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With new MMM providers in the scene, and new technology, MMM users are now dealing with the dilemma of having lots of options to pick from. The most common case we’ve seen recently is the choice between proprietary MMM technology and open-source platforms like Meridian and Robyn.
If you are running out of degrees of freedom in your marketing mix model, this blog will help understand how to handle it:
But first, what exactly are degrees of freedom?
Modeling brand is an essential part of a modern MMM.
Afterall, it’s well-documented in marketing literature that brand perceptions influence sales, as research by Professor Koen Pauwels has shown.
In addition, brand is an important driver of company valuation in the form of brand equity. We have seen recently how Twitter’s rebranding to X wiped out anywhere between $4 billion and $20 billion in value and drove many users away from the platform.
Your marketing mix model would therefore be lacking explanatory power and insight if it doesn’t include brand as a factor or KPI.
CMO: “Okay, you reported on the effectiveness of our channels, but what about the creative? What can you tell us about the performance of our creative?”
Almost all of our MMM clients ask us about this at some point during the project.
