Published On: 22 Mar 2024
By:Lifesight
According to a Gartner survey, CMOs invest over a quarter of their budgets in paid media. This spend is spread over social advertising (10.1%), search advertising (9.8%), and digital display advertising (9.3%). However, when leadership scrutinizes profitability and revenue more closely, sustained brand investment and the ability to tie the results to return on investment (ROI) are needed.
Also, accurate measurement and forecasting of marketing activities are complicated by increasing restrictions on data privacy, shifting consumer media consumption patterns, greater demand for on-the-go campaign changes, and the new availability of media options.
Marketing Mix Modeling (MMM) is an essential technique for CMOs to measure and evaluate upper-funnel activities that lead potential customers to the consideration phase but do not directly contribute to immediate sales. It determines the incremental impact associated with different marketing and promotional activities while controlling the external factors outside the brand's control.
For the marketing team, MMM can be used in the following ways:
A marketing mix modeling tool allows you to measure marketing effectiveness and predict the impact of future efforts, which are often focused on ad spend. The insights are presented in an easy-to-use dashboard to help you navigate the changing environments.
Let's discuss the ten best marketing mix modeling tools.
Lifesight is a unified marketing measurement tool that offers MMM, universal attribution, incremental testing, and causal inference under one roof. The tool is built for a modern marketing environment and leverages the power of AI and machine learning (ML) to deliver advanced marketing capabilities.
Focused on driving a collective marketing output, Lifesight helps businesses make data-driven decisions and optimize budgets and campaigns for higher ROI.
Pricing: Custom pricing
Lifesight is not just a tool that offers marketing mix modeling but goes beyond that and incorporates multi-touch attribution (MTA), incremental testing, and causal inference into a single platform. It is highly recommended for businesses looking to streamline their marketing mixes, bring them on one platform, and get a holistic view of their marketing efforts.
Northbeam is a marketing intelligence platform that leverages ML to offer data-driven marketing strategies. An advanced suite of features helps marketers understand customer behavior, optimize strategies, and maximize return on ad spending.
Pricing: They offer 3 plans:
Northbeam is suitable for mid-sized to large businesses with an established marketing team because of its affordability and the requirement for significant data to operate accurately. It is an excellent tool to have by your side, as it offers good accuracy and analytics to optimize your strategy. However, it is expensive compared to other tools available in the market and users report experiencing a decline in support services.
Adtriba is a marketing measurement and optimization platform that helps understand the true impact of marketing activities across channels. The tool offers a data-driven approach to marketing decisions and provides a holistic view of campaign performance for better budget allocation. Adtriba offers Adtriba Sphere for MMM and Adtriba Core for MTA and unified marketing measurement.
Pricing: Custom pricing
Adtriba is suitable for growing businesses with a marketing spend of about 30k/month and seeking deep analytics and actionable insights to improve their ROI. occasionally, AI-powered evaluation feature delivers wrong information on graphs and heavy reliance on analytics makes implementation challenging for marketers.
Recast is a marketing mix modeling tool that helps optimize channel mix, forecast campaign reliability, and eliminate marketing spend wastage. The privacy-friendly platform refreshes weekly to measure incrementality and help understand marketing impact through every media channel.
Pricing: Custom pricing
It is suitable for modern marketers who demand weekly insights into marketing mix performance to drive ROI and need quick, customizable attribution models.
Rockerbox is a marketing platform empowering data-driven decision-making with its centralized data approach. The tool offers actionable insights to enable businesses to make prudent decisions about marketing investments.
Pricing: Custom pricing
It is suitable for B2C marketers needing daily performance monitoring, customer journey analysis, and social media ad optimization. However, users complain about occasional dashboard breakdown experiences, and obtaining data for actionable insights is time-consuming.
Cassandra is a marketing mix modeling tool designed for non-technical teams and businesses to optimize their marketing media mix. Using ML technology, it analyzes the data to create personalized media plans to maximize ROI. It follows a three-step process: discover wasteful campaigns, identify overspends, and simulate the best media plan for driving optimal results.
Pricing: They offer 4 plans:
It is best suited for non-technical marketers looking for an easy-to-use MMM solution to maximize their marketing ROI. However, users complain about too many updates that cause disruptions and a lack of in-depth insights and interpretations of graphs.
Sellforte is marketing mix modeling software that offers marketing performance measurement and revenue forecasting for e-commerce, retail, and agencies. It empowers businesses to gain valuable insights from their marketing data, optimizes campaigns, and drives data-backed decision-making
Pricing: They offer 4 plans:
Sellforte emphasizes catering to eCom and retail industries of all sizes with features relevant to the sector, such as category uplifts. Those seeking extensive data science expertise and requiring a user-friendly marketing mix modeling tool can check out this solution. However, it lacks the functionality to evaluate promotions at the retailer level.
Mass Analytics is an MMM and media measurement solution that offers a wide range of managed services and software to help identify revenue drivers and optimize budgets.
Pricing: Custom pricing
With an emphasis on advanced analytics and data-driven insights, it provides tools for computing marketing ROI and running simulations for maximum efficiency in MMM campaigns. However, the automatic model generated by MassTer is not often suitable for user requirements and visualization is not comprehensive, which restricts communication of the insights derived from the tool.
When choosing a marketing mix modeling tool, consider the following factors to ensure the tool meets your needs and helps drive higher ROI on your marketing spending.
In a privacy-first era, navigating the complexities of marketing measurement needs an intuitive, intelligent tool. Lifesight offers a unified marketing mix model to empower you with cutting-edge marketing measurement techniques like universal attribution, MMM, incrementality testing, and causal AI.
Request a free demo today to learn how Lifesight revolutionizes your marketing mix modeling techniques and drives higher marketing ROI.
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