Media Mix Minute Video Series

Decision Analyst will be posting short videos on Media Mix Modeling. The goal of the videos is to discuss various aspects of Media and Marketing Mix Modeling.

  • Media Mix Modeling

     

    Today we’re going to talk about the equation that’s used for media mix modeling. To begin the discussion, we should understand that what we’re doing is building on top of the demand equation, and as you remember from your Economics 101 class, a change in price causes a movement along the demand curve.
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  • Media Mix Modeling

     

    Today we’re going to talk about the modeling method used in media mix modeling. To begin with, it’s very important to decompose the time-series variation, the across-time variation from the cross-sectional variation, that would be across brands, across markets, across regions, for example.
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  • Media Mix Modeling

     

    Today we’re going to talk about what data is needed for media mix modeling. Well, first of all, we of course need our dependent variable, which is the variable we’re trying to explain, which is the units of sales—not currency, but units.
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  • Attribution Modeling

     

    And the first type of, there’s, the word “attribution” used in two ways. In the first way, it is used to measure, for example, the amount of additional unit sales that might be attributable to a kind of marketing activity.
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  • Econometric Modeling

    I-we explained that media mix modeling uses historical data to measure the ROI of media activities, such as, digital marketing, or TV advertising. I also explained that econometric modeling is the primary traditional approach used in media mix modeling.

    Today we will discuss the key strengths and weaknesses of econometric modeling when used for media mix modeling.
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  • Market Mix Modeling Sources

    What is the difference between marketing mix modeling and media mix modeling? To understand and answer this question, we have to understand how we do media mix modeling.

    In order to measure the return on investment of a particularly media activity, such as TV advertising, we have to measure and quantify and control for the impact of other influences on sales activity in addition to the media activity.
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  • Media Mix Modeling

    Media mix modeling uses historical data on sales activity and media activity in order to quantify the return on investment of media activity.

    So the media activities such as—TV advertising, radio, print, online, search engine, mobile apps, and more—are simulated to increase, to determine the amount of increase, in sales caused by these media activities.
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Contact Decision Analyst

If you would like more information on Media Mix Modeling, or if you have any questions, or suggestions on topics for the Media Mix Modeling videos, please contact John Colias by emailing jcolias@decisionanalyst.com or calling 1-817-640-6166.

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