Subject Matter Expertise (SME) is a critical component of any media mix modelling project.  MMM presents a wide variety of contextual problems that must be properly understood and managed to enable a viable and successful project.

 

The main Subject Matter Expertise areas in MMM are as follows:

  • As we are talking about marketing and media mix modelling, it is an absolute prerequisite to understand the four key components of the marketing mix
    1. Product attributes
    2. Pricing and promos
    3. Place / Distribution
    4. Promotion (Media activities and investments)
  • When we are focusing on media mix modelling, we your partner needs to understand:
    • The differences between paid, owned and earned (POE) media
    • The different types of media investment are
    • How media investments work
    • How media is planned
    • How media is activated
    • The metrics media campaigns produce
    • The different ways in which media is measured
    • Which of those metrics are useful in MMM
  • From a technical model-building perspective, it is important that your partner understands:
    • The data that is required for MMMs
    • The way that data has to be cleaned, checked, managed and transformed prior to modelling
    • Econometric methods
    • Which of these can be applied to media mix modelling
    • How to evaluate and validate models
    • How to estimate channel response functions correctly
    • How econometric and machine learning techniques can be applied to marketing and media data
  • From models to actionable insight:
    • Good recommendations require experience of media investment
    • Your partner needs to know what is and is not possible and practical
    • They need to understand how to translate model outputs into actionable insight for marketers

Any project that does not incorporate this understanding risks producing unreliable results.

I offer extensive experience in marketing analytics and data science having worked at multiple market-leading agencies and media companies including CACI, Channel Four,  Ogilvy (WPP), Mindshare (WPP) as a Managing Partner, Initiative (Interpublic), where I was a main board director, mSix (WPP), and PHD (Omnicom) where I was also on the main board with responsibility for the whole agency’s analytics output.

I have been helping advertisers and marketers increase marketing effectiveness and efficiency for over 25 years.