Subject Matter Expertise (SME) is a critical component of any modelling project. MMM presents a wide number of contextual problems that must be properly understood into enable a viable and successful project.
The main issues in MMM are around:
- Understanding what marketing and media investment is
- How it works
- How it is planned
- How it is activated
- The metrics it produces
- How it is measured
- Which of those metrics are useful in MMM
- Understanding econometric methods
- Understanding how to evaluate and validate models
- Understanding and estimating channel response functions correctly
- Understanding how econometric and machine learning techniques can be applied to marketing and media data
- Understanding how to create actionable insight for marketers
There is no doubt that any project that does not incorporate this understanding risks producing unreliable results