The evolution of marketing mix modeling is changing how companies do business. Not only is it affecting how analysts and business users relate to the marketing mix, but it is also creating a large shift regarding budgeting. Dr. Rosenwein, the Director of Advanced Analytics & Data Science at Bayer, joins us to discuss what he is seeing with the evolution of marketing mix modeling and how to prepare for the future. He talks about what we have seen so far in the marketing mix evolution and what is the driving force behind it. Dr. Rosenwein also highlights why understanding evolution is critical to be successful in the marketing space. Tune in to learn how to apply changes to your business and prepare for the future.
In This Episode, We Cover:
- [3:07] How has the marketing mix practice evolved, and what drives the change?
- [4:47] How are the technical sides evolving in the marketing mix?
- [7:23] How is AI/ML impacting the marketing mix?
- [8:26] Does Dr. Rosenwein believe software is changing this field?
- [10:19] Are the marketing mix budgets getting impacted by the evolution?
- [12:34] What changes does Dr. Rosenwein see for the next five years?
- [14:14] How are the roles of an analyst and business user changing as they relate to the marketing mix?
Key Takeaways:
- There is increasing pressure on businesses to invest wisely in promotions and choose their allocations optimally.
- It is essential that interdependencies are modeled between promotion tactics.
- There is a higher trend in utilizing digital tactics, and the ROI shows that the higher budget towards digital tactics is successful.