Also known as...
Marketing Science Analyst
The role in brief...
Marketing Mix Modelling (also known as MMM or econometrics) is a set of statistical analysis techniques applied to marketing or sales data to estimate the impact of various marketing activities. The Econometrician builds such models, often as part of a team. They analyse this data to optimise the advertising mix and promotional tactics to influence sales, increase return on investment (ROI) or incremental revenue to support clients’ business objectives. They form an important part of any team writing an effectiveness paper.
They create econometric models that can disaggregate and quantify a wide range of drivers of historic sales including:
- ATL Advertising – TV, VOD, OOH, Press, Radio, Cinema, Digital (Online Video, Display, Programmatic, Mobile, Search SEM / SEO, Social, Influencers) and PR.
- BTL Advertising – Coupons, Sampling, Door Drops, In-Store Media, Direct Marketing (Mails/Emails), Affiliates and On / In Pack Promotions.
- In-Store Promotions – Promotional Mechanics/Offers, Special Packs and On / Off Shelf Display Support.
- Internal: Account Management team; Head of Planning/Planning Director; Creative teams and directors; Insight Executives, Data & Analytics; Media Planning and Buying; Human Resources/Talent Team.
- External: Client Marketing team.
- The Econometrician may report into the Senior Econometrician, Data and Analytics Team, Media Buying.
- They may have line management responsibility for junior members of the team/Intern(s), being accountable for their performance and providing them with professional development opportunities.
- Creating and managing quality Marketing Mix Modelling (MMM) for Business Science clients.
- Analysing and creating comprehensive reports of optimisation.
- Developing insight recommendations regarding brand communication based on various data sources.
- Assisting the client in making business decisions.
- Developing the methodology and tools for automating and streamlining data preparation, modelling and analysis processes.
- Producing technical solutions that explain how communications influence sales in a way that inspires great media planning.
- Building modelling projects within a small team working together to ensure smooth delivery and client satisfaction.
- Collaborating with the team to process and present data efficiently and in a timely manner.
Those who succeed are...
- Proficient with strong MS Office experience alongside strong knowledge of E-views, R, or other statistical software packages.
- Experienced with and a knowledge of a range of econometric modelling tools, techniques and solutions.
- Interested in client business issues, industry and consumer trends, with a solid understanding of media concepts and terms.
- Knowledgeable of typical tools and techniques used in marketing analytics.
- Detailed in their awareness of client business issues, industry and consumer trends.
- Knowledgeable of media concepts and terms, creative and budget requirements.
- Curious about data, numbers and analysis.
Where they come from, and where they go..
They are educated to Bachelor’s Degree level in a numerical discipline, with a quantitative education (Econometrics, Statistics, Quantitative Methods, Market Research). They have at least one year’s experience in working with Marketing Mix Modelling (MMM), combined with an interest in marketing and media.
They may continue their career to become a Senior Marketing Science Analyst, move into Data and Analytics within an agency or move to a Consulting firm or client side. This is a very complex role and to learn more read this IPA paper.