How can marketing agencies use MMM platform for media planning? Part 3: Marketing Timeseries
November 02, 2023 | Paul Arpikari, Carmen Bozga, Eeva Karhu, Mari Leväjärvi, Harri Junttari
Welcome to the third part of our blog series on Marketing Mix Modeling (MMM) for marketing agencies, where we delve into the fascinating world of Marketing Dashboards and their pivotal role the way media impact and effectiveness is measured and tracked.
In this part we'll explore how Marketing Dashboards can be a powerful resource, especially in scenarios where agencies and clients may have different Key Performance Indicators (KPIs) but share common goals. These dashboards offer insights, transparency, and clarity, bridging the gap between diverse objectives and fostering a data-driven approach leading to successful collaborations.
How can Marketing Agencies use the MMM Dashboard?
While it may sound complex, think of the MMM dashboard as your dynamic and interactive dashbroad where you have all mediums measured in one platform, scenario planning always available with latest data, and where to prove media ROI at any given moment.
At Sellforte, we've taken the complexity out of the equation by harmonizing diverse data sets into a uniform structure, eliminating the need for manual data cleaning. With the MMM Dashboard, you gain the power to:
1. Actual, Incremental Media-Driven Sales and ROI: At the heart of the dashboard lies the ability to discern the tangible impact of your media investments. By dissecting the data, you can pinpoint the exact contribution of your marketing efforts to sales growth. It's a revelation that goes beyond mere impressions, shedding light on the real-world ROI of each advertising dollar spent. This insight empowers agencies to refine their strategies, allocating resources to the most lucrative avenues and ensuring that every dollar contributes to the bottom line.
2. Campaign and Campaign Objective Uplifts and ROIs: The dashboard provides a comprehensive view of campaign performance, allowing agencies to gauge not only the immediate impact but also the uplifts in line with campaign objectives. Whether it's increasing brand awareness, boosting sales, or achieving other key performance indicators (KPIs), these insights provide agencies with the data-driven ammunition to fine-tune their campaigns for maximum impact.
3. Ad Platform and Ad Product-Driven Incremental Sales: Not all ad platforms and products are created equal, and the MMM Dashboard reveals the hidden gems among them. By dissecting the data to identify which platforms and products are driving incremental sales, agencies gain a strategic advantage. This insight informs budget allocations and enables agencies to make informed decisions about where to channel their resources for optimal results. It's a level of granularity that takes marketing strategy to a new dimension, where decisions are driven by hard data and tangible outcomes.
4. Total or Partial Media Stack View: For agencies that manage a substantial portion or the entirety of a client's media stack, the MMM Dashboard offers an invaluable panoramic view. This panoramic perspective is especially vital when the agency oversees diverse media channels, including impactful offline avenues like television.
When an agency has a hand in orchestrating most or all of the media strategies, MMM serves as a cohesive thread, weaving together the intricate tapestry of the total media mix. This comprehensive overview provides a high-level understanding of the synergy between various media channels, even if not all are handled directly by the agency.
The MMM Dashboard acts as a bridge, streamlining communication and fostering a seamless partnership. The agency gains the ability to visualize the impact of the individual channels they manage within the broader media ecosystem. It's a powerful tool for optimizing strategies, ensuring that each piece of the puzzle contributes to the overall success, and making informed decisions that resonate with the client's objectives.
Granular Insights into Media Performance
Sometimes, the devil is in the details. MMM dashboard takes data granularity to the next level by allowing agencies to dissect their marketing efforts with precision, right down to daily or weekly splits. This level of granularity is akin to having a powerful microscope that reveals the intricacies of your marketing initiatives, enabling data-backed decisions that elevate ROI.
Daily and Weekly Data Split: The Marketing Time-Series provides the ability to delve into data with daily or weekly granularity. This means agencies can zoom in to see how their marketing strategies perform on a day-to-day or week-to-week basis. It's like having a microscope that magnifies each moment in your marketing journey, enabling you to spot trends, spikes, or lulls in performance that might otherwise go unnoticed.
Identifying Thriving Channels: With the ability to scrutinize data at such a granular level, agencies gain the upper hand in identifying which media channels are thriving. They can pinpoint specific timeframes when certain channels perform exceptionally well. This insight isn't just about celebrating successes; it's about understanding what's driving those successes and replicating them for continuous growth.
Optimization Opportunities: On the flip side, granularity allows agencies to spot underperforming channels and moments. It's like shining a spotlight on areas that require optimization. Agencies can swiftly reallocate resources, adjust strategies, or fine-tune campaigns to address these shortcomings. The result? Enhanced efficiency and a higher return on investment.
Slicing and Dicing Data: With the Marketing Time Series, you can effortlessly slice and dice your data. Whether you want to focus on specific timeframes, campaigns, or media channels, the tool empowers you to customize your data view with ease.
In-Depth KPI Analysis: Dive deep into the metrics that matter most to your marketing strategy. The MMM Dashboard allows you to explore key performance indicators (KPIs) like Customer Acquisition Cost (CAC), Impressions, and more. However, you can also gain insights into KPIs that matter to your clients such as Margins, Sales and ROI.
Conclusion and Key takeaways
As agencies harness the power of MMM dashboards, they gain the ability to spot trends, understand the holistic impact of their marketing stack, and scrutinize data with daily or weekly granularity. These capabilities enable them to identify thriving channels, seize optimization opportunities, and make data-backed decisions that drive measurable results.
Moreover, the interactivity of the Marketing Time Series empowers agencies to slice and dice data, explore key performance indicators (KPIs) in-depth, and customize insights to suit their unique needs. It's a versatile tool that equips marketing agencies with the precision and flexibility needed to thrive in the dynamic world of marketing.
Part 1: Laying the Foundation for Agency Success with MMM
In Part 1 , we set the stage for exploring how Marketing Mix Modeling (MMM) can revolutionize marketing agencies' approaches. We unveiled the core concepts and potential benefits that MMM brings to the table, providing agencies with a solid foundation for navigating the complexities of media optimization and data-driven decision-making.
Part 2: Media Optimization Unleashed with Media Optimizer
In Part 2 , we delved deep into the world of media optimization through the lens of Sellforte's "Media Optimizer." We unveiled this modern approach to MMM, highlighting its instantaneous budget optimization capabilities and its role in short-term sales-focused strategies. Media Optimizer emerged as a powerful tool for agencies to fine-tune their media allocation, offering insights that empower them to make data-driven decisions and optimize their advertising efforts.
Part 3: Navigating Marketing Data with the Marketing Time-Series
Part 3 introduced us to the dynamic and interactive Sellforte Marketing Time-Series or MMM dashboards. We explored how this tool empowers agencies to dissect and understand marketing data with precision. From slicing and dicing data to in-depth analysis of key performance indicators (KPIs), the Marketing Time-Series acts as a versatile overview, enabling agencies to customize their insights and make data-driven decisions that enhance their marketing strategies.
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