Marketing Measurement and Optimization Solutions - Marketing Mix Modeling
ScanmarQED has been mentioned in the 2019 Forrester report on Marketing Measurement and Optimization Solutions.
To celebrate it, we want to dive into this subject in a series of blogs! In the first one, we will dive deeper into the Marketing Mix Modeling part.
What are the Marketing Measurement and Optimization Solutions?
Marketing Measurement and Optimization Solutions are aimed at strengthening the impact of marketing spend and activities on sales and consumer engagement by applying analytics to a wide range of market, brand, retail and consumer data. They can be “split” into two main segments. One is Multi-Touch Attribution (MTA) and TV Attribution Solutions or Unified Performance Measurement (UPM), and the other is Marketing Mix Modeling (MMM) and/or Marketing Performance Measurement and Monitoring (MPM). In this blog post we will dive deeper into MMM segment, and specifically into vendors in this space.
Why Marketing Mix Modeling?
The relative strength of the MMM & MPM segment versus the MTA/UPM segment is:
- Data collection and aggregation
- Data management and quality
- Advanced marketing analytics and support
- Marketing insights and reporting
- Impact on business strategy and investments
In the EMEA market, Multi-Touch Attribution is either not allowed according to European and local laws, or too expensive given the small sizes of individual EMEA countries. Additionally, Marketing Mix Modeling provides high business value at relatively much better cost levels than MTA. All of that while providing good marketing strategic insights, budget allocation improvements, time savings through improved data processing and high data quality.
Vendors offering MMM software
A specialized list of vendors is focused on combining Marketing Performance Measurement and Monitoring (MPM) with Marketing Mix Modeling (MMM). MPM is about ingesting and normalizing data for analytics in one environment and it puts rigor behind the data used for analytical purposes. ScanmarQED enriches this solution with analytical software that, on the fly, calculates and displays the impact of business drivers on sales and ROIs, which adds unique analytical qualities to the data environment. Independent software vendors that combine MMM with MPM are all EMEA based:
- ScanmarQED: software and services in the area of MPM and MMM, active in EMEA and North America
- Nepa: geared towards market research and consumer insights, mainly active in EMEA
- Data2Decisions: geared towards consulting and analytics including MMM, mainly active in EMEA
- Adverity: does not provide MMM, but provides only MPM, mainly active in EMEA and North America
Excluded from this list are the data providers and market research agencies, because they have an interest in selling their own data. Only data-independent vendors are listed.
Still thinking about Multi-Touch Attribution?
If you are still considering MTA, it is advisable to check the following points:
- Given GDPR law, you should be cautious about putting your data into massive data lakes – especially ones being processed outside the EU.
- Google turned off the taps to agencies on clickstream data (you can only access the data in a Google platform)
- Clickstream data has limited influence on ROI because it is often analyzed in a vacuum of “online only”
- It requires very big investments, so it’s advisable to first develop a good business case
For the complete report please go to: https://www.forrester.com/repo...