By Michael Bürgi

In the never-ending quest to answer the famous Wanamaker question — I know half my advertising is working, I just don’t know which half — media mix modeling was hailed for years as a possible solve, but it always took a long time before one could see the results of what MMM uncovered.

In the post-Covid world where the fate of third-party cookies has had the industry on an emotional roller coaster and where time is more of the essence than ever before, newer attempts at media mix modeling (or the broader marketing mix modeling, which examines all marketing tools not just media channels in media mix modeling) are more accessible to mid-market and smaller clients, not just huge multinational corporations.

Advances in cloud computing and machine learning have helped to democratize marketers’ abilities to use MMM. There’s also just a need for marketers to have greater transparency into the effectiveness of media planning and media measurement. Because of the greater pressures on marketers to spend more efficiently and effectively — take your pick of the reasons for that, from financial and inflationary pressure to greater competition — agencies need to ensure their clients can more clearly understand the outcomes from the work they do on marketers’ behalf.

Continue reading this article on digiday.com. Sign up for Digiday newsletters to get the latest on media, marketing and the future of TV.

…read more

Source:: Digiday

Author: Aaron