THE IMPORTANCE OF MARKET MIX MODELLING: FROM AN AGENCY RECRUITER'S PERSPECTIVE
Jordan Victor
Recruitment Consultant - Marketing, Digital & Insights (Analytics, Insight and Product) at Harnham - London, UK
Within our Marketing Analytics team here at Harnham, we've seen a massive increase in clients hiring in the Market Mix Modelling/Econometrics space. So I was keen to share some insights from the perspective of an agency recruiter specialising in this space day in and day out into one of the more niche areas in the Marketing world.
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What is Market Mix Modelling and why is it important?
Market Mix Modelling is a form of statistical analysis applied to marketing or sales data to help businesses predict the impact of various marketing activities and better optimise their marketing spend and outcomes. By using Market Mix Modelling, companies can gain valuable insights into customer behaviour, and measure the effectiveness of marketing strategies helping them to make more informed decisions from a marketing perspective.
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What are the benefits to businesses implementing Market Mix Modelling as a concept?
There are many benefits to business using MMM, but these are some of the most important:
·?????? MMM gives businesses the ability to measure campaign effectiveness giving businesses the ability to assess the impact of marketing activities on key performance metrics.
·?????? MMM also enables marketers to optimise their marketing mix and achieve the highest return on investment
·?????? The ability to assess the impact of external factors (e.g. economic conditions, competitor activity etc.) on marketing performance and plan ahead of time
·?????? Other benefits include the ability to analyse pricing elasticity and demand trends, the ability to identify distinct customer segments and also understand how customers perceive their respective product offerings in the market and plan effectively
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What are the challenges of recruiting in this space?
Despite all the benefits of Market Mix Modelling it is a particularly niche skill set in the market and is often very complex and typically requires the help of specialised software or a highly skilled statistician/econometrician to run them. Hence, we often see that businesses struggle to hire in this space as there is such a small pool of candidates in comparison to the demand of businesses looking to utilise MMM as a concept.
However, as recruiters in the Marketing Analytics space (of which MMM is one of our specialities), we have been recruiting in this space for the past 16 years and are often able to help candidates/clients find the right match and navigate the complexity of the MMM world. Through our internal database, advertisements and external outreach we've established a strong network of Econometricians and both client-side and agency clients over the years giving us access to a plethora of talent and opportunities that have helped establish our position as a leader in the market.
Given our wealth of experience in the MMM space, I was keen to offer a few tips to both candidates and hiring managers in this space who could be looking for roles or to recruit in the future, which should hopefully help the recruitment process a little easier.
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Advice for businesses looking to recruit in the space
For Hiring Managers I would suggest the three following points:
Consider utilising freelance/temporary resources – the pool of candidates is very small in comparison to the demand of clients wanting to do MMM, one way to combat this issue is bringing in resources temporarily to support projects. Whether in the interim whilst you search for a perm hire or even bringing candidates to complete a project, this is a much quicker way of ensuring you don't fall behind with work and is often a lot easier to find candidates in the market.
Skillset – a lot of candidates in the MMM space are using in-house software tools rather than the more generic technical tools, so being as open as possible regarding technical requirements will open up the pool of candidates. It can often be quicker to upskill candidates in tools rather than waiting to find the perfect candidate which you may never find.
Salaries – the MMM skillset is in such demand that nearly all of our clients/businesses in the market have to pay above the market average. To find talent you will need to be as competitive as possible to secure talent against other businesses or consider lessen role requirements in comparison to the salary that you're offering.
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Whether you're a business looking to venture into bringing on freelance/temp resources, wanting training or upskilling services or even just wanted some general advice on salaries in the MMM space as market specialists we offer all of these – so do let me know if you'd like to have a chat!
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Advice for candidates looking for their next role in MMM
For candidates in the market the biggest advice I can give is really around your CV and making sure that this is as tailored as possible to stand out against other candidates. Here's a few tips on what clients in the MMM world are typically looking out for:
Outcomes - clients wanted to see statistics and figures in a CV not just in MMM but in the data market in general. If you are building MMM models and delivering them to clients you must show the impact and results of the work that you're doing. A lot of candidates are great technically but don't often illustrate the impact of their work on their CV, leading to being discounted even before an interview despite being a good fit.
Input – make sure when writing your CV that you emphasise your input. If you've built an MMM model for example, what's essential is that you include how you have built the model (i.e. what tools you've used to build the model, what the purpose was and your involvement in the process). Often in the MMM space candidates are expected to lead on projects and the development of models, so you must emphasise your own experience in these processes. Otherwise, it's often the case that hiring managers won't get a full understanding of your experience.
Appreciate this won't guarantee you your next role, but hopefully will be some good tips on helping the job search a little easier. But if you are an Econometrics/MMM candidate and you are looking to kick-start your search for a new role do get in touch as several of our clients are hiring!
Whether you're a hiring manager or client in the MMM space feel free to connect with Jordan Victor on LinkedIn or email [email protected] and we can book some time to catch up.
Looking for hiring support in the MMM space - Marketing & Insight Talent | Data Recruitment | Harnham