Google’s looking to help marketers make better use of marketing mix modeling (MMM) in order to more accurately measure the impact of their expanded marketing efforts across multiple channels.
Marketing or media mix modeling takes a mathematical approach to measuring true impact, with calculations that measure sales impact based on reach, response, and more.
And with more marketers seeking better tracking alternatives, Google’s launched a new “Meridian” open source MMM, which, according to Google:
“Empowers teams to build best-in-class MMMs and drive better business outcomes. It’s built to enable privacy-durable, advanced measurement while meeting marketers where they are.”
Through Meridian, Google will provide access to various data points, including YouTube reach and frequency, and indexed Google query-volume data, while it will also provide educational resources and technical FAQs for troubleshooting.
Google also notes that the Meridian methodology will be completely transparent:
“Meridian is designed to give the user control as any modeler is fully empowered to change the code and model parameters to meet their unique business needs. Think of Meridian as modeling clay: a starting point that allows users to iterate and develop further.”
It could provide you with more options for measuring campaign performance, based on more complex methodology that factors in a broader range of marketing data points.
And given the shifts in data tracking, including the gradual phasing out of tracking cookies, there is a need for improved measurement options, to ensure optimal performance ROI.
Marketing mix modeling is another consideration, and it could be worth giving Meridian a look.
Google’s Meridian MMM is currently in limited availability. You can apply for access here.
Source: Google Launches New Approach To Marketing Mix Modeling
