Modeling Is A Team Sport

When we’ve been asked how to media mix modeling, we generally answer “find the data evangelist within your organization.” 

The best media mix/advanced attribution models are inclusive of several disparate variables – datasets living in different departments. Sales, marketing, business intelligence, public relations, paid media, exogenous data like weather or interest rates; promotions, distribution, brand tracking, competitive intelligence, etc.

Someone needs to be the connector. 

“The Financial Brand” recently published a compelling article on how to get banks and credit unions to stand up data solutions. The key takeaway? The most successful teams rely less on technology. Some useful tips:

Regular assessment and optimization of reporting will improve efficiency. (Impactful, well-run cross-department meetings and collaboration is key.) 

A successful data strategy starts with practical, achievable steps, rather than moonshot tech goals. 

70% of data initiatives fail due to siloed information and lack of visibility. (Assign your evangelist.)

Strategic assignment of task ownership and targeted training is essential. (Your evangelist needs to be organized and good humored.)