Revolutionizing Market Mix Models - Robyn

Abstract

Marketing refers to activities that promote the buying or selling of goods or services. The promotion is done for the product to reach its target customers. The end goal of marketing is to increase sales with a limited budget allotted to marketing. At the start of the century, the number of channels to promote a product are limited, such as TV, Radio, Billboards, etc., which can be humanly manageable. But in today's digital world, more channels were added to promote a product, such as Facebook, YouTube, Instagram, etc. Hence, when a specific Marketing budget is allotted, how much money has to be spent on different channels to maximize a firm's sales is the burning question for any company's marketing team. This is where AI/ML helped them make datadriven decisions by creating the Market Mix Modeling (MMM) technique.