It’s clear that with the arrival of Google Analytics 4, the withdrawal of the third-party cookie, uncertainty surrounding data treaties, GDPR and the e-Privacy Directive, data collection and data protection will remain a hot topic. In the future, laws and regulations regarding data storage and use will only be tightened further.
We are seeing growing awareness in companies of ethical and responsible data management. On the one hand this is driven by the changes in laws and regulations, and on the other hand because more and more companies see the potential of their data. Especially companies that focus on an omnichannel strategy, richer customer relationships and personalisation are now expanding capabilities in this field.
For whatever reason: the sooner you map out the current state of your marketing data management, the faster and better you will be able to unlock data and use it to provide personalised, relevant marketing, sales, and customer service experiences.
What is the effect of all your marketing activities over the past three years? Which initiative, what effort, contributes the most to your goals?
With Marketing Mix Modelling (MMM) you audit the marketing investments of the past three years. You look at, among other things, which campaigns have run and what impact they had, but also what, for example, the value of media buying has been.
Marketing Mix Modelling quantifies the effectiveness of advertisements based on statistical analysis and predicts the future impact of various marketing tactics. This gives you a better idea of how to get the best out of the available marketing budget.
A strong data-driven marketing strategy begins with proper organisation of your data management. Start with an audit: which data do you collect, where is it stored, which systems does this data 'flow' through? Which partners and (advertising) platforms do you work with? Do you always have access to that data, and if not, can you access it? And how do you deal with privacy? And personal data? It’s a good time to audit your data measurement plan. In short: how do you deal with your (marketing) data - and can you do this smarter?