Marketing Mix Modeling (MMM) is a powerful tool for analyzing historical data to identify which marketing efforts drive sales most effectively.
This guide will explain how MMM works and compare the traditional method with the approach used by Morpheus, our MMM platform.
1. Define Business Objectives
Before integrating any new tools into your process, it's important to define specific goals for your analysis. In traditional MMM, this involves a two-week study to collect and measure business questions.
At Morpheus, we streamline this step by providing all the necessary metrics and KPIs within the platform, enabling you to evaluate the current situation and build a long-term strategy to increase ROI more efficiently.
2. Prepare Data
Getting your historical marketing and sales data ready is a crucial step for MMM. Usually, this means spending 1-2 months collecting, cleaning, and checking for errors. But with Morpheus, you can automatically connect all your marketing data sources and upload everything correctly, saving you significant time.
3. Train a Model
To get insights from your historical data, you need to train a model. Traditional MMM model training takes 1-2 months due to multiple iterations and fine-tuning required.
With Morpheus, you just select the parameters, and the model is ready in minutes.
For more information on what a model is and how to train it, check out the links.
4. Interpret Results and Make Recommendations
Analyzing metrics and outputs from the MMM model to build predictions traditionally takes 2-4 weeks.
With Morpheus, you can quickly see results through visuals and graphs. Plus, you can model different ROI scenarios for your marketing efforts based on time and budget in just minutes.
If you're interested in learning more about getting started with MMM and our Morpheus platform, please contact us via chat or email.