After being intensely used in the retail, finance, banking, and healthcare industry, guess who has welcomed the marketing mix model (MMM) into its business plan? Social media giant, Facebook along with Google made news recently with their decision of adopting MMM for measuring performance and visibility.
An advanced statistical tool, MMM provides one of the most comprehensive analyses of the performance of marketing campaigns regarding:
1. Reach of the campaigns
2. Effect of campaigns in driving sales
3. Profits generated
4. Generation of new customer base and customer retention
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Facebook and Marketing Mix Model
Facebook has been progressively working towards providing clear metrics to marketers on the performance of their ad campaigns. In a bid to take this task on the next stage, the company recently launched its marketing mix modeling portal. Through this portal, advertisers will be able to measure and compare the performance of their ad campaigns across mediums like TV, print, and digital platforms. By tracking the effectiveness of ad campaigns regarding money spent, impressions created, and returns gained, the portal also enables companies to understand areas that need better strategy building. Already more than 150 brands have benefited from Facebook’s MMM Portal, by improving their sales and marketing strategies.
Facebook has collaborated with Neustar MarketShare, Analytic Partners, Nielsen, and Marketing Evolution to gain access to their marketing mix modeling portal.
Google – Mixing MMM with Attribution
Given the fact that its existing multi-touch attribution (MTA) does not capture the impact of advertisements at the micro-level, Google too has taken the plunge into the MMM partner program. Just like in the case of Facebook, Nielsen and Neustar MarketShare are the launch partners of Google as well. With the amount of investment in mobile and digital advertising growing at a fast pace, it has become critical for marketers to adopt models that can enable better optimization of the sales to spend across various platforms.
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Why adopt MMM?
There was a time when digital media and real-time data were sufficient to provide insights into the marketing strategy. But gradually industry experts have realized that the data provided by MMM is far more in-depth and efficient in performance measurement. MMM offers-
1. A detailed, accurate, and granular interpretation of the campaign data across various platforms
2. Highlights areas which need focused attention for better sales of the product and services
3. Actionable insights which help boost ROI