Did you know that campaigns integrating four or more channels outperform single- or dual-channel ones by 300%? What about the fact that those who engage with a brand across multiple channels have a 30% higher lifetime value than those who only engage on a single channel?
The concurrent use of different channels is an integral part of mobile marketing. By leveraging the unique strengths of each channel, app businesses can create a seamless user journey for their target audience, reinforce brand identity, and drive conversions.
Yet, it can be challenging to devise a cross-channel strategy that actually works, and this is where marketing mix modeling (MMM) comes in. A statistical technique using historical data and advanced algorithms, MMM helps you determine the ideal distribution of resources across various channels including TV, print, online, and social media to achieve desired business outcomes. It also enables businesses to make data-driven decisions, optimize budget allocation, and increase marketing ROI.
For a more detailed explanation of MMM, check out the content below:
👉 Marketing Mix Modeling: The Privacy-First Mobile Measurement Method
👉 Your All-In-One Guide to Marketing Mix Modeling
There is no doubt that MMM is a powerful tool. However, as everything comes with a price, it involves a costly and complex process that requires expertise in data analytics and the ability to process large amounts of data quickly and efficiently.
This is why many app businesses choose to outsource the work. Some of the more conventional options include consulting firms, market research companies, and data intelligence solutions. But in fact, mobile measurement partners (MMPs) have the potential to deliver exceptional MMM-driven insights.
Hence, in this blog post, we’ll have a look at why you should consider working with an MMP to incorporate MMM to your strategy and get the most accurate understanding of your marketing performance.
There are five main benefits to using MMM provided by MMPs.
MMPs have access to a wealth of data from a variety of sources, including ad networks, demand side platforms, customer relationship management systems, etc. The data is auto-transferred from these third-party tools to MMPs through simple SDK integration. In ordinary circumstances, MMPs would use the information to identify a user’s interaction with different ads across channels and associate it with a conversion.
MMM does not require such granular data; aggregated channel-level data is all that is asked for. Nonetheless, it helps to take into account a wide range of factors that can influence user behavior. By utilizing various data sources, MMPs can build robust models that provide a more complete and accurate representation of the impact of each channel.
MMPs are enthusiastic about developing and adopting the latest technology to improve their performance measurement accuracy. They specialize in statistical techniques like regression analysis and machine learning that help collect, process, and analyze large volumes of data.
Despite the differences between attribution modeling and marketing mix modeling, the technology which MMPs have at their fingertips allows them to build marketing mix models even with limited data and on a tight schedule. Thus, MMPs are capable of delivering timely recommendations that enable marketers to forecast returns and optimize ad spend.
MMPs typically have a team of seasoned data scientists who are experts in marketing analytics. They have the knowledge and experience necessary to perform complex statistical analyses and interpret the results in the context of mobile marketing. Relying on them, you can be confident that your marketing mix model is in good hands.
In addition, MMPs have industry-specific insights that can be valuable for app businesses of certain verticals. For example, an MMP that has worked with gaming apps would know the marketing channels and strategies that are most effective in the gaming industry. With this kind of background knowledge, MMPs can craft and execute a customized modeling strategy that maximizes the ROI of your marketing budget.
MMM used to be a time-consuming and labor-intensive process that app businesses with smaller marketing budgets could not afford. Thankfully, modern day MMPs have combined their comprehensive data, advanced technology, and extensive expertise to make MMM accessible.
Instead of dedicating your internal staff to the building, validating, and updating the model, let an MMP get the job done. This can free up your team’s valuable time and resources to focus on other important marketing initiatives.
MMM is an ongoing process, and optimization is key to achieving the best possible results. For higher accuracy, the model needs to be regularly updated and reflect any recent changes to variables such as ad budget, promotions, macroeconomic conditions, and seasonality.
In the past, the flexibility of MMM was limited; for instance, many consulting firms revised models only semi-annually. On the other hand, MMPs have repackaged MMM into an adaptable SaaS solution. This ensures that marketers stay responsive to changing trends and make the most out of their marketing investment.
The cost and benefit of using MMP-powered MMM may depend on the goals of and resources available to each app business. Therefore, we advise you to carefully evaluate them before making decisions.
Another point to keep in mind is that MMM is not your only answer. There is no single perfect solution in the world of mobile marketing, and app marketers should be able to take a holistic approach, making smart use of different measurement methods according to their needs. MMPs allow you to do this.
Airbridge believes in the power of a unified measurement stack. As an MMP, we provide the popular last-click attribution for easy and intuitive analysis. We also offer advanced methods like multi-touch attribution and incrementality measurement to add clarity. And of course, we have an AI-powered MMM solution that only requires six months’ worth of aggregated channel-level data to show the incremental contribution of each channel and find the best marketing mix to maximize your future budget potential.
Mobile marketing can be challenging, especially when there are new regulations and unforeseen changes. To achieve success regardless, app marketers need to work with a partner that gives them multiple ways to track performance and fill the gaps of attribution.
Airbridge is here to do it. Reach out for a quick chat and take your marketing to the next level!