“Hey…you got chocolate in my peanut butter!”
This line from a 1980’s Reese’s Peanut Butter Cups campaign is a classic in advertising…and aptly describes what is happening in marketing measurement today. (For a blast from the past click here to view this oldie!)
Two proven techniques that work great separately – attribution and marketing mix modeling – work even better when merged into a unified measurement approach.
I suspected the convergence of different marketing analytics approaches was inevitable so earlier this year, my colleague Tina Moffett and I began sharing our ideas on where marketing measurement was headed. We agreed each approach provides only a partial answer to the marketing ROI puzzle and they shared enough methodological similarity that merging them was plausible.
We’ve just completed research that shows that our intuition is correct and in our new report "Embrace Unified Marketing Impact Analytics to Deliver Value Across Interactions" we dubbed this converged approach as Unified Marketing Impact Analytics (UMIA), defining it as:
A blend of statistical techniques that assigns business value to each element of the marketing mix at both a strategic and tactical level.Read more