With increasing pressure to prove the value of marketing, smart CMOs are turning to marketing mix modeling to improve media performance and quantify their impact. Read more in this guest martechismktg column by GartnerMKTG analyst Jason McNellis: CMO
Boards and the C-suite expect CMOs to lead the way to profitable growth in 2023 despite various macroeconomic pressures manifesting into the “triple squeeze,” making everything more expensive.
What is marketing mix modeling? Marketers still struggle to answer foundational questions about the impact of marketing on the business, such as “How effective is my digital marketing at driving in-store sales?” or “How will a 10% change to upper-funnel media impact bookings?”The goal of MMM is to measure the impact of advertising and promotions across channels while controlling for external factors outside of a brand’s control, such as inflation or consumer sentiment.
MMM is a technique with a long history, and it continues to evolve. If you looked at marketing mix a decade ago and dismissed it due to “insights only at the channel level” or “results only updated quarterly,” your marketing organization may benefit from revisiting the technique. Imagine a product or service with a six-month sales cycle. Sales are driven by a healthy marketing budget with investments across the marketing funnel to drive awareness, consideration and, finally, sales.
Additionally, because MMM typically provides the most holistic view of the ROI on marketing activities, it often generates findings that challenge conventional wisdom.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Scream VI’ Viral Marketing Prompts 911 CallsPeople don’t like seeing Ghostface wandering around...
Read more »
What Brands Need To Know: Social Marketing In 2023Search and display advertising aren’t the only parts of the marketing landscape that have changed over the past three years.
Read more »
ChatGPT: Thinking Outside The Content Marketing BoxThe impact of ChatGPT technology is not just about creating instant content. It’s about data visibility.
Read more »
Alaska Legislature sends $300K in salmon donations to UkraineThe state has aided in several disasters over the years. Through ASMI, it has sent food to the Philippines after devastating typhoons and areas suffering food insecurity in Africa and the Middle East as well.
Read more »
The FTC has its eye on AI scammers'One thing we know about hot marketing terms is that some advertisers won’t be able to stop themselves from overusing and abusing them.'
Read more »