Marketers have a lot of misconceptions about marketing mix modeling (MMM). But it's far less expensive - and easier - to execute than it used to be. Deli meat brand Land O'Frost has been investing in MMM for years, seeking insights into how different cultural trends, campaign strategies and channels impact its KPIs. Historically, it's been challenging to find "solid data points" to prove that certain channels, like paid social and influencer marketing, are driving sales, Land O'Frost COO Saverio Spontella told AdExchanger.
Meridian now lets you include non-media variables like pricing and promotions to more precisely measure their impact on sales. And new channel-level contribution priors are designed to help you guide the MMM with your own business knowledge so you can get more actionable insights. This is made possible by enhanced binomial adstock decay functions for smarter optimization. Plus, new marginal ROI (mROI) based priors help you pinpoint where your next dollar should go for the highest return with strategic adjustments based on past success.
The updates expand what marketers can measure. Meridian now supports non-media variables, such as pricing and promotions, enabling businesses to have more information about how these factors impact sales. It also introduces channel-level contribution priors, which let marketers apply their own business knowledge to the model for more actionable insights. New marginal ROI (mROI) priors also help marketers identify where the next dollar will drive the highest return, based on past performance.
While retailers rush to launch new ad formats and in-store screens, brands have a simpler request: prove that their advertising works. With Circana's acquisition of Nielsen's Marketing Mix Modeling business in August and NCSolutions in June, the company is positioning itself as the independent arbiter retail media desperately needs. Leading this charge is Cara Pratt, just 90 days into her role as President of Global Retail and Media, who brings the unique perspective of having built Kroger's retail media network from the inside.
