Nancy Smith, President & CEO, explains why marketing mix modeling is more than just a "black box" in her recent article featured in Quirk's Magazine.
In the January 2014 issue of Quirk's Magazine, President & CEO Nancy Smith tackles and debunks seven myths associated with marketing mix modeling in her article, "Why marketing mix modeling is more than just a ‘black box,'". She also explores the factors that have generated so much conversation about the methodology.
"The rise of big data has created additional pressure on marketers. They are seeking tangible solutions to their big data challenges, and for many, marketing mix modeling offers a tried-and-tested solution," Nancy explains. "As one might expect, the newly intensified interest in marketing mix has motivated skeptics and the curious alike to express reservations and to ask hard questions."
Nancy observes: "Marketing mix modeling can paint a holistic picture of an organization’s business efforts. The best practice in marketing mix involves a transparent approach and a willingness to invest the time and effort to educate clients on how the models function."