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Reinventing Marketing Analytics: The Rise of Modern MMM Platforms

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Reinventing Marketing Analytics: The Rise of Modern MMM Platforms

September 19
01:33 2023
“Innovation distinguishes between a leader and a follower,” Steve Jobs once remarked. In the dynamic realm of digital marketing, the search for precise measurement tools is paramount. With industry giants like Meta, Google, and Amazon exploring Marketing Mix Modelling (MMM), a subtle shift is occurring, emphasizing the value of comprehensive marketing analytics.

Historically, MMM was the domain of either brands or expansive consulting firms. These entities would delve deep into their sales and media spending data, striving to discern the influence of each advertising channel. Introducing open-source libraries, such as Robyn by Meta, has democratized this process.

However, even with these tools, building MMM models is a lot of work for most marketing teams. This complexity highlights the value of SaaS platforms, which automate and simplify the process, making MMM more accessible and adaptable. The rise of these platforms provides marketing teams with a powerful new tool in their arsenal. 

Transparency and Trust in Measurement

In marketing, the potential for bias is a looming concern, mainly when analytics or measurement tools are sourced from major platforms. Can brands genuinely trust the results without questioning underlying motives?

Independent platforms stand out in this context, offering a level of transparency that’s hard to match. The open-source nature of tools like Robyn provides an edge, ensuring neutrality and transparency over black-boxed solutions.

The Advantage of Modern Solutions

Modern platforms offer a holistic approach, from data integration and modeling to planning. This curtails the overheads linked with traditional MMM and accelerates the decision-making trajectory. The emphasis is shifting from mere data collection to actionable insights, a pivotal transition for brands aiming to stay ahead.

Tomas Putnoky, co-founder of Forvio, an emerging MMM platform, observes, “In the fast-paced world of digital marketing, it’s not just about having data; it’s about interpreting it right. The real power lies in turning that data into strategies.”

The strength of modern MMM lies in its adaptability. Continuous calibration and refinement are crucial to achieving high-precision models that effectively guide marketing strategies. With SaaS platforms, MMM can seamlessly integrate with other tools, enhancing its relevance and ensuring the insights derived are genuine and actionable.

Senior Vice President at PowerDigital, Ben Dutter, encapsulates this approach: “Though MMM is an arrow in your quiver, it’s not a silver bullet determining all outcomes. However, running multiple models a year can provide invaluable insights.”

The advertising industry is in flux, with evolving privacy norms and a pressing need for accurate measurement tools. While brands and agencies are navigating these challenges, tools that offer depth and clarity are becoming invaluable. SaaS platforms for MMM, such as Forvio, guide businesses toward more informed strategies.

Media Contact
Company Name: Forvio
Contact Person: Tomáš Putnoky
Email: Send Email
Country: Slovakia
Website: https://forvio.com/

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