly in the MMM area.” |
How does the modelling process work?
Answering your business questions
I’m here to help you make informed decisions that are driven by data. The approach we take is of secondary importance to me and because I’m independent, I can be flexible to meet your needs. Once I understand your goals, I’ll design and conduct the appropriate analysis and modelling. After we’ve unlocked the insights your data holds, I’ll interpret them. I’ll provide guidance and recommendations to help you work them into your strategy. The initial process can take between two weeks and three months, depending on how many KPIs we’re measuring and what outcomes we’re working towards.
Effective communication
I’ll co-manage the project with you from start to finish, it needs your involvement to make it effective. We’ll create a project plan beforehand with agreed milestones. I’m happy show you my workings at all stages and deliver formatted data along with summaries and commentary in one or more formats according to your preferences. I have leadership experience that includes liaising with and presenting to clients. My stakeholder skills can be put to good use to help you communicate our findings.
A flexible approach
To build the model, lots of data is needed. Ideally, weekly information going back at least three years for anything that might theoretically affect your sales. Thankfully, automation has come a long way in the twenty years I’ve been practising econometrics. If you don’t have this data readily available, I can help you source and collate it. I’ll take into account what you’re already doing and make sure whatever we set up can be developed later (either by myself or someone on your team). Once we’ve built a model that answers your questions, that model becomes yours.
I can also offer documentation & training, if you want to take things in-house.
“Jo delivered a strong and complex analysis which answered all of the clients requests to a very high standard. I'd love to work with her again in future.” - Camilla Cecarini, Head of Marketing Science |
Take advantage of my extensive experience
I’m Jo Gordon, an econometrician with over twenty years commercial experience. I’ve worked with and had leading roles in some of the most well-respected analytics teams in the UK, where I’ve helped world-famous brands make smart decisions using data. I set up independently in 2018, and now provide services and consultation to in-house analytics teams, as well as working with directly with decision-makers on end-to-end projects. Learn more about how I work, or view my career history on LinkedIn.
Read my blog series about Marketing Mix Modelling
Start with this guide to what marketing mix modelling is.
Then read about how the approach works.
Move on to understand what it can tell you about how your marketing works.
Understand the ways it can be used for marketing planning.
Get an understanding of what it may cost and how best to put that in context.
Hear my tips for finding the right MMM partner.
Round off with these case studies.
OR CLICK HERE TO GET THE EBOOK
“Jo is technically excellent, thorough, well-organised and easy to work with” |
Is MMM right for you? Arrange a chat
Fees start at £400 per day + VAT, but depend on what you need. I prefer to discuss scope and agree a fixed fee. As a rough guide MMM projects tend to range from £5k - £50k depending on lots of factors. Not a fan of forms? Email me: jo@jogordonconsulting.com