In this article, we’ll explain the concept of a “model” as we use it in Marketing Mix Modeling (MMM), especially how it's simplified in our tool, Morpheus.
What is a Model in MMM?
In the context of MMM, a model is a tool used to understand how different marketing activities (like advertising, promotions, pricing, and distribution) affect sales or other important success metrics. Traditional MMM involves complex mathematical and statistical methods to analyze these impacts.
How Does Morpheus Simplify This?
With Morpheus, we’ve made the concept of a model much more accessible and user-friendly. Here’s how:
- Easy Setup: Each model in Morpheus represents a study based on your specific data load. You don’t need to be a data scientist or know how to code.
- User-Friendly Interface: Our app guides you through creating and using models with simple steps and clear instructions.
- Automated Analysis: Morpheus handles the heavy lifting of building, training, and configuring models, so you can focus on insights, not equations.
What Can You Do with a Model in Morpheus?
- Calculate Resource Allocation: Understand and optimize your marketing budget by seeing the ROI of different marketing activities.
- Perform Scenario Analysis: Predict outcomes under various marketing strategies or market conditions to make informed decisions.
- Measure Performance: Get insights into how effective your past marketing campaigns were.
- Show Long-term Effects: Evaluate the long-term impact of certain marketing strategies on your business.
Why Choose Morpheus?
Traditionally, companies need data analysts to fine-tune model parameters, apply various techniques, interpret results, and make actionable recommendations.
With Morpheus, the power of MMM is at your fingertips, even if you don’t have technical skills. It’s designed to be intuitive and accessible, breaking down the barriers to understanding and leveraging MMM.
Get Started Today
Interested in learning more about how to get started with MMM using Morpheus? Contact us via chat or email, and we’ll help you harness the power of marketing mix modeling simply and effectively.