Harnessing the Power of AI: A Consultant's Perspective

In the past, the idea of providing an automated MMM solution has terrified me. Blackbox solutions, which lack transparency, are as unsettling to me as they are to clients. However, the challenge lies in the fact that clients now demand speed and relevancy to ensure MMM thrives as it should. They require more models across their portfolio, greater granularity to account for channel fragmentation, and faster results and recommendations based on the latest campaigns and market conditions. If MMM cannot keep up with these demands, clients may resort to using easily accessible information, risking the possibility of making incorrect decisions based on inadequate data.

Therefore, I believe it is our role as experienced consultants to harness the power of artificial intelligence (AI) and machine learning (ML) to meet these needs, whilst simultaneously ensuring we still have a thorough understanding of the decisions which are being made within the process. We must guide the machine, set boundaries for AI, and sometimes intervene to provide information that the algorithms may not currently know or be able to find. AI and ML advancements should be utilized to build the core models, streamline hypothesis testing, and handle the heavy lifting. And we need to appreciate that a model itself provides limited insights. We (the consultants) must bridge the gap between the model and actionable recommendations, translating the statistics and the numbers into a language that clients understand and can implement.

The best approach combines the speed of machines with the detailed craftsmanship of the econometrician. It is a fusion of AI capabilities and the expertise of consultants that yields the most valuable outcomes. If you find yourself lacking in either aspect, I encourage you to get in touch with us. We would be delighted to discuss our approach further, ensuring that you benefit from the best of both worlds.

AI and ML offer immense potential for MMM, but they must be leveraged in a thoughtful and supervised manner. By guiding the machines, setting boundaries, and providing human expertise, we can unlock the full power of AI while ensuring accurate and actionable recommendations. Let us embrace the synergy between technology and human insights to drive success in the dynamic landscape of marketing.

For more information on how we can help with your Marketing Effectiveness measurement or Market Mix Modelling, visit our Measurement page or contact us.