Published On: 03 Nov 2023
How prepared are you for the post-privacy era? Years after the GDPR and CCPA were implemented, internet behemoths like Apple and Google listened and are now limiting user-level tracking. With the emphasis on data protection expanding in the digital age, marketers must future-proof their marketing measurement plan to remain competitive. This is where MMM comes into play.
Gathering data at the user level is increasingly tricky, nudging marketers to adopt Marketing Mix Modeling. This approach, built on machine learning algorithms, is a top-down approach that leverages historical data to measure the impact of various marketing activities on conversions.
Originating in the 1950s and resurging in the 1980s, MMM was once exclusive to large corporations due to its complexity. Today, businesses of all sizes are turning to MMM for growth, especially in the new privacy-focused landscape. This shift is deeply linked to the proficiency machine learning models have adopted and the pace with which they're able to recreate models.
With the rise of GDPR and Apple's ATT policy, marketers are grappling with internet tracking limitations with a huge blank space on accurate metrics to draw up their next budgets. This has led to the growing prominence of Marketing Mix Modeling (MMM) as a reliable solution - using a business's owned data to build projections that are reliable, thorough &, most of all, fast to build & deploy.
Marketing Mix Modeling has long been a cornerstone for marketers looking to determine the effectiveness of their advertising channels. Lifesight's MMM elevates this to a new level by employing robust machine learning algorithms that not only provide a panoramic view of marketing efforts but also assess the value of each advertising channel with precision.
By implementing Lifesight's MMM, marketers gain the ability to:
In the quest for optimal budget allocation, Lifesight's Budget Optimizer is a game-changer. This tool removes the guesswork from budgeting, allowing marketers to input proposed budgets and let the tool's algorithms project the impact.
The Budget Optimizer empowers marketers to:
Lifesight's MMM and Budget Optimizer work together to reduce advertising costs with a wide range of features. The platform automatically integrates with your existing data systems to provide a complete view of your marketing efforts from all sources.
Each MMM model isn't just off-the-shelf; it's highly customizable, allowing you to align it precisely with your organizational objectives, seasonal market shifts, and specific industry conditions. This customization ensures that every model is directly relevant to your unique business context and crafted for pinpoint accuracy in its predictive power.
The predictive analytics component takes the guesswork out of forecasting, providing you with clear foresight into emerging market dynamics and consumer behaviors. Armed with this knowledge, you can proactively pivot your channel strategies to capitalize on upcoming opportunities and mitigate potential risks.
Lifesight's scenario planning feature invites you to consider 'what-if' situations, enabling you to simulate and evaluate various budgeting options. This foresight empowers you to distribute your marketing spend more intelligently, ensuring that every dollar is put to work effectively.
Moreover, the dashboards facilitate the simplification of complex data sets, enhancing the understanding of key performance indicators (KPIs), analyzing engagement levels, and enabling more informed marketing decision-making.
Overall, Lifesight's MMM and Budget Optimizer improve advertising expenditure efficiency. We help marketers make data-driven decisions that resonate with their audiences and optimize spending for the best returns by combining deep insights with user-friendly tools. As we continue to develop features that address the needs of modern marketers, Lifesight remains committed to helping brands navigate the complexities of today's marketing landscape with ease and precision.
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