Marketing & Media Mix Modeling - Overview

Overview

Marketing & Media Mix Modeling is an analysis that measures the impact of a particular channel to a goal. The Marketing & Media Mix Model dashboard is powered by the ChannelMix modeling engine, which uses that analysis to predict what will happen if we spend different amounts of money in marketing. 

In addition to that, ChannelMix will also provide a recommendation of an optimal way to spend that amount of money. By default, ChannelMix provides 39 optimal scenarios for various date ranges. 

Use this dashboard to help inform how to budget your next quarter, campaign, etc. and how to distribute that budget among your marketing channels.

Dashboards

This report includes the following dashboards:

Optimization Summary:

  1. How much of my goal (leads, sales, etc.) does the model predict with a budget of X?
  2. How should I allocate my money across my media mix for that budget of X?
  3. How much have I spent in marketing channels historically? Is it comparable to what the model recommends?

Validation Summary:

  1. How accurate has my Marketing & Media Mix Model been?
  2. Is the model becoming more accurate in its predictions over time?
  3. What is the feature importance of each channel?

Supported BI Tools

The Marketing & Media Mix Model Dashboard is available in Tableau and Power BI.

Data

This dashboard is built on the following datasets:

FAQs

Below are commonly asked questions about the Marketing & Media Mix Model Dashboard:

  1. What if I have a budget that is not one of the 39 provided scenarios? What if I want to predict a different date range?
    • Customizations for new relative date options (ex: Next 2 Quarters) and different budgets can be supported. If you are interested, please reach out to your team at Alight Analytics.
  2. How come "Next Year" is not a date range option?
    • The further out in time you look to predict, the less confident the model becomes. Predicting "Next Year" could require the model to predict as far as 23 months out. For example, if someone selects "Next Year" in January of 2022, the model is attempting to predict performance in December 2023, which would be two Decembers from that point. It is best for the model to predict within a 12-month window.
  3. When looking at the prediction line, is there risk in choosing a scenario that is far away from that line?
    • Risk will grow as channels exceed their historical spend, but this is independent of the line within the visual. The line is provided for reference and is not meant to judge validity.
  4. What if the dashboard is showing a scenario that I haven't done before? What if the spend exceeds my historic spend?
    • The output of the Marketing & Media Mix Model should be used as a data point when deciding what is best for your marketing strategy. If optimized spend is much larger than what has been spent in the past, then the model is finding a strong relationship between spend, your goal, and that channel. Use this information to plan out your strategy.
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