Are There Challenges in Implementing Bayesian Methods?
While Bayesian analysis offers many benefits, it also presents certain challenges. One of the main challenges is the need for expertise in statistical analysis and Bayesian methods, which may not be readily available within all marketing teams. Additionally, Bayesian analysis can be computationally intensive, requiring robust software tools and platforms. Despite these challenges, the potential rewards in terms of more accurate predictions and improved campaign performance make it a worthwhile investment.