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eCommerce and DTC

Verkkokauppa.com: Answering the big questions in marketing with MMM

Verkkokauppa.com has a diverse marketing mix to manage: Running hundreds of campaigns a year, every activity needs to be carefully coordinated with the objective in mind. Sellforte's weekly updating MMM platform helps the team to ensure they're making the best possible decision in each campaign.

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Highlights

  • Verkkokauppa.com wanted to measure and forecast how much incremental revenue its campaigns were driving and how they compare to each other
  • Sellforte’s weekly updating Marketing Mix Modeling platform provides Verkkokauppa.com's core marketing team near-real-time insights to help stay on top of the latest changes and guide the decisions
Verkkokauppa.com: Answering the big questions in marketing with MMM

Cooperation timeline with major milestones

Questions Sellforte MMM Provides Answers To

1. Which campaign types provide the best incremental revenue/profit uplift? What is the optimal budget split between e.g. brand building & performance campaigns?

Categorizing the modelling results provides valuable insights on what's the optimal split between different campaign types and helps the team see bigger trends in the effectiveness. Screenshot from Sellforte demo, not real data.

Verkkokauppa.com: Answering the big questions in marketing with MMM

2. How much incremental revenue should I expect if I invest X€ to marketing? How should I split this budget between media channels to maximize the results?

Comparable & weekly updated metrics help the team to find the most effective media channels for each campaign. Screenshot from Sellforte demo, not real data.

Verkkokauppa.com: Answering the big questions in marketing with MMM

Things to consider when starting with MMM

Similar to marketing itself, MMM is not a sprint, it's a marathon. Verkkokauppa.com's Marketing & Analytics manager Arto Hasu lists things to consider before and during an MMM initiative.

Things to consider before:

  • What challenges are you primarily trying to solve with MMM?
  • What is the data quality with:
    • Internal product, sales, price promotions data
    • Paid media data (offline, online)
    • Non-paid activities (PR, events..)
    • Brick ‘n’ mortar activities

Things to consider during:

  • How much are you investing into marketing?
    • If you get 10 to 20% increase with MMM, how fast will the solution pay itself back?
  • In-house ownership
    • Who owns the data quality & follow-up analysis
  • Test & learn culture
    • The value of MMM derives from building hypotheses and testing if you can repeat them

BUT:

  • It gets easier over time
    • Once the data pipelines and validation processes are in place, most of the tasks work automatically
We’ve found that ROMI and incremental sales metrics that relate directly to short-to-mid-term financial outcomes are often vital when discussing the potential and expected effects of marketing and promotional activities with other business units, turning the discussion towards maximizing growth, and also managing expectations of what level of sales impact we can expect in the short term from marketing activities
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Arto Hasu

Marketing & Analytics @ Verkkokauppa.com

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