KANSAS CITY, Mo., Nov. 16, 2023 (GLOBE NEWSWIRE) -- ChannelMix, the industry-leading marketing revenue generation platform, proudly announces the release of its groundbreaking Marketing Impact Modeling™ product, setting new standards in media mix modeling with its AI-driven, real-time optimization capabilities, designed for navigating a landscape without third-party cookies.
With Marketing Impact Modeling™, marketers can now automate data collection and processing, offering marketers unprecedented accuracy and efficiency. It delivers real-time, in-campaign optimization, allowing for agile adjustments that enhance campaign performance as it unfolds. This AI-powered platform delivers spend-level mix recommendations for online and offline channels within 24 hours of data connection, delivering actionable scenarios that reduce media waste and drive increased sales and leads.
Deprecation of Third-Party Cookies
For marketers, the demise of third-party cookies is crippling. Retargeting, multi-touch attribution, and other historical methods of planning and buying media will become unavailable or, at best, even less accurate than they are today. Marketers will require new, cookie-less strategies to replace these strategies.
As Google prepares for the phased elimination of third-party cookies starting in early 2024, advertisers are proactively experimenting with alternative audience targeting and tracking approaches, such as first-party data and contextual advertising alternatives. This shift is primarily motivated by growing privacy concerns and evolving regulations. While these alternatives offer privacy-compliance insights, they are limited by their narrower scope, likely data silos, and lack of comprehensive customer behavior tracking. The transition away from third-party cookies highlights the critical role of user consent and data privacy, encouraging the adoption of transparent and ethical data practices and guiding the industry towards user-centric, privacy-conscious strategies.
A Closer Look at Marketing Impact Modeling™
Marketing Impact Modeling™ is the next-gen media mix modeling, built for a cookie-less, privacy-focused future, setting it apart in strategy and execution. Attribution modeling continues to lose its relevancy as Marketing Impact Modeling™ equips marketers for the future of media planning:
- Demise of Attribution Modeling: The traditional concept of attribution has been rendered less effective, especially in light of the decline of third-party cookies, making it even more limited in its historical utility. Furthermore, its scope has largely been confined to digital interactions, often centered around the unrealistic and inaccurate last-touch model.
- AI-Powered Marketing Impact Modeling™: An advanced data analysis method that leverages artificial intelligence for automated media planning, predictive modeling, and real-time recommendations. It uncovers how various factors align with marketing objectives, such as revenue, conversions, or other key performance indicators (KPIs) at the channel and source levels, enabling precise spend optimization across diverse scenarios for all online and offline media and sales data.
ChannelMix has predictive prowess, distinguishing itself from others by delivering exact media mix recommendations down to the dollar. This extraordinary capability has already saved clients over $100 million in unproductive media spending while bolstering sales. In an age of evolving privacy norms and the shift toward a cookie-less future, ChannelMix's Marketing Impact Modeling™ is an innovation that empowers marketers with data-driven decision-making that respects privacy standards.
What Sets ChannelMix's Marketing Impact Modeling™ Apart
- Holistic Analysis: Unlike attribution models focusing solely on the last interaction or specific touchpoints, Marketing Impact Modeling™ doesn’t rely on cookies or campaign tracking; instead, it models the true impact each channel delivers and offers a 360-degree view. It factors in diverse variables, understanding the interplay between them.
- Flexibility in Data Integration: It has no constraints to a single dataset. By sourcing information from multiple systems, ChannelMix provides a more explicit, consolidated view of what drives results.
- Speed to Insight: Historically, marketers would wait weeks or months for a model to be built, rendering it outdated almost immediately. Marketing Impact Modeling™ updates nightly, allowing for both in-campaign and future budget planning.
- Unparalleled Accuracy: Using Bayesian models provides a flexible approach to predicting marketing performance by updating forecasts with new data and quantifying uncertainty, enabling marketers to make informed decisions even as conditions change. Bayesian models' renowned prediction accuracy supports ChannelMix’s ability to deliver up to 99% confidence levels in its recommendations. Hence, marketers no longer wonder which half of their marketing spend is wasted or guessing if banner ads are really driving any revenue.
"Marketing Impact Modeling™ represents a revolution in how marketers tackle data analytics. We're confident that this product will deliver exceptional value to marketers, enabling them to efficiently optimize budgets, discover new opportunities, and achieve exponential growth," said Matt Hertig, CEO of ChannelMix. "What sets Marketing Impact Modeling™ apart is its performance AI capabilities, providing an invaluable tool for reducing marketing waste and increasing marketing ROI. We are hell-bent on demonstrating the value of marketing, and Marketing Impact Modeling™ does that with unparalleled accuracy."
“ChannelMix's Marketing Impact Modeling™ is a game-changer. We've seen incredible results using Marketing Impact Modeling™ to drive client renewals. It has redefined our approach to media mix modeling, allowing us to make data-driven decisions that not only eliminate waste but also deliver outstanding results, bringing us closer to our marketing goals with unprecedented efficiency," said Bryan Karas, CEO of Playbook Media.
To learn more about ChannelMix's Marketing Impact Modeling™, visit https://channelmix.com/platform/capabilities/media-mix-modeling.
About ChannelMix
ChannelMix, the industry's top marketing revenue platform, empowers data-driven decisions. With automated data handling and predictive media mix modeling, it ensures optimal campaign results. It's the sole Marketing Impact Modeling™ platform, delivering revenue forecasts within 24 hours. The user-friendly interface provides efficient media mix scenarios, increasing leads by 40% with the same budget.
ChannelMix was founded in 2007 and has headquarters in Kansas City, Missouri. ChannelMix is a six-time Inc. 5000 honoree, making it one of America's fastest-growing private companies. For more information, visit www.channelmix.com.
Media Contact
Audree Hernandez
Jmac PR for ChannelMix
channelmix@jmacpr.com
