If you are running large campaigns across multiple channels, such as Google, Bing, Facebook, Instagram, Pinterest, etc. often use marketing mix modeling (MMM). When done right, it’s suitable for evaluating media performance and optimizing budgets across media types for long-term budgeting decisions.
We are at Polygons Media have our issues with MMM. First, it typically understands each channel in a storage tower and, later, effectively identifies channel-silo incrementality. Second, as practiced in many companies, MMM incorporates human bias into the model. These models also require a huge amount of spend to get a decent signal and take a long time to produce.
This is the approach we prefer.
This MMM method is very scalable, smart and allows you to do both backward-looking analysis (how did we do) and forward-looking predictions.