Marketing measurement is essential, but marketers must leverage multiple methods to garner an accurate understanding of their success. Media mix modeling (MMM) and multi-touch attribution (MTA) are the most important methods of measurement; by using both of them, marketers can better understand how and why their campaigns work (or don’t).
Why is marketing measurement important?
Measurement gives necessary insights into the successes and failures of each campaign. Did you reach your intended audience? How much engagement did you generate? While leads are a strong indicator of success, they are only one part of the broader picture. If a campaign does well or poorly, it is important to understand why.
For the same reason, it is important to know which methods to use and when. By leveraging the right approach, marketers can get the best possible picture of their campaign’s impact. This is where knowing the benefits, drawbacks, and purposes of MMM and MTA come into play.
What is MMM?
Media mix modeling (MMM), also called marketing mix modeling, is a measuring and analytics strategy that lets marketers measure impact. They can use this technique to measure the success of their campaigns and then analyze which elements of their strategy are working and which aren’t.
MMM relies on aggregate data and as a result, can evaluate a wide range of different channels. These include traditional channels like linear TV and digital channels like social media.
By using MMM to garner insights, marketers can refine their campaigns based on trends and external influences to adapt and create more effective marketing strategies going forward. Marketers can follow trends (such as the rise of sustainability initiatives) to better target audiences and have a greater impact. Mixed media models also let marketers consider factors like seasonality and promotions in their measurement for greater accuracy.
What is MTA?
Multi-Touch Attribution (MTA) models are an analytic method where marketers look at various customer touchpoints so they can understand which strategies and channels have the most impact.
Marketers can adjust campaigns and reassess strategies by measuring the effectiveness of each channel or ad campaign with MTA. These models give marketers a holistic view of how audiences are receiving messaging and interacting with marketing materials. By analyzing customer reception at each individual touchpoint, marketers can better understand which aspects of their strategy are effective and which need to be rethought.
In building a successful journey advertising campaign, advertisers need to understand which points in their journey are having the desired impact, and which are missing the mark. MTA gives advertisers the information they need to know which part of their strategy is working or not so that they don’t need the start from scratch every time they fail to achieve the desired impact.
Marketers need to know how to leverage diverse marketing measurement techniques. Both MMM and MTA strategies serve an important role in building and maintaining successful ad strategies. Understanding which purpose each strategy serves is critical in using them appropriately and effectively for marketing measurement. And oftentimes, there is a purpose for both at different stages of a campaign.
By understanding the benefits and drawbacks of MMM and MTA strategies, marketers can leverage the best possible measurement techniques for each campaign.
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