Marketing Mix Modeling > Media Mix Modeling
In a recent client pitch meeting, a client asked us what is the difference between Media Mix and Marketing Mix Modeling.
Quite clearly, the client was confused because some vendors market their services as Media Mix Modeling instead of Marketing Mix Modeling.
So, is this just a word play or is there more nuance to it?
In my opinion, there is more to it than just word play.
While, Media Mix Modeling is focused only on understanding advertising impact on the brand’s sales/market share/leads etc., marketing mix modeling involves understanding other aspects as well like impact of price changes, distribution, promo offers and long term impact of ads on a brand.
This is why I tell most of the clients that Aryma Labs is a Marketing Mix Modeling company and not just a Media Mix Modeling company.
A few days ago I wrote a post on learning from the “OG MMM – FMCG/CPG MMM”.
ICYMI link is in comments. In that post, I had deep dived into how the new age digital focused brands can take a cue from the FMCG/CPG MMM and adapt some of the learnings for their brand.
Companies need a holistic solution not just a media optimization.
Let me give an example to drive home the point that being only media focused is not enough but that one also has to be marketing mix focused.
Barbie the movie became a huge success.
Many attributed its success to huge carpet bombing of ads and promotions in the recent few months leading upto the release of the movie.
But this success could not have happened in vacuum. Barbie the movie became a hit because it already had a huge brand equity.
It had all the 4P’s of marketing tick marked. In a nutshell, it was the focus on Brand equity and distribution that paved way for the recent success of Barbie the movie.
Overall, being only media mix focused is like missing the forest for the trees.
