The world of marketing has come a long way, thanks to the rise of digital transformation and the abundance of data. In this rapidly changing landscape, it’s no secret marketers face increasing pressure to make data-driven decisions that will actually impact business outcomes for the better. One tool that has emerged to meet this demand is Continuous Marketing Mix Modeling (CMMM). In this post, we'll dive into what CMMM is, how it can benefit your business, and introduce you to Forvio, a platform built to address this.
Continuous Marketing Mix Modeling (CMMM)
At its core, CMMM is an analytics technique that allows marketers to optimize and measure the effectiveness of their marketing activities in real-time. Unlike traditional approaches, CMMM delivers continuous, actionable insights by leveraging unbiased, privacy-safe data and advanced analytics at a fraction of the cost and time it historically took with “traditional” MMM.
How CMMM works
This process encapsulates a cyclic approach to Marketing Mix Modeling (MMM). Starting with setting clear objectives, gathering requisite data, and transitioning through modeling, assessment, budget deployment, to performance tracking and calibration. Each phase is integral, feeding into the next, enabling a data-driven marketing strategy that evolves with changing market dynamics, ensuring your marketing spend continually aligns with your strategic goals.
CMMM and Forvio
Forvio was built because we recognized the need for democratized CMMM and the profound benefits it brings. CMMM gives businesses a competitive edge through improved decision-making, efficient resource allocation, and better budget optimization. Who wouldn’t want a slice of that cake?
But the advantages of CMMM go beyond revenue growth. It helps marketers gain a deeper understanding of how your marketing efforts impact brand awareness, customer acquisition, customer retention, and market share. With Forvio, businesses can make educated decisions and align marketing strategies to your specific marketing goals.
18 Questions marketers can answer with Forvio’s CMMM
- How many conversions did each media channel drive?
- What’s the ROI of each of my marketing channels?
- What’s the optimal spend level for each channel to maximize my KPIs?
- Does the way a campaign is executed on a channel impact its performance? (E.g. frequency of ad, creative, or targeting)
- Where should my ad spend go in the near future?
- What is the optimal mix of channels to reach a certain revenue or conversion goal?
- How do channels and geography impact my marketing effectiveness?
- What’s the role of earned, owned, and paid media?
- How to best optimize marketing touchpoints by campaign, audience, geography, timing, and publisher to maximize ROI?
- What is the impact of external factors on the total revenue?
- Where should my next marketing dollar go?
- What is the optimal level of spend for each major marketing channel?
- How would sales be impacted if I made X change to my marketing plan?
- If I needed to cut my marketing budget by X%, where should the dollars come from?
- How is performance of channels such as FB impacted by the way they are executed (e.g., buying objective, frequency, creative quality or targeting strategy used)?
- Should we raise our prices? If so, by how much?
- What is the impact of competitor advertising on the performance of our brands?
- How much incremental revenue to trade and promotional activities drive?
One of the key strengths of CMMM is its ability to assess the performance of various marketing channels and touchpoints, considering external factors such as seasonality, economic conditions, and consumer behavior. By analyzing the impact of each channel, Forvio simply delivers a holistic view of marketing effectiveness and promotes optimizing your marketing spend in under 30 minutes.
Moreover, Forvio offers a forecasting tool, the Scenario Planner, that lets you simulate the impact of changes to your marketing strategies. You can proactively test different spending scenarios and iterate on the recommendations immediately. Quite amazing, right?
Continuous Marketing Mix Modeling is a crucial tool for staying at the forefront of the market. By leveraging unbiased, privacy-safe data, advanced analytics, and scenario modeling, Forvio is here to help your business maximize its marketing investments, meet marketing goals, and achieve sustainable growth. As the pressure to make data-driven decisions continues to grow, embracing the power of CMMM becomes essential for success.
Forvio was designed to address the growing need for privacy and user-friendly Continuous Marketing Mix Modeling (CMMM), and make what used to be black box technology accessible to any team with an annual marketing spend of $100k and access to conversion data.
In conclusion, Continuous Marketing Mix Modeling is a game-changer for marketers aiming to understand and optimize the impact of their marketing activities. By providing real time insights, taking into account various channels and external factors, and enabling scenario modeling, Forvio unlocks the potential for continuous improvement and data-driven decision-making. As marketing continues to evolve, we encourage you to embrace the power of CMMM and test out our platform that was designed to make it simple and efficient. Spend less time spinning your wheels and more time.
We hope you found this post on Continuous Marketing Mix Modeling insightful. If you're interested in incorporating this technique to drive your business forward, sign up for Forvio or schedule a meeting with our team! We’re here to help.