Data privacy regulations are increasing, making attribution models less effective. Marketing mix modeling (MMM) offers an alternative approach to understanding the impact of marketing activities on business outcomes. It differs from attribution modeling in its methodologies, scope and application. This article explores the growing relevance of MMM, how to approach it today, and how to harness it within a strategic framework.
The “5 Ps” framework can help marketers get organized: Purpose, People, Process, Platform, and Performance. With a well-thought-out user story and data governance in place, marketers can extract data from various sources and develop a process to combine them for analysis. Understanding the relationship between variables helps marketers prioritize budget and resources.
MMM can be a powerful part of marketers’ analysis portfolio. Taking time upfront to plan and manage data will make the process more efficient and the analysis more valuable and actionable. By gathering requirements, having good data governance, and creating repeatable processes for extraction and re-running, marketers can ensure their MMM will be successful.
Originally reported by Martech: https://martech.org/preparing-for-marketing-mix-modeling-what-you-need-to-know/
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