In the previous article from this series, we discussed the workflow that guarantees the success of a Marketing Mix Modeling project. In this article, we are moving to the data that the analyst needs to collect to get their MMM project off the ground.
The Data Collection step falls in the second position in the MMM workflow chart, and it starts with the Data request.
This phase is initiated by requesting the data necessary to achieve goals that were set during the kickoff meeting. The more data there is, the more granular the analysis will be. The key to the success of Data Collection is the tradeoff between requesting as much data as possible and not burdening the client (or internal team) with extracting data that is unnecessary for the project. This step is especially important to establish much needed coherence between the data and the business questions.
→ The details of the request are in the form of a document called Data Request, and it encompasses the following:
- The Category: TV data, search data, display data…
- The Level of Granularity
- A Description of the Data. For example, if it is search data, should it be impressions, or clicks or both?