http://www.lynneharrold.com/2009/05/26/replace-spray-and-pray/ A blog about marketing, analytics and strategy Fri, 30 Jul 2010 20:42:34 +0000 http://wordpress.org/?v=2.6 http://www.lynneharrold.com/2009/05/26/replace-spray-and-pray/#comment-1603 Craig Tue, 02 Jun 2009 23:48:15 +0000 http://www.lynneharrold.com/?p=238#comment-1603 Marketing Mix Models are an incredibly powerful but still under-utilised business tool. Relatively basic econometrics can provide real insight into which channels and campaigns really work.... The biggest obstacle to their more widespread use would seem to be the depressingly non-quant background of so many people in the marketing profession.... Savvy corporations employ people with PhDs in econometrics/statistics and quantitative marketing to do these things - Kraft is a classic example. With the right data inputs and the right analytic techniques these models can provide incredibly detailed guidance as to what is most likely to yield high business returns. Marketing Mix Models are an incredibly powerful but still under-utilised business tool. Relatively basic econometrics can provide real insight into which channels and campaigns really work…. The biggest obstacle to their more widespread use would seem to be the depressingly non-quant background of so many people in the marketing profession…. Savvy corporations employ people with PhDs in econometrics/statistics and quantitative marketing to do these things - Kraft is a classic example. With the right data inputs and the right analytic techniques these models can provide incredibly detailed guidance as to what is most likely to yield high business returns.

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