You run a tight ship. You’re on top of the numbers and you’re constantly tweaking and refining what you do. You may already have a good understanding of what’s working and what isn’t, but you know there’s room for improvement. You want to spend wisely and feel confident about every decision you’re making. But you have questions you can’t answer. Problems you can’t solve:
What impact does your marketing have beyond the base sales you would have made anyway?
How are non-marketing activities affecting sales?
What is the true return on investment from every channel and tactic you’re using?
Where should you increase spending and where should you reduce it?
Which channels and tactics will work quickly to produce short-term results?
Which channels and tactics leave a lasting message?
How should you phase campaigns according to seasonal trends?
Marketing Mix Modelling (a type of econometrics) is an approach for economic measurement. It’s a technique that will help you unravel the complexity of all the different factors at play within your marketing mix. What you end up with is a simplified model that you can simulate with. It’ll help you analyse, interpret and plan for every campaign, so that you can get more for your money, wherever you’re spending it.
Strip out the base sales you would have made anyway to understand the true impact your marketing activity has on profits
Measure the impact of non-marketing factors, such as weather conditions or distribution changes, for example
Learn how to optimise your budget for maximum effectiveness across your marketing mix so you can increase sales and/or long term impact
Learn how to phase your marketing spend across the year to take advantage of seasonal opportunities and trends
Forecast your key metrics based on planned marketing and promotional activities with real-world data from multiple sources and channels
Measure a complete set of channels and tactics within one model, rather than looking at each data source individually
“I enjoyed and learned a lot from her during our project and would highly recommend her to potential clients, particularly in the MMM area.”
I’m here to help you make informed decisions that are driven by data. The approach we take is of secondary importance to me and because I’m independent, I can be flexible to meet your needs. Once I understand your goals, I’ll design and conduct the appropriate analysis and modelling. After we’ve unlocked the insights your data holds, I’ll interpret them. I’ll provide guidance and recommendations to help you work them into your strategy. The initial process can take between two weeks and three months, depending on how many KPIs we’re measuring and what outcomes we’re working towards.
I’ll project manage the process from start to finish, working with at least one point of contact on your team. We’ll create a project plan beforehand with agreed milestones. I’m happy show you my workings at all stages and deliver formatted data along with summaries and commentary in one or more formats according to your preferences. I have leadership experience that includes liaising with and presenting to clients. My stakeholder skills can be put to good use to help you communicate our findings.
To build the model, lots of data is needed. Ideally, weekly information going back at least three years for anything that might theoretically affect your sales. Thankfully, automation has come a long way in the twenty years I’ve been practising econometrics. If you don’t have this data readily available, I can help you source and collate it. I’ll take into account what you’re already doing and make sure whatever we set up can be developed later (either by myself or someone on your team). Once we’ve built a model that answers your questions, that model becomes yours.
“Jo delivered a strong and complex analysis which answered all of the clients requests to a very high standard. I'd love to work with her again in future.”
- Camilla Cecarini, Head of Marketing Science
I’m Jo Gordon, an econometrician with over twenty years commercial experience. I’ve worked with and had leading roles in some of the most well-respected analytics teams in the UK, where I’ve helped world-famous brands make smart decisions using data. I’ve worked on a global scale across a range of industries, including alcohol, automotive, CPG/FMCG, health, pharma, retail and telecoms. I set up independently in 2018, and now provide services, consultation and training to in-house analytics teams, as well as working with decision-makers to undertake and end-to-end projects. Learn more about how I work, or view my career history on LinkedIn.
Start with this guide to what marketing mix modelling is. Then read about how the approach works. Move on to understand what it can tell you about how your marketing works. Understand the ways it can be used for marketing planning. Get an understanding of what it may cost and how best to put that in context. Hear my tips for finding the right MMM partner. Round off with these case studies.
“Jo is technically excellent, thorough, well-organised and easy to work with”
My rate for modelling work starts at £375 per day + VAT, but fees depend on what you need. I prefer to discuss scope and agree a fixed fee. As a rough guide MMM projects tend to range from £5k - £50k depending on lots of factors. Not a fan of forms? Email me: firstname.lastname@example.org