On one hand, the gradual disappearance of third-party cookies is making traditional tracking tools obsolete. On the other hand, uncertainties are mounting: geopolitical tensions, climate crisis, inflation, market volatility... In this environment, marketing departments are struggling to justify their investments with their usual methods. Faced with this dual challenge, Marketing Mix Modeling, originally invented in the 90s, is making a strong comeback.
Need proof? Even Google, formerly a champion of pure digital measurement, has launched Meridian, its own MMM solution. A real admission of the weaknesses of purely analytical approaches, speaking volumes about the limitations of the classic attribution model...
Marketing Mix Modeling is a unique opportunity for marketing departments. When supported by Machine Learning, it optimizes marketing resource allocation to enhance profitability by integrating all factors:
- Endogenous: the marketing mix (product, price, distribution), sales teams, etc.
- Exogenous: competition, seasonality, market trends, etc.
MMM allows challenging habits, measuring short and long-term impact, and finally speaking marketing language with executives... using executive language!
But most importantly, with budget contractions and a lack of growth in some markets, this resource allocation for profitability has never been more critical for Chief Marketing Officers.
However, it's undeniable that the "entry ticket" for a Marketing Mix Modeling approach can deter many. Cost of a license for an MMM solution (or technical development costs for “open-source” solutions), cost of hiring data scientists to integrate data and configure models, time spent by marketing teams collecting and processing historical data, time spent by marketing teams projecting optimization scenarios, etc.
The "total cost of ownership" can quickly become prohibitive for most marketing teams.
It almost seems like only high-marketing budgets can be optimized! Yet, it's the more modest budgets that deserve optimization to be the most profitable.
In reality, you don't need to be a Top 10 advertiser in terms of ad spend to benefit from MMM. You don't even need to be an advertiser at all.
Whether B2C or B2B markets, field team activities, trade shows, market phenomena, seasonality, ..., Marketing Mix Modeling can help all marketing players optimize their strategies and resource allocations. In fact, from the initial mix modeling, this method enables immediate improvement of results by a few percentage points, ensuring rapid return on investment and sustainable efficiency.
There's no reason why the best of marketing should only be accessible to those with the most means. That's why at Insign, we've made a simple wager: MMM without complexity.
No more costly licenses, no more recruitment of data scientists, no more months of setup... We handle everything. From A to Z. From data collection to result interpretation, including modeling and strategic recommendations. Our cross-marketing model makes us both independent from any preference for one lever over another while being able to recommend actions across the entire mix.
Our approach to a true full mix Marketing Modeling, which takes into account all levers and the mix, as well as the context in which they operate, aims to better allocate all resources and efforts of our clients, and we want it to be accessible to as many as possible!
