In today's fast-paced digital world, online media has become an essential part of any fashion retailer's marketing strategy. From social media ads to email marketing, online media offers a range of cost-effective and highly targeted advertising options. However, offline media, such as television and print ads, still has its place in the world of fashion retail.
Marketing Mix Modeling has advanced significantly over the last years. But many still have outdated beliefs about MMM, based on what MMM was 5-10 years ago. In this article and in our recent social media commentary (such as this post ), we want to update general understanding about MMMs.
Considering how important marketing measurement is nowadays, we believe you must have definitely heard of either Marketing Mix Modeling or Media Mix Modeling, which play a crucial role in strategic marketing planning. They are great for organizations looking to optimize their advertising spend and overall marketing strategies.
Marketing Mix Modeling, or MMM, is becoming the go-to tool for more and more companies looking to optimize their marketing efforts. It's a method that uses statistical analysis to figure out how marketing investments contribute to sales.
LinkedIn is definitely the place to go if you want to exchange knowledge and insights with professionals. In this thought-provoking post, Steve Kozel raised a controversial question to marketing mix modeling (MMM) experts: "Should branded keyword paid search spend be included in MMM?". This questions opens up a critical discussion on the integration of branded keyword paid search into MMM to understand its return on investment (ROI), incrementality, and saturation curve. In this blog post we will do our best to answer this question based on our experience at Sellforte.
Offline media can be measured with Marketing Mix Modeling (MMM). MMM uses historical data to analyze the performance of various marketing tactics such as campaigns, media channels (offline and online), promotions, and so on. It offers a holistic framework, which enables marketers to understand the complex interactions between different media types and their collective impact on sales. Therefore, MMM can help make sure that you can make informed marketing budget allocation decisions across all channels.
Marketing Mix Models (MMM) helps marketing teams understand marketing’s incrementality and evaluate effectiveness of marketing activities across media and campaigns. It enables marketing teams to allocate their marketing budget to the highest ROI activities, which ultimately should lead to more sales and profits for the company.
As in mountain climbing, you need to know when you’re closing in on the summit to avoid overdoing your next move.
Welcome to our third and last part of this blog series. In our final piece of the puzzle, we're diving into continuous tactical optimization using Marketing Mix Modeling (MMM). In our previous two parts we talked about the ins and outs of annual and campaign level marketing budget optimization. Please check out Part 1 and Part 2.
Welcome to our third and last part of this blog series. In our final piece of the puzzle, we're diving into continuous tactical optimization using Marketing Mix Modeling (MMM). In our previous two parts we talked about the ins and outs of annual and campaign level marketing budget optimization. Please check out Part 1 and Part 2.