Lifesight’s Marketing Mix Modeling (MMM) module employs machine learning-based regression techniques. Instead of attributing each conversion to a specific ad campaign, this approach seeks to understand the broader relationship between ad spend and key performance indicators (KPIs). It focuses on correlation rather than causality, providing a more comprehensive view of your advertising efforts.
One of its standout features is its ability to calculate the true incremental value each advertising channel contributes to the business, over and above the baseline metrics of direct, organic, and unknown sources. This offers actionable insights for more strategic decision-making.
Additionally, the module provides suggestions for optimizing your ad spend across various channels to maximize returns. Brands get the capability to simulate multiple scenarios, changing variables like ad budgets, ROAS, or CPA, to forecast future outcomes.
All of this can be achieved in as little as 30 to 60 minutes after data preparation. It's a streamlined approach to analytics that empowers data-driven decision-making.