Marketing Mix Modelling: 2023 & Beyond (No Cookies!)
In the past decade, marketing mix modelling (MMM) has become an increasingly important tool for advertisers due to its ability to help them analyze the performance of their campaigns and optimize their budget allocations. As technology advances, MMM will become even more important in 2023 as advertisers need to find new ways to measure their campaigns’ success and ensure their marketing efforts are worth the investment.
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MMM provides a comprehensive view of how a campaign is performing by taking into account all the different marketing channels that are used. By using MMM, advertisers can measure the impact of each channel and determine where their money is best spent. This allows them to make more informed decisions about their budget allocations and ensure that their campaigns are delivering the best possible results.
Measuring Mobile and Social Media Advertising Performance
Another reason why MMM will become increasingly important for advertisers in 2023 is the increasing prevalence of mobile and social media advertising. Mobile and social media advertising have become an integral part of many advertising campaigns and this has created a need for more sophisticated methods of measuring the success of these campaigns. MMM provides advertisers with the data they need to accurately measure the performance of their campaigns across different platforms and devices, allowing them to optimize their budgets accordingly.
Using AI to improve MMM
Finally, MMM will become increasingly important in 2023 due to the rise of artificial intelligence (AI) and machine learning (ML). AI and ML are being used to create more sophisticated marketing strategies that can better target audiences and deliver more effective campaigns. MMM can be used to measure the performance of these campaigns and provide advertisers with valuable insights into how their strategies are performing.
Marketing mix modelling will become increasingly important for advertisers in 2023 as they need to find new ways to measure the success of their campaigns in the absence of cookies. MMM provides advertisers with the data they need to accurately measure the performance of their campaigns across different platforms and devices, allowing them to optimize their budgets accordingly. Additionally, the rise of AI and ML will create a need for more sophisticated methods of measuring the success of marketing campaigns, making MMM an invaluable tool for advertisers in 2023.