With a desire to bring news, information, and insights to our clients, Inizio Evoke Media continues to be at the forefront of what’s new in media/marketing and wants to share our latest learnings about Google Meridian - the latest innovation in media mix modeling (MMM) from Google.
Meridian aims to drive better business outcomes with a solution that offers richer data inputs applicable to all media channels. Designed to address the challenges of modern marketing analytics, Merdian provides businesses with powerful tools for measuring and optimizing their investments across channels.
This Inizio Evoke Media article explores the key features, benefits, and use cases of Google’s Meridian offering; highlighting its potential to enhance marketing measurement and attribution.
As businesses strive to navigate an increasingly complex marketing landscape, the need for accurate and actionable insights has never been greater. Google Meridian has been introduced as a solution to this challenge, offering an open-source MMM platform that empowers businesses to make data-driven decisions and maximize the impact of their marketing efforts.
Key Features of Google Meridian
Hierarchical geo-level modeling: Meridian allows for the addition of geo-level advertising data with 50+ geos and 2-3 years of weekly data.
Prior Media Performance Knowledge: Adds external information to the model in the form of priors derived from any available source (experiments, past MMM results, industry expertise, or industry benchmarks) to build upon what is already known.
Media Saturation and Lagged Effect: Meridian incorporates the industry standard MMM features to account for media saturation (accounting for diminishing marginal returns and decay for lagged effects).
Reach and Frequency Data: The platform supports the inclusion of reach and frequency data to better predict how each media channel may perform.
Lower Funnel Channel Modeling/Paid Search Inclusion: Meridian offers options to use Google Query Volume (GQV) as a control variable to measure the impact of lower funnel channel paid search.
Media budget Optimization & Estimating ‘What if’ Scenarios: Meridian helps identify optimal channel allocation budgets based on the overall budget, the optimal budget needed to meet advertising goals, and estimating the ROI under hypothetical media scenarios.
Benefits of Google Meridian
Improved Decision Making: By providing actionable insights into marketing performance, Meridian enables businesses to optimize their marketing strategies and allocate resources more effectively.
Enhanced ROI: Meridian helps businesses identify high-performing marketing channels and allocate budget accordingly, leading to improved return on investment (ROI).
Greater Transparency: With Meridian's open-source nature, businesses gain transparency into the modeling process, fostering trust and confidence in the insights generated.
In spirit, Google Meridian represents a significant advancement in marketing analytics, offering businesses a powerful and flexible platform for measuring and optimizing their marketing investments. With its open-source approach and advanced features, Meridian can drive innovation and transformation in marketing measurement and attribution.
In practice, Inizio Evoke Media is “test driving” Meridian to determine validity and applicability for our pharma/healthcare clients and will keep you all abreast of our learnings in the coming months relative to applicability for your businesses.