Questioning the Numbers
Every marketer should learn to question the numbers, not just quote them. For instance, if someone claimed to have the winning lottery numbers for a £40m jackpot, the first question to ask would be how they came to know these numbers.
A hypothetical device, the LottoMetron, is presented as a machine that can churn out the winning numbers using clever mathematics. However, the cost of using this device is not just a couple of pounds, but rather hundreds of thousands or millions of pounds.
There are lies, damned lies and marketing mix modelling
This significant investment would prompt a desire to understand more about how the machine works and the reliability of its predictions. The same scrutiny should be applied to marketing mix modelling.
Author's summary: Marketers should question numbers and understand their reliability.
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