Marketing Mix Modeling (MMM)

Marketing Mix Modelling is a technique to determine the effect of marketing inputs on sales or market share. In other words, it lets you ascertain the ROI of each marketing initiative. For example, suppose paid digital advertisements such as Google Ads lead to more conversions than TV advertisements. In that case, the budget should be shifted to focus more on what leads to more conversions. Variables such as the latest happenings in the industries, seasonality, and the impact of advertising are taken into account. It’s no secret that marketing revolves around ensuring that these factors are identified and taken into account.

Take the guesswork out of your marketing initiative. Marketing mix modelling can provide unpredictable insight. These solutions provide a detailed evaluation of the marketing efforts. It can help resolve some of the marketing challenges that you face each day, such as:

• Determining marketing significance and return on investment (ROI)
• Setting compelling insights on future trends and variables
• Managing and allocating an adequate budget
• Governing data quality from various channels, sources, and systems

With a precise evaluation of current marketing efforts, decisions can hugely impact future campaigns and budgets.

Marketing Mix Modelling can help any organization. Here are three ways you can reap the benefits of MMM –

1. MMM gives you a 360-degree view of your marketing efforts.
2. You can improve your future marketing strategies by allowing your organizations to prepare for unpredictable variables and address them with a plan ahead of time.
3. Using MMM, optimize your marketing budget.