Building a MMM model in Lifesight requires a specific format of data for optimal performance. This article outlines the mandatory and optional data requirements to help you gather the right information before starting your model.
Mandatory Data Requirements
Data Granularity and Duration:
For daily granularity, a minimum of 3 months of data is mandatory.
For weekly granularity, a requirement of at least 1 year of data is obligatory.
Long-Term Trends or Seasonality: To capture long-term trends and seasonality effectively, you need at least 2 years of data.
Business KPI Data: You must include at least one business KPI such as revenue, app installs, or visits as the dependent variable.
Ad Spend Data: Information about ad spend for each of your digital and offline marketing channels is necessary as independent variables.
Data Aggregation: The aggregation can occur at different levels-
Channel level (e.g., social, programmatic)
Platform level (e.g., Instagram, TikTok)
Tactical level (e.g., Facebook prospecting, retargeting)
Optional Data Requirements
Engagement Metrics: Aggregated impressions or clicks that correspond to ad spend can be included as independent variables.
Organic Marketing Data: Information such as social media impressions or newsletter reach is optional but beneficial.
Contextual Data: This includes variables both internal and external to your business, like:
App rankings
Product pricing
Discount percentages
Competitor sales
Macroeconomic indicators
Events like pandemics or salary days
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