In the midst of a shifting global privacy landscape and with increasing signal loss, we’ve put together a few points for marketers to consider when evaluating campaign impact. 

Embrace Marketing Mix Modeling (MMM):

• Invest in MMM: Recognize the value of MMM as it does not rely on cookies or user-based tracking, making it compliant with current privacy laws and future-proof.

• Understand the Scope: Use MMM to analyze the impact of various media channels and external factors like economic trends or global events on your marketing results.

Develop a Robust Data Collection Strategy:

• Aggregate Data: Ensure you have a comprehensive collection of marketing activity data and business outcomes. This foundational step is critical for effective MMM.

• Standardize Inputs: Develop consistent methods for data collection and processing to maintain the quality and reliability of your MMM outputs.

Choose the Right MMM Implementation:

• Evaluate Options: Depending on your organization's size, budget, and in-house expertise, choose between homegrown, SaaS, or full-service MMM solutions.

• Customize Your Approach: Tailor the MMM model to fit your specific business context and marketing strategy, using either self-built models or partner with full-service providers for more complex needs.

Leverage Experimentation alongside MMM:

• Conduct Geo-Lift Studies: Implement matched market testing to directly measure the causative effects of marketing tactics on sales or other KPIs.

• Continuously Test and Refine: Use the results of these tests to calibrate and refine your MMM model, ensuring it remains aligned with actual market conditions.

Build Internal Capabilities:

• Enhance Skills: Invest in training for your team in areas of econometrics, data analysis, and coding relevant to MMM and statistical testing.

• Foster a Data-Driven Culture: Encourage a culture that appreciates and relies on data-driven insights for decision-making.

Respond Proactively to Market Changes:

• Stay Informed: Keep up with the latest developments in privacy regulations and technology that could affect digital tracking and data collection.

• Be Flexible: Adapt your measurement strategies swiftly to navigate new challenges and leverage emerging opportunities effectively.

Integrate MMM Insights into Strategic Planning:

• Allocate Budget Wisely: Redirect budget towards marketing channels and tactics proven to deliver incremental value as identified by MMM analysis.By adopting these strategies, marketers can enhance their capability to measure the effectiveness of their marketing efforts accurately and sustainably, even as digital landscapes and privacy norms continue to evolve.

• Incorporate Findings: Use insights from MMM to influence broader marketing strategy and tactical decisions. Ensure that MMM findings are considered in planning sessions and strategic discussions.

By adopting these strategies, marketers can enhance their capability to measure the effectiveness of their marketing efforts accurately and sustainably, even as digital landscapes and privacy norms continue to evolve.