Data Collection and Reliability are Key
Marketing mix modeling (MMM) is a valuable and complex analytical tool many brands use to quantify the sales volume impact of a brand’s marketing efforts across various vehicles. It requires careful and detailed data collection. Like a chef with his recipe, the dish is only as good as the selected ingredients. MMM is no different – the analysis is only as reliable as the data used to create it.
Partnering with companies that understand the importance of analyzing the right data and who have standardized procedures in place with leading MMM experts ensures data reliability and accurate program evaluation. In the digital space, Coupons.com jointly developed standard operating procedures (SOPs) with the leading MMM vendors to ensure brands are receiving the most accurate data.Data Collection Best Practices
Working with a myriad of brands, Coupons.com developed a two-step process for digital coupon data collection to ensure reliable and thorough measurement of clients’ marketing activities.
Step 1 – Review data and evaluate campaign inputs
All data within the specified time period dictated by the MMM partner is pulled for review. Due to the variety of campaigns, including regional programs and national Digital FSI campaigns, some will not be measurable through MMM and should not be included as they will add unnecessary complexity to the model. During this step, guidance is provided by the MMM partner regarding which campaigns should be included.
Step 2 – Detailed data collection and validation
For those campaigns identified as large enough to potentially read in the model, detailed data is provided to increase the likelihood of a campaign being detected and read properly. Additional details, such as redemption channel breakdown and ROI estimates, are also provided. The data provided through this process is essential in validating the model output, an integral part of the MMM process.Takeaways
MMM, when executed correctly, can be an instrumental forecasting tool to optimize your promotional campaigns. When working with such a tool, remember:
To fully leverage the tool’s capabilities and benefits, Coupons.com should be involved as early as possible in the process.
To find out how you can optimize your marketing mix models, fill out the form below and a Coupons.com Incorporated representative will contact you. You may also call (650) 605-4600 or email QuickClips@couponsinc.com.
First Name
Last Name
Email
Company
Comment
Comments
We appreciate your feedback and we'll get back to you very soon.