As Magnify Metrics, we offer you to run next-gen Marketing Mix Modelling studies on an ongoing basis. In the recent years, Marketing Mix Modelling has become a popular methodology for businesses, and particularly marketers, to better understand health of their business and how their marketing dollars help drive business outcomes.

Marketing mix modeling is a statistical analysis technique used by businesses for decades to measure and optimize the impact of various marketing activities on sales and other key performance indicators. It involves analyzing data to understand how different elements of the marketing mix—such as product features, pricing, advertising, and promotions—affect consumer behavior and contribute to overall business outcomes.

Here’s a breakdown of the key components of marketing mix modeling:

1. Data Collection & Formatting: The process begins with gathering data on various marketing activities and sales performance. This data can include sales figures, advertising expenditures, pricing information, market demographics, and competitor actions. All data points are aggregated. MMM models do not use any personal data or require any cookies/identifiers. We will guide you through this process, and help you identify which data points to include for the best results!
2. Model Development: We use statistical techniques and AI technology to develop a model that quantifies the relationships between different business and marketing inputs (e.g. pricing changes, advertising spend per channel, seasonality etc) and outputs (e.g. sales value, number of sales etc). The model aims to identify which business and marketing factors have the most significant impact on your sales and other performance metrics. 
3. Analysis: Once the model is developed, we analyze the data together with you. We will discuss the effectiveness of each input, especially marketing channels. We assess together how changes in marketing strategies or spending levels influence sales and profitability.
4. Optimization: Based on the insights gained from the analysis, we provide recommendations on how you can optimize your marketing strategies and resource allocation. This may involve reallocating budget across different marketing channels, adjusting pricing strategies, or refining product features to maximize returns on investment (ROI).
5. Evaluation and Refinement: Marketing mix modeling is an ongoing process. You need continually evaluate the effectiveness of your strategies, we help you track the results, and refine the model to adapt to changes in the market environment, consumer behavior, and competitive landscape.