Marketing Mix Modeling for the Tourism Industry: A Best Practices Approach

Abstract

The intent of this paper is to introduce marketing managers and tourism researchers to an analytic tool used to optimize the allocation of a firm’s marketing budget in such a way that provides the greatest likelihood of producing the strongest return-on-investment. Marketing mix modeling combines advanced econometrics with marketing science to objectively measure the relative productivity of a complete set of marketing programs or initiatives to produce transient tourism sales. Discussed and demonstrated in this paper are the steps in performing such an analysis, how to avoid its major pitfalls, and the benefits that can be derived from the analysis. Extensions of the marketing mix method to include the effects of the social media and product driven strategies are briefly discussed.

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