Understanding Bayesian Marketing Mix Modeling: A Deep Dive into Prior Specifications

Exploring model specification with Google’s LightweightMMM

Bayesian marketing mix modeling has been receiving more and more attention, especially with the recent releases of open source tools like LightweightMMM (Google) or PyMC Marketing (PyMC Labs). Although these frameworks simplify the complexities of Bayesian modeling, it is still crucial for the user to have an understanding of fundamental Bayesian concepts and be able to understand the model specification.

In this article, I take Google’s LightweightMMM as …

attention bayesian bayesian inference bayesian modeling deep dive frameworks google labs machine learning marketing marketing-mix-modeling modeling open source prior probability-density pymc releases tools understanding