Moving From Traditional to Customer-Centric Marketing Mix Modeling
When you visit a doctor, you expect to get individualized treatment. You’d be stunned if your physician said, “I’ve surveyed one million patients from your region, and the majority of them are healthy. So, I’m going to assume you’re healthy as well.” That’s the fundamental difference between traditional Marketing Mix Modeling (MMM) and a PersonCentricTM approach. With the traditional approach, the individual focus gets lost.
Today’s fast-paced marketing environment continues to move toward one-to-one, right-time marketing, and savvy marketers understand that getting the right message to the right person at the right time is the most important task at hand.
But the traditional MMM that has served marketers in the past falls short of true one-to-one real-time delivery. Why? Because it’s founded on a region-based model instead of an individual-based one. Analyzing data at the region-level is not enough; to achieve significant return on investment (ROI) improvements, marketers need to complement MMM with in-market, cross-channel analytics that focus on the individual rather than the group.