From the course: Excel for Marketers (2023)

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Building a marketing mix model

Building a marketing mix model - Microsoft Excel Tutorial

From the course: Excel for Marketers (2023)

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Building a marketing mix model

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- [Instructor] Your sales aren't just driven by one factor like how much you spend on ads. You have to account for multiple variables in order to accurately measure the impact of each marketing channel on sales. To do this we need to build a marketing mix model. We can actually build a simple model right here in Excel using the LINEST function. No need to learn how to code. Here's an example from an ice cream store. Once we have a model we can use it to understand what the key drivers of sales are and forecast forward to plan our marketing budgets. So let's see how to build this marketing mix model. First thing we're going to do is going to right click and go to move a copy and create a copy. So that way you'll have this final version to look at in the exercise file. Going to delete this. So we don't have the model. And we're going to delete the chart. And then we're going to kind of work all this stuff out from…

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