Through a truly collaborative effort, Telstra and Accenture developed the next generation of Marketing Mix Modelling (MMM). Accenture knew MMM would need to deliver complex insights and make them understandable, believable and actionable. With this in mind, Telstra and Accenture worked together to co-design and develop MMM. Starting with the underlying data science, to how it would look and how it would be used, with different views for different user types. The application was built in Accenture's Insights Platform Design Studio.
At the heart of MMM is the new, cutting-edge machine learning methodology. It was developed locally by Accenture using 4,000 data variables and 900 Bayesian models. Compared with traditional statistical methods, this new machine learning accelerated approach not only provides deeper insights, but harnesses scalable cloud computing power to deliver results in 20 percent of the time taken earlier. The mathematics approach was reviewed independently by Professor Chris Dubelaar of Deakin University.
The approach taps into the growing wealth of data on:
- Consumer purchase behaviour
- Offline and online marketing
- Social media activity
- Competitor intelligence
- Socio demographic profiles
And it is a key step in Telstra becoming a truly data-driven organisation.
