New research reveals flaws in conventional marketing mix modeling approaches
Marketscience Launches BaseDynamics: A More Accurate Measurement of Short and Long-Term Marketing Effectiveness
NEW YORK and LONDON, Nov. 11, 2021 /PRNewswire/ -- Independent marketing analytics firm Marketscience announces today the launch of BaseDynamics, a holistic Marketing Mix Modeling approach to quantifying short and long-term marketing effects, validated by peer-reviewed published research by Marketscience Partner and Founder Dr Peter Cain in the International Journal of Research in Marketing (IJRM).
Modern Marketing Mix Models have focused on moving from a siloed view to measuring the cross channel and synergy effects that exist in today's more complex path to purchase. Although such approaches claim to solve last-touch attribution problems and provide a more realistic estimate of Return on Marketing Investment, they fail to address two fundamental problems:
- Selection bias of last-touch acquisition marketing channels
- Proper representation of long-term brand-building
Failure to deal with these issues leads to continued mis-estimation of marketing effectiveness and lack of credibility with Finance departments. BaseDynamics addresses both problems head on, providing a truly holistic measurement framework.
What impact does the BaseDynamics approach have on results?
Formally launching BaseDynamics, Dr. Cain says, "Providing more clarity around the real science underlying marketing analytics is critical in these days of increasing focus on measurement and automated machine learning techniques." David Dixon, Managing Partner at Marketscience, agrees, adding that "BaseDynamics has already been successfully deployed across many of our clients where we have seen differences in optimal budget allocations of anything from 20% to 60% and more. The academic validation through our research, noted as an "excellent and important contribution" by IJRM Editor P.K.Kannan, only serves to cement the credibility of our approach."
"BaseDynamics allows us to measure the short and long-term impacts of marketing in a comprehensive model of consumer demand" says Sam Tomlinson, Marketing & Media leader at PwC UK. "Not only does this provide a foundation for measuring marketing effects that is credible with the CFO" added Jon Gillham, Chief Economist at PwC UK, "it is also a practical and scalable framework for marketing mix modeling with a rigorous academic underpinning."
About Marketscience
Marketscience is an award-winning innovator in advanced marketing analytics and their dedicated and diverse team of professionals are committed to servicing clients globally and empowering marketers everywhere with confidence. More information at www.market.science Or Contact: inquiries@marketscience.co
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