Facebook has provided some new insights into its evolving approach to Marketing Mix Modelling, which, eventually, could provide more opportunity for marketers to better target specific audiences with the right content mix, and adjust automatically, based on consumer trends, in order to maximize ad performance across its networks.
As explained by Facebook:
“Marketing Mix Modeling (MMM) is a data-driven statistical technique which can help marketers quantify the impact of marketing and non-marketing activities on sales. MMM is privacy-friendly and uses scientific methodology to analyze multiple factors and evaluate how they impact the sales. However, it also has some limitations, for example, it is time-consuming for data collection, resource intensive, long lead time for analysis and these make it difficult for MMM to scale and execute.”
The privacy-friendly element is key here, because with Apple recently implementing its new ATT data tracking prompts in iOS, and other platforms looking to provide more transparency on data collection, Facebook may soon have a lot less user data to work with, which will force marketers to look in new directions.
Which is where marketing mix modeling could help – as Facebook notes, it’s worked with analytics solution provider Analytic Edge to establish a new, repeatable MMM framework, which, ideally, will eventually help advertisers accelerate their process, without requiring the full set-up workload of a regular MMM approach.
Facebook has outlined this new process in a summary document, which explains how it was able to apply this system to a recent campaign by ASUS.
The researchers first outline the MMM process, and the benefits they’re seeking through this enhanced model.
Because of the varying factors, MMM is difficult to implement effectively, especially for smaller, less-resourced businesses, and even more so when considering speed of response in optimizing ad performance. But this new process looks to address these key concerns, and provide an established framework for the system.
It’s a fairly complex outline, but the bottom line is that Facebook is working towards creating new, updated, automated processes that will incorporate all of these new elements into a far easier to apply system.
“Further innovations are underway that will make MMM on SaaS platforms simpler, automated and AI-driven. This will enable widespread adoption of MMM for both large and small companies, who couldn’t access MMM before or couldn’t scale MMM across their whole business.”
That could provide a new pathway forward for better ad targeting, without the need for the same levels of personal data insight that Facebook has applied in the past.
It’s an interesting experiment, and one that will still take some time to develop, but eventually, it could mean that you have more response options for your advertising approaches, which could help to maximize ad performance, even with less user data available.
And as noted, that could become even more important over time, as more people opt-out of data tracking as a result of the new Apple prompts, and potentially, similar restrictions that could be launched on Android as well.
You can read the full overview white paper here.
TikTok Announces Updated CAP University Marketing Education Course
Looking to gear up your TikTok marketing game as we head into the new year?
This could help – this week, TikTok has announced the Fall Semester curriculum of its Creative Agency Partnerships (CAP) University program, which aims to ‘teach agency creatives how to show up on the platform’.
As outlined in the video clip, CAP University aims to provide in-depth training and insight for marketing and ad partners, to help them maximize their use of the platform for their clients’ promotions.
The initiative was first launched back in April, with an initial course run, but now, TikTok has updated its lesson plan for the next phase.
The most significant new addition is ‘Content to Cart’, which explores the potential of eCommerce in the app, via its evolving set of product and shopping showcase tools.
That’s a key focus for TikTok, which has already seen big success with in-stream shopping elements in the Chinese version of the app. TikTok’s hoping to further integrate the same over the next year, as part of a bigger push to expand user behaviors, and maximize revenue and creator monetization opportunities.
As such, it could be a valuable addition to the CAP University curriculum, both for TikTok and participants. If TikTok can get more brands considering their commerce opportunities, that could help to guide more action and interest, which may be another lever to drive shopping interest.
It’s not open to everyone, but for agency personnel looking to up their TikTok knowledge, it could be a worthy consideration.
You can learn more about CAP University’s Fall Semester curriculum here.