The Potential Benefits of Simultaneous Use of Media Mix Modeling and Attribution Modeling for Advertising Effectiveness

https://drive.google.com/open?id=19U_LCkZEs6oJ8qN4xZKP20-3mwH6bGW9&usp=drive_fs

The topic of advertising effectiveness has gained a considerable attention as companies are becoming more data driven and focusing on the advertising effectiveness on business objectives. The purpose of this thesis is to find out if the simultaneous use of both media mix modeling and attribution modeling can be advantageous for improving advertising effectiveness and what could be the potential drawbacks and limitations. The thesis also investigates how well companies understand the aspects of effectiveness. The data in this thesis was collected by using semi-structured interviews, which were conducted for five company representatives. The results of the study highlight the benefits of both modeling approaches that can be complementary if used correctly. Findings also demonstrate lack of understanding about advertising effectiveness in many companies which further supports the use of especially media mix modeling. While the results support the simultaneous use of both tools, there are clear shortages in companies’ abilities to use both and the scale of benefits depends on multiple factors