When it comes to marketing, informed decisions are critical to your success. Marketing mix modelling (MMM) is a method used to assess the impact of different marketing activities on sales and other key business outcomes. It helps you identify which strategies are working, which aren’t, and how to allocate resources effectively. But why should you hire an external agency like ours to handle this analysis instead of doing it in-house?
Here are eight good reasons not to mark your own homework when it comes to marketing mix modelling.
1. Expertise and specialisation
As a specialised marketing analytics agency, we have extensive experience with MMM. Our team is highly trained in the latest trends, tools, and methodologies, ensuring you get accurate and insightful analysis. By partnering with an agency, you can hit the ground running and gain access to this expertise without having to build it in-house from scratch, which can be costly and time-consuming.
2. Objectivity and fresh perspectives
It’s easy for internal marketing teams to develop blind spots or become influenced by company biases. An external agency brings a fresh perspective to the table. We question assumptions, challenge conventional thinking, and suggest innovative solutions based on our breadth and depth of experience. This objectivity is crucial for uncovering hidden insights and achieving breakthrough results.
3. Cost-effectiveness
Hiring an external agency is likely to be more cost-effective in the long run. Building an in-house MMM capability requires significant investment in training, technology, and personnel, not to mention the ongoing costs of maintaining the expertise. With us, you only pay for the service you need, avoiding the cost of a permanent in-house team.
4. Root cause analysis
Whilst generating accurate predictions is vital, it’s just as important to understand the underlying factors that drive marketing outcomes. We focus on getting to the root cause, avoiding the temptation to simply rely on complex algorithms without context.
A project we completed for a media company uncovered the cause effect relationships between audience listenership and marketing activity. The result was significant: they managed to maintain audience listenership while reducing advertising expenses by 50%. This project illustrates how root cause analysis can lead to smarter, more efficient marketing decisions.
5. Efficiency and focus
Marketing teams often juggle multiple projects and responsibilities. By outsourcing MMM, your team can focus on their core tasks while we handle the analysis by working collaboratively and transparently with your team. This arrangement boosts efficiency because we are solely dedicated to the MMM project, ensuring timely and accurate results without distractions.
6. Comprehensive analysis and insights
We have experience working with a wide range of clients across various industries. This exposure allows us to provide comprehensive analysis and insights that might not be readily available to an in-house team. We draw on best practices and case studies from other clients to offer customised recommendations for your business.
7. Interpretation and translation of results
MMM can produce complex results that require careful interpretation. Our team is skilled at translating technical findings into easy to understand and actionable insights that you can use to make informed decisions. We ensure that the analysis doesn’t just look good on paper but leads to real-world results.
8. Advanced tools and scalability
Marketing mix modelling requires sophisticated software and data science tools. At Bonamy Finch, we invest in cutting-edge technology, ensuring our tools are always up to date with the latest industry advancements. By partnering with us, you gain access to these advanced tools without the need for significant investment in developing and maintaining them yourself.
Moreover, as your business grows, your marketing needs will evolve. Our services are designed to be scalable, allowing you to expand or reduce the scope of your MMM projects seamlessly. This flexibility means you can adjust your marketing strategies in real-time without needing to hire or reorganise your in-house team.
Conclusion
Marketing mix modelling is a powerful tool for optimising your marketing strategy and improving ROI. By choosing Bonamy Finch as your external agency, you gain a partner with expertise, technology, objectivity, efficiency, cost-effectiveness, comprehensive insights, interpretative skills, and scalability.
This partnership allows your in-house team to focus on their core strengths while we focus on ours by providing accurate, actionable insights to drive your marketing success.
If you’re interested in understanding more about MMM case studies to help bring our process to life, you can read our next blog here, or feel free to get in touch.
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