In this week’s In-Ear Insights, Katie and Chris talk through marketing mix modeling. What is marketing mix modeling? Why should we care about it? How does it work? You’ll learn the difference between marketing mix modeling (sometimes called media mix modeling) and attribution modeling. Tune in to find out more!

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In this week’s In-Ear Insights, let’s talk about marketing mix modeling, also known as media mix modeling the sort of the the, what is it? Why Does anyone care about it? And what you should be doing to get set up for it.

So Katie, where do you want to start on this very automatic px named tech,

this year thrown a lot of tongue twisters at me this morning.

You know, I want to start with what it is because I feel like, at least for me, and you know, maybe I’m not alone in this, maybe I am, when you said that you wanted to start doing marketing mix modeling, I personally got a little confused, because there’s marketing mix modeling, which is a machine learning technique.

But then there’s also the marketing mix.

So let’s just start by breaking down the differences between the two things.

Sure.

The marketing mix is pretty straightforward.

That’s just what marketing channels are using.

So what strategies, tactics and channels are you using? And a lot of the time at companies? It’s kind of arbitrary, right? It’s like, oh, let’s do Facebook.

Oh, there’s Tiktok.

Let’s do Tiktok.

You know, that that sort of thing? Like, what are billboards? You know, should we do billboards of bus wraps or direct mails, and that’s the marketing mix.

Marketing Mix modeling is a statistical method to figure out of all these things you’re doing what’s working? And what should you be spending more money on? And what should you be spending less money on?

I’m trying to dust off the cobwebs in my brain, but isn’t the marketing mix the four Ps of Marketing, it’s the product placement price and something else promotion promotion.