Inquiry Response: Tips for Building Marketing Mixed Models

Inquiry:

After using an outside vendor to build our marketing mixed models, we’re going in-house to leverage our particular business expertise to improve the models. What should we be thinking about given that we use a Bayesian hierarchical time series model and we want to understand the impact of marketing spend at our stores nationwide?

Response:

THE BIG IDEAS:

  • Try vector autoregression
  • Avoid impression metrics
  • Consider creative quality

TRY VECTOR AUTOREGRESSION

The Bayesian hierarchical approach makes sense in terms of

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