"Marketers today contend with many challenges when measuring the impact of their efforts. Part of that complexity comes from the proliferation of marketing channels they engage with: Running campaigns across TV, digital, social, and offline channels, it's tough to know what's working and what's not. Using MMM in combination with Lift Measurement will provide additional validation of your overall results, as both tests will indicate relative performance."
"Meta says that using average size estimates within your MMM approach can provide better results: "In this method, the parameters of the MMM - such as the mean and spread of the estimate - are directly informed by the results of experiments. This approach allows the prior knowledge from lift experiments to guide the optimization process of MMM, improving accuracy without the need to rebuild the model from scratch.""
"The most accurate validation approach, however, is fine- tuning your models with experiments. This approach, Meta says, uses lift experiments to adjust all of the details of your campaigns, "like how long ads keep working after they run (ad stock) and how returns decrease as you spend more (media saturation)." Meta says that this approach helps to capture both immediate and carryover effects, providing a more complete picture of campaign effectiveness."
Marketers face complex measurement challenges because campaigns run across TV, digital, social, and offline channels, making attribution difficult. Combining Marketing Mix Modeling (MMM) with lift measurement provides additional validation by indicating relative performance, though it remains imprecise compared with experimental approaches. Incorporating average-size estimates into MMM, where parameters like the mean and spread are informed by experiments, improves accuracy and guides optimization without rebuilding models. The most accurate approach uses lift experiments to fine-tune models, adjusting ad stock and media saturation to capture immediate and carryover effects and deliver a more complete picture of campaign effectiveness.
Read at Social Media Today
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