"Scenario Planner is a user-friendly interface that allows marketers to experiment with different budget scenarios and see real-time ROI estimates no coding required. It transforms the conversation from a look back at what happened to a collaborative plan for what's next, regardless of technical expertise. So ideally, this will allow new forms of campaign performance estimation based on existing performance data, which could help marketers come up with more accurate ways to measure the likely performance of their campaigns ahead of time."
"These example images show how Scenario Planner will provide estimates for ROI by channel, with specific breakdowns based on Google's predictive budget analytics. The accuracy of such predictions will be somewhat variable, as it's impossible to fully predict such outcomes. But by utilizing Google's vast data sources, the tool could provide more insight, which could eventually lead to better predictive measurement approaches. Google says that nearly 40% of marketers surveyed reported that their organizations struggled to connect MMM outputs to real-world business decisions."
Meridian is an open-source marketing mix modeling (MMM) tool that provides expanded estimation data for external developers and marketers. Scenario Planner adds a user-friendly interface that enables marketers to experiment with budget scenarios and receive real-time ROI estimates without coding. External developers can access budget estimation data tools to build predictive analytics based on ad spend and generate channel-level ROI breakdowns. Predictive accuracy will vary because outcomes cannot be fully predicted, but Google's large data sets can improve insight. Nearly 40% of marketers reported difficulty connecting MMM outputs to real-world business decisions. The tool aims to bridge that gap and support planning and measurement.
Read at www.socialmediatoday.com
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