Google has announced that it has now opened up it’s marketing measurement tool Meridian, to all users. This open-source Marketing Mix Model was built by Google to help marketers make smarter decisions when measuring outcomes across channels.
The open launch follows testing carried out with hundreds of brands globally, including Finder, an Australian financial company that also has a presence in the UK, US and Canada.
What are Marketing Mix Models?
A Marketing Mix Model (MMM) is designed to help you better allocate budgets for different channels and measure business outcomes. Because your customers (or potential customers) typically engage with your brand at multiple online and offline touchpoints (often simultaneously), you need a way of better understanding this.
A MMM will analyse this behaviour and add in the impact of external factors, such as economics and seasonality.
Why is Meridian different?
Google states that: “Traditional MMMs, built for offline media and branding, have historically been unable to fully measure performance media, like Search ads, and AI-powered campaigns. They lack a modern approach, which may lead to inaccurate budget decisions. They may not update assumptions based on incrementality experiments or provide granular insights, such as optimal frequency or regional nuances.
“Instead, incorporating a modern MMM, such as Meridian, into your measurement toolbox helps drive better business outcomes.”
Benefits of Meridian
There are several benefits of using Meridian, including:
- Search query volume data is included, which allows you to make lower funnel measurement more accurate
- Video measurement becomes more accurate, with modelling that takes both reach and frequency into account
- Budget decisions are easier, as you can specify the KPIs that are most relevant for your business (leads, sales, website visits etc)
- More accurate outcomes are generated, as you can incorporate previous testing and experimentation results into the model, helping it to take more results into account.
Google has also announced it is introducing a partner program with over 20 measurement partners, who have been trained and certified to offer support on implementing Meridian.
You can access more information about Meridian here.
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