A new report examines the design elements required for successful implementation of MMM.
NEW YORK, September 13, 2023 - MSI (Marketing Science Institute), a division of ARF (Advertising Research Foundation), today released its latest Blue Ribbon Panel report, "Charting the Future of Marketing Mix Modeling Best Practices," which continues to evolve will change marketing practices. (MMM) has evolved in response to the current marketing environment by identifying challenges, identifying innovation opportunities, and evaluating those innovations.
“When MMM is reborn, the landscape will look like a modern Wild West, a land filled with new players,” said John Lynch, CEO of MSI. However, finding a reliable solution provider poses challenges for companies looking to maximize their marketing investments. MSI's new book, A Blueprint for Future Marketing Mix Modeling Best Practices, helps executives and analysts evaluate these claims, separate the wheat from the chaff, and help marketing organizations capitalize on innovation in MMM. »
As new privacy laws prevent companies from using individual consumer data to understand the impact of their marketing spending, this report provides valuable tools to help experienced executives and novice analysts evaluate MMM's current offerings and make informed decisions. . Decisions, decisions and leading your marketing organization to success.
The study, conducted in collaboration with leading academic and industry experts, found that marketers use marketing mix models in three key areas: marketing drives sales and profitability, forecasting and optimization. New innovations such as machine learning and stricter privacy regulations have made it more difficult for marketers to use MMM to meet these needs, and the biggest challenges lie in the use cases and design elements.
“We are committed to a more efficient MMM ecosystem for everyone,” said Link. “Following the publication of this report, we launched a multi-stage initiative to develop industry standards for best practices in MMM. Produced by MMM Pioneers, this report is the first step in developing tools to help improve the industry and our members. MMM”
This white paper from MSI scientists identifies some surprisingly common mistakes that can lead to poor marketing allocation decisions and thereby damage the reputation of senior management in marketing . While the initial version of this report is available for public review, complete information is only available to MSI member organizations. In future phases of the initiative, MSI will develop an MMM checklist for companies to document and evaluate their MMM practices against best practices. This will be followed by an investigation phase in which MSI will provide feedback and recommendations to the participating companies. This first chapter includes industry leaders: Airbnb, AT&T, Coca-Cola, Colgate-Palmolive, Domino's, Google, Kantar, Meta, Netflix, Nike, Pinterest, PNC, TransUnion, WiFi and more.
For more information about this change report and how you can get involved in the next MMM initiative, visit the MSI website .
About MSI
A division of the Advertising Research Foundation, MSI is a nonprofit membership organization that has been at the forefront of marketing science and research since 1961. MSI brings together the world's most renowned marketing scientists and top marketers from the world's best companies to create. A platform for unbiased scientific research, targeted collaboration and unprecedented peer-to-peer networking. Led by leading marketing scientists, MSI's academic community develops new knowledge to solve real-world marketing problems and develops innovative programs and academic-industry collaborations with member companies.
About ARF
Founded more than 80 years ago, ARF's mission is to create, manage and disseminate objective advertising research so that members can have a tangible impact on their advertising and strengthen marketing leadership in their organizations. Membership includes over 400 members from advertisers, agencies, research firms and media technology companies. For more information, visit www.tearf.org .
