In this article we will explain how Marketing Mix Modeling can help you understand how different marketing channels perform and allocate your budget more efficiently.
Marketing Mix Modeling (MMM) is becoming popular not only because privacy laws make attribution harder, but for several other important reasons we'll explain below.
Valuable Insights into Your Budget
First, MMM gives you insights into your current budget spending.
For example, you might find that while you spent the most on TV ads last quarter, Facebook ads generated the most sales. This helps you see the true effectiveness of your budget allocation.
Better Budget Allocation Decisions
With this information, you can make better decisions about how to adjust your spending. Increase your investment in channels that perform well and reduce spending on those that don't, to maximize sales.
Our MMM platform, Morpheus, allows you to model these changes statistically and see potential outcomes before you spend any money. This way, you can optimize your budget without the risk.
Long-term Budget Strategy
MMM also helps you create a long-term budget strategy. You can predict future sales based on how you allocate your budget across different channels.
Our MMM platform Morpheus is user-friendly and designed for marketers to easily adopt MMM, so you don't need any statistical or coding skills to use it. Learn more about Morpheus here.
If you want to discuss how MMM can benefit your business and potentially adopt it, contact our team via chat or email.
Our Marketing Mix Modeling platform, Morpheus, can do all of this and much more!