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Google has launched a new open-source marketing mix model (MMM) for data scientists and marketers called Meridian. It's meant to help them better understand how their marketing campaigns influence sales and other key business goals.
Meridian was announced almost a year ago and has been tested with hundreds of brands globally for feedback, Google said in a blog post. It's an updated version of Google's previous offering called LightwieightMMM. The company previously noted that about 60% of US advertisers use MMMs, and 58% of those not using it are considering it in the future.
Traditionally, marketing mix modelling is a statistical analysis technique to measure the impact of marketing campaigns and activities across various channels. It uses a combination of aggregated data and accounts for non-marketing factors that can impact revenue and other key performance indicators (KPIs).
Users can use the Meridian framework to set up and run their own in-house models. It can help with budget allocation and consider external factors such as seasonality, pricing and economics. It can source data from different places, including Google Ads and DV360, and provide granular insights.
"MMMs go beyond the immediate impact, capturing how brand-building activities like TV commercials, ads on YouTube and Google, or social media campaigns influence future purchases and new customer acquisition," Google said.
Meridian can help you figure out which ads are working and bring in customers to give a more realistic picture of "how your paid search dollars are actually driving results." It can also pull data from platforms like YouTube and Google Search, such as reach, frequency, and Google Query volume.
The tool can integrate with Google MMM Data Platform and use fancy techniques such as Bayesian causal inference to club historical data with real-world results. Google says traditional MMMs have focused on offline media and branding and could not fully measure digital and AI-powered campaigns.
Meridian allows users to understand historical performance and run multiple optimization scenarios to maximise their budget. Meridian's open-source nature allows it to be customized per the user's needs. Its source code is available on GitHub. Google has started a Meridian Certified Partner program with over 20 measurement partners trained on Meridian to help new users.
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