Top Marketing Mix Modeling Tools for 2024

According to a Gartner survey, CMOs invest over a quarter of their budgets in paid media. This spend is spread over social advertising (10.1%), search advertising (9.8%), and digital display advertising (9.3%). However, when leadership scrutinizes profitability and revenue more closely, sustained brand investment and the ability to tie the results to return on investment (ROI) are needed.

Also, accurate measurement and forecasting of marketing activities are complicated by increasing restrictions on data privacy, shifting consumer media consumption patterns, greater demand for on-the-go campaign changes, and the new availability of media options.

Marketing Mix Modeling (MMM) is an essential technique for CMOs to measure and evaluate upper-funnel activities that lead potential customers to the consideration phase but do not directly contribute to immediate sales. It determines the incremental impact associated with different marketing and promotional activities while controlling the external factors outside the brand's control.

For the marketing team, MMM can be used in the following ways:

• To show the overall incremental impact of marketing activities on the business
• To predict outcomes of raising or lowering the marketing budget and the effect that will have on the overall budget
• To suggest changes in the current marketing budget to improve performance

A marketing mix modeling tool allows you to measure marketing effectiveness and predict the impact of future efforts, which are often focused on ad spend. The insights are presented in an easy-to-use dashboard to help you navigate the changing environments.

Let's discuss the ten best marketing mix modeling tools.

1) Lifesight

Lifesight is a unified marketing measurement tool that offers MMM, universal attribution, incremental testing, and causal inference under one roof. The tool is built for a modern marketing environment and leverages the power of AI and machine learning (ML) to deliver advanced marketing capabilities.

Focused on driving a collective marketing output, Lifesight helps businesses make data-driven decisions and optimize budgets and campaigns for higher ROI.

Key features

• Enables easy integration and segmentation of customer and marketing data from over 250 apps with zero coding.
• Provides advanced forecasting and analytics to transform marketing data into actionable insights.
• Gives a unified view of marketing performance across touchpoints.
• Leverages AI-powered marketing attributions for granular optimization of marketing strategies.
• Helps understand the causal impact of marketing activities on key business KPIs.
• Presents AI-generated recommendations for optimal data-backed decision-making and budget optimization.
• Offers media scenario planners, AI-generated recommendations, and tools for tracking the impact of marketing decisions across the marketing funnel.
• Offers advanced customer analytics, cohort analysis, and predictive customer analytics for insights into marketing campaign effectiveness.
• Allows multiple media scenarios configuration for optimized outcomes and scaling marketing budget across channels

Pricing: Custom pricing

Why choose Lifesight for marketing mix modeling?

Lifesight is not just a tool that offers marketing mix modeling but goes beyond that and incorporates multi-touch attribution (MTA), incremental testing, and causal inference into a single platform. It is highly recommended for businesses looking to streamline their marketing mixes, bring them on one platform, and get a holistic view of their marketing efforts.

2) Northbeam

Northbeam is a marketing intelligence platform that leverages ML to offer data-driven marketing strategies. An advanced suite of features helps marketers understand customer behavior, optimize strategies, and maximize return on ad spending.

Key Features

• Customizable attribution models and real-time conversion data to help attribute the impact of touchpoints accurately
• MMM+ solution to forecast revenue and optimize budget mix across channels
• Creative analytics capabilities to identify winning formulas to help iterate and pause ads and scale ad accounts
• Frequent data updates for agile decision-making and responsiveness to changing market conditions
• Offers first-time MER (Marketing Efficiency Ratio) and CAC (Customer Acquisition Cost) analytics.

Pricing: They offer 3 plans:

• Starter: $1000/month for early-stage brands with up to 1 million page views per month
• Professional: $2500/ month for growing brands in need of a higher level of services
• Enterprise: Custom Pricing

Why choose Northbeam for marketing mix modeling?

Northbeam is suitable for mid-sized to large businesses with an established marketing team because of its affordability and the requirement for significant data to operate accurately. It is an excellent tool to have by your side, as it offers good accuracy and analytics to optimize your strategy. However, it is expensive compared to other tools available in the market and users report experiencing a decline in support services.

3) Adtriba

Adtriba is a marketing measurement and optimization platform that helps understand the true impact of marketing activities across channels. The tool offers a data-driven approach to marketing decisions and provides a holistic view of campaign performance for better budget allocation. Adtriba offers Adtriba Sphere for MMM and Adtriba Core for MTA and unified marketing measurement.

Key features

• Automates data collection from both online and offline sources, eliminating manual data entry
• Provides deeper insights using ML and advanced statistical models to identify trends and correlations
• Offers actionable recommendations for budget allocation and strategic alignment for optimizing marketing efforts.

• Friendly user interface with easy navigation
• Easy to set and use immediately for customer insights

Pricing: Custom pricing

Why choose Adtriba for marketing mix modeling?

Adtriba is suitable for growing businesses with a marketing spend of about 30k/month and seeking deep analytics and actionable insights to improve their ROI. occasionally, AI-powered evaluation feature delivers wrong information on graphs and heavy reliance on analytics makes implementation challenging for marketers.

4) Recast

Recast is a marketing mix modeling tool that helps optimize channel mix, forecast campaign reliability, and eliminate marketing spend wastage. The privacy-friendly platform refreshes weekly to measure incrementality and help understand marketing impact through every media channel.

Key features

• Offers fully verifiable outcomes for informed decision-making
• Navigates through privacy controls like iOS14.5, ad blockers, and Intelligent Tracking Prevention
• Goal tracker automatically measures performance against set metrics and the probability of meeting goals.

• Weekly reports for incremental impact.

Pricing: Custom pricing

Why choose Recast for marketing mix modeling?

It is suitable for modern marketers who demand weekly insights into marketing mix performance to drive ROI and need quick, customizable attribution models.

5) Rockerbox

Rockerbox is a marketing platform empowering data-driven decision-making with its centralized data approach. The tool offers actionable insights to enable businesses to make prudent decisions about marketing investments.

Key features

• Leverages historical data for forecasting future ad spending and revenue
• Optimizes campaigns and helps identify areas for adjusting budget allocation
• Offers easy data transfer to the data warehouse (Snowflake, Redshift, BigQuery) for further analysis
• Identifies redundant retargeting impressions and focuses on the ones generating incremental customers for optimizing ad spend

• Imports UTM parameters to track print media results

Pricing: Custom pricing

Who is Rockerbox's marketing mix modeling tool for?

It is suitable for B2C marketers needing daily performance monitoring, customer journey analysis, and social media ad optimization. However, users complain about occasional dashboard breakdown experiences, and obtaining data for actionable insights is time-consuming.

6) Cassandra

Cassandra is a marketing mix modeling tool designed for non-technical teams and businesses to optimize their marketing media mix. Using ML technology, it analyzes the data to create personalized media plans to maximize ROI. It follows a three-step process: discover wasteful campaigns, identify overspends, and simulate the best media plan for driving optimal results.

Key features

• Enables building a marketing mix model in three weeks, fast implementation, and immediate access to actionable insights
• Offers budget allocator to simulate and predict the most effective plan, ensuring optimal resource allocation
• Provides frequent model updates to guarantee insight relevancy and help businesses stay agile to market changes

• Easy and quick setup with rapid access to results
• User-friendly interface, making it accessible to non-technical users
• No-code platform

Pricing: They offer 4 plans:

• Starter: Free
• Self-service: $1100/month
• Managed service: $3300/month
• Enterprise: Custom pricing

Why choose Cassandra for marketing mix modeling?

It is best suited for non-technical marketers looking for an easy-to-use MMM solution to maximize their marketing ROI. However, users complain about too many updates that cause disruptions and a lack of in-depth insights and interpretations of graphs.

7) Sellforte

Sellforte is marketing mix modeling software that offers marketing performance measurement and revenue forecasting for e-commerce, retail, and agencies. It empowers businesses to gain valuable insights from their marketing data, optimizes campaigns, and drives data-backed decision-making

Key Features

• Offers industry-specific solutions like eCom, DTC brands, and specialty retail and help them optimize marketing spending
• Provides almost real-time access to insights for optimizing marketing efforts using rich media data
• Utilizes rich statistical techniques like Bayesian Inference for accurately measuring marketing effectiveness and predicting outcomes

• Cloud-based platform with no coding or infrastructure requirement
• Intuitive and user-friendly interface.

Pricing: They offer 4 plans:

• Digital: $990/ month for digital marketers
• Global: $1990/ month for digital marketing teams
• Offline: $2490/ month for local eCom/D2C marketing teams
• Enterprise: Custom pricing

Why choose Sellforte for marketing mix modeling?

Sellforte emphasizes catering to eCom and retail industries of all sizes with features relevant to the sector, such as category uplifts. Those seeking extensive data science expertise and requiring a user-friendly marketing mix modeling tool can check out this solution. However, it lacks the functionality to evaluate promotions at the retailer level.

8) Mass Analytics

Mass Analytics is an MMM and media measurement solution that offers a wide range of managed services and software to help identify revenue drivers and optimize budgets.

Key features

• MassTer software for comprehensive marketing mix modeling with advanced analytics
• MassFeeds data preparation software for integrating data from various sources into a unified dataset for analysis
• MassTer Insights optimization software to streamline data preparation processes using automation features.

• Good customer support services with 1:1 training in the beginning and assistance throughout the project timeline
• A visually appealing interface

Pricing: Custom pricing

Why choose Mass Analytics for marketing mix modeling?

With an emphasis on advanced analytics and data-driven insights, it provides tools for computing marketing ROI and running simulations for maximum efficiency in MMM campaigns. However, the automatic model generated by MassTer is not often suitable for user requirements and visualization is not comprehensive, which restricts communication of the insights derived from the tool.

What Should You Look for in a Marketing Mix Modeling Tool?

When choosing a marketing mix modeling tool, consider the following factors to ensure the tool meets your needs and helps drive higher ROI on your marketing spending.

• Data integration capabilities and segmentation options
• A comprehensive marketing measurement model, including MMM, incrementality testing, and causal inference
• Customization to fit your business objectives, like setting up different attribution models, adjusting the accounts for market trends, seasonality, and other factors
• AI integration for recommendations and forecasting. Campaign planning and comparing different marketing scenarios to find the optimal fit
• Easy-to-use UI with interactive dashboard and data visualization
• Scalability for efficient handling of large and complex data volumes and ability to conduct analyses without disruption
• Reliable customer support services
• Cost-effectiveness
• Seamless integration capability for easy data integration

In a privacy-first era, navigating the complexities of marketing measurement needs an intuitive, intelligent tool. Lifesight offers a unified marketing mix model to empower you with cutting-edge marketing measurement techniques like universal attribution, MMM, incrementality testing, and causal AI.

Request a free demo today to learn how Lifesight revolutionizes your marketing mix modeling techniques and drives higher marketing ROI.