MIM Overview | How can my model account for strategy changes over time?
We all know strategy changes over time, so why would your Marketing Impact Model not reflect those changes? The Marketing Impact Model now has three components that will account for those variations in your data that result from changes in your marketing strategy over time.
Read on about these components and see which one might be a good fit for you and your data.
Trend Component
Example Use Case
Something big has happened to more drastically change your business strategy, like a merger. The baseline value of your brand will change due to the merging with another brand.
Accounts for: the baseline value of your brand varying over time
Brief Overview: We take your data and divide it into chunks. Separate trends are then detected within each chunk. To learn more, see MIM Overview | How does my model determine trends?
Time-Varying Component
Example Use Case
You recently onboarded a new CMO who has changed your marketing strategy. This change could lead to a completely new effectiveness for some media channels.
Accounts for: the impact of media spend varying over time
Brief Overview: We take your media spend and divide it into chunks. The impact of media spend is measured in each chunk to show the impact of changes in paid media over time.
Time-Varying Seasonality Component
Example Use Case
This year you made the decision to close physical locations on the weekend while historically they remained open. This will change the impact each weekend has on your outcomes.
Accounts for: day of the week seasonality varying over time
Brief Overview: We take your data and divide it into chunks. The impact of seasonality is measured independently for each chunk to show how effect of the day of the week changes over time.