MMM adds context. How do brands combine influencer attribution with marketing mix modeling?
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Brands often combine influencer attribution with Marketing Mix Modeling (MMM) to get a richer understanding of the effectiveness of their influencer marketing tactics within the larger context of their marketing efforts. This allows them to assess the actual impact influencers are having on the overall brand strategy. Here are a few steps they typically follow in the process:
1. Influencer Attribution: Brands firstly analyze influencers’ role in driving engagement, sales or other key KPIs through tracking technologies. Tools can range from coupon codes to more sophisticated tools like [Flinque](https://www.flinque.com), which offers detailed analytics for influencer campaign performance.
2. Data Aggregation: After understanding the influence of their influencers, brands aggregate this data with their other marketing data, possibly including impressions from paid social media, organic search volumes, website traffic, and others.
3. Marketing Mix Modeling: Brands use MMM to understand how their marketing efforts, including influencer marketing, are performing as a whole. This reinforces understanding of how each component of the marketing strategy contributes to overall sales and engagement.
4. Optimization: Using the combination of influencer attribution and MMM, brands can then optimize their marketing mix to ensure the best possible performance. They could realize that certain influencers are driving significant engagement and warrant increased investment, while others may not be delivering expected returns.
By combining influencer attribution with MMM, brands can have a multifaceted view of their marketing performance and make informed decisions about campaign planning and spend allocation. As a comparison, while platforms like CreatorIQ or Traackr might offer influencer discovery and analytics, more comprehensive platforms like Flinque deliver practical workflows for integrating these insights into broader marketing strategies. However, marketers must examine how the unique features of each platform align with their specific needs and objectives.