The purpose of using MMM is to understand how much each marketing input contributes to sales, and how much to spend on each marketing input. MMM helps in the ascertaining the effectiveness of each marketing input in terms of Return on Investment. In other words, a marketing input with higher return on Investment ROI is more effective as a medium than a marketing input with a lower ROI. In this article, I will talk about various concepts associated with understanding MMM. Multi-Linear Regression:.
Utilizing the right insights
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How to bring your marketing mix modeling into the 21st century
Media mix modeling MMM is an analysis technique that allows marketers to measure the impact of their marketing and advertising campaigns to determine how various elements contribute their goal, often conversion. The insights derived from media mix modeling allow marketers to hone their campaigns based on a variety of factors, ranging consumer trends to external influencers, to ultimately create an ideal campaign that will drive engagements and sales. MMM uses aggregate data. As such, it is able to evaluate a wider range of channels, both traditional and digital.
GfK Marketing Mix Modeling. Media fragmentation means advertisers are finding it harder than ever to target the right campaigns to the right consumers on the right channels and at the right time. To reach audiences efficiently, marketing spend has followed eyeballs as they shift from traditional media to more complex digital channels. For advertisers, optimizing marketing campaigns means understanding constantly evolving media consumption patterns in order to maximize return on investment ROI. Our GfK Marketing Mix Modeling solution has been designed as the single source to help brands perfect their marketing activities and media mix. Part of the solution includes the GfK Media Mix Optimizer, a sophisticated online simulation and optimization app that allows you to simulate and evaluate the allocation of future media budgets on a weekly basis and get recommendations on how to spend best to achieve your business goals. Our solution is rooted in a powerful combination of your own media and promotions data, with our robust GfK Point of Sale POS data, advanced analytics, accurate econometric modeling, and local marketing and category insight from our experts. That helps us build internally consistent and accurate models with high statistical power.