- MMM+ factors in social media impact on marketing channels , bringing in a new dynamic to rank marketing spends
- MMM+ uses data transformation tools to derive equated scoring of spend channels
iPredictt Data Labs, an innovative big data analytics provider of machine learning software to solve the complex data challenges, announces the launch of iPredictt MMM+, an advanced prescriptive media mix model. Built using Big Data tools, MMM+ is the newest and most advanced method for Marketing Mix Modelling. It brings in real time data, social perception, accurate mapping of diminishing returns, quantified delay in sales, cross channel attribution and ability to simulate media spending scenarios, in one solution. MMM+ allows data transformation to best fit non-linear relationships between advertising variables, product sales, brand strength in competitive scenarios, awareness and market share.
Rohit Verma, CEO, iPredictt Data Labs said: “MMM+ is a leap enhancement in the way brands evaluate optimal marketing spends & return on investments. Using Big data tools, iPredictt’s MMM+ will not only deciphers past performance of marketing channels but also prescribes spend marketing dollars optimally in the future. Traditional Marketing Mix Modelling or MMM is laced with biases as they do not incorporate impactful dimensions such as large volume of social data, channel lag, channel fatigue etc. No other solution currently captures all of these together”.
Currently sized at over 48000 crores, the Advertising Industry is growing rapidly and everyone associated must recognise the need to link marketing spend back with performance matrix. MMM+ can contain wastage and help build portfolio of a most effective marketing channel.