Google launched a new measurement tool for advertisers in anticipation of its plan to phase out third-party cookies later this year.
Meridian, an open source Marketing Mix Model (MMM), has been introduced to help advertisers analyze campaign performance while prioritizing user privacy.
accessibility Meridian is currently available to select users. However, Google plans to make it accessible to all marketers and data scientists in the near future.
What are MMMs? Marketing mix models are methods of statistical analysis that determine the effectiveness of campaigns by measuring the impact of marketing strategies along with sales and customer retention efforts.
Why we care Marketing mix models (MMMs) have traditionally been expensive and time-consuming, often taking weeks, months, or even years. However, Meridian offers a more accessible approach to open source MMMs, allowing marketers to efficiently measure campaign performance while aligning with the strictest online privacy laws.
Key benefits As Google explains, Meridian is based on:
meinnovation: Meridian improves MMMs with innovations such as calibration through incrementality experiments, integrating reach and frequency, and providing guidance to measure search. These improvements apply to all relevant media channels.
Transparency: As an open source solution, Meridian is completely transparent, allowing anyone to review the code and the methodological innovations on which it is based.
Action capacity: Meridian can help marketers make better decisions by providing rich data inputs, model guidance and cross-channel budget optimization.
Education: Meridian users will have access to a number of resources for their implementation and use. This includes detailed technical documentation with troubleshooting FAQs. If users have additional questions, they can connect with Google Support and its partners for help.
What Google says. Harikesh Nair, Senior Director of Data Science at Google, said in a statement:
“As advertisers seek comprehensive and durable privacy measurement solutions, MMMs are experiencing a renaissance. “According to a study with Kantar, 60% of US advertisers are currently using MMMs, and 58% of those who are not use these models and plan to do so in the future. We’ve seen more customers turn to MMMs, especially performance and full-funnel marketers.” “MMMs today aren’t perfect, but they’re evolving. With Meridian, we seek to help your team navigate your future North Star, both through innovation and by sharing our data together with an open source model.”
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deep dive Read Google’s announcement in full for more information.
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