It might be over 50 years old, but marketing mix modelling (MMM) is getting a makeover. With new privacy expectations from consumers, as well as government regulations, there is a renewed interest in econometrics as a core approach to measuring media effectiveness.
MMM was previously used by omnichannel brands, or brands that had a high share of budgets in traditional media channels, in order to help determine the impact of media on business outcomes in the physical, and therefore by definition cookieless, world. But a new trend is emerging: even online pure players are now getting started with their first marketing mix models to form a more complete picture of media effectiveness despite cookie erosion.
And the measurement industry has evolved too. Where a few big players once dominated, the industry has become more inclusive and offers alternative solutions by newer entrants in the MMM space. More recently, in-house MMM solutions have entered the field, with advertisers increasingly investing in data science teams who can create homegrown MMM solutions.
These changes bring an abundance of choice, but it can be overwhelming for marketers who are new to marketing mix modelling. In turn, this can delay teams getting started as they try to understand what the best MMM option is for them. It risks missing out on opportunities to improve marketing effectiveness.
That’s why we’ve created the MMM handbook. It’s your go-to guide to help you understand what you need to get started with marketing mix modelling. Based on best practices from our Google measurement team, this handy checklist helps you do your own ‘self assessment’.
It’s a resource that will help you identify gaps in your measurement strategy – and gives you steps and tips to build comprehensive and actionable marketing mix models. Think of it as the foundational resource in your MMM toolkit.