Symposia Session - Bayesian Marketing Mix and ROI

Speakers:
Rafael Alcaraz, The Hershey Company
Mark Garratt, In4mation Insights

Rafael begins by taking a poll of the audience of how many are familiar with traditional approaches of the marketing mix. The marketing mix is essential for all business, the aggregation is no longer sufficient. We need to understand the performance of the skew level and we also need to account for merchandising and advertising. With the traditional approach, we miss and don't account for certain elements in marketing. Leveraging the Bayesian model provides estimates for things that don't exist yet.