Marketing Tactegy

Upcoming MarketingPROFS B2B Event

I wanted to let everyone know that I will be speaking at the upcoming MarketingProfs Business-to-Business Event in Boston June 8th and 9th.  It should be pretty interesting because we will be speaking about dashboards and how to properly structure them to manage marketing activities and results.  Many of the topics in my recent book are critical to a successful implementation of a marketing dashboard.

Overall it should be an interesting event.  Since I work both in the B2B and the consumer space I found that B2B marketers often have a much more difficult time than consumer marketers trying to managing their marketing because of the interaction with their sales teams.
Information on the event can be found at Marketing Calculator Press Releases.  I hope I’ll get a chance to see you there.

If you’re going to attend please let me know. 

Challenges in Statistical Marketing Mix Modeling

Benefits of Marketing Mix Modeling

Marketing Mix Modeling has been used for many years now and has been able to help marketers significantly improve their marketing budget allocations and other key tactical marketing decisions.  It has led to many improvements for many companies in how they drive revenue, profit and share,  helping marketers to choose creative campaigns and many other critical tactical decisions.  They allow analysts to relatively easily deliver models that support budget allocations and diagnostics to drive more revenue out of their hard-won marketing budgets. 

Challenges of using Marketing Mix Modeling

One of the biggest challenges in  modeling is on the data.  Now in the US and elsewhere Nielsen and IRI and others have developed cost effective means to provide (at reasonable cost) sales, price and distribution, and in-store data on a weekly basis across the category.

Pitfalls of Marketing Mix Modeling outside of the US

Outside of the US and the major countries in Europe other factors come into play - in particular coverage and granularity.  In Russia, for example, data covers about 40% of the retail sales volume and is often concentrated in the major cities.  In addition, the data is available only on a monthly or even bi-monthly basis - making it nearly impossible for traditional, statistically based MMM's to provide hard and fast answers.

Using Agent-Based Modeling and Simulation

A new technique based on agent-based modeling, where agents represent virtual consumers, is now gaining momentum and is a viable alternative in these data-stressed countries and categories.  Because the agent-based modeling is based on consumer choice, even in the face of less than stellar data they can deliver robust results in order to improve a marketer's strategic and tactical decision-making. 

If you'd like to learn more give me a ring.  I'd love to hear from you.