Kraz obtains recognition from Meta as a success story thanks to its commitment to Marketing Mix Modeling
Krazthe analytical consultancy belonging to the Viko group, has been recognized by Meta as one of the main most relevant players in marketing measurement issues in a Case Study published on the US giant’s website.
At the end of 2020, Kraz opted for making brands trust new measurement models, specifically in Marketing Mix Modeling (MMM). This was a somewhat complex task, since in the Spanish advertising ecosystem, the last-click attribution system and the world of cookies still have great weight. However, to carry it out and achieve its objective, They worked hand in hand with Metawith his Robyn project and other cutting-edge technology projects.
The professional relationship with Meta has also led Kraz to attend the MMM Bootcamp carried out by the technology giant in 2022 at its London offices, being the only Spanish data agency invited.
What is Marketing Mix Modeling
As Joan Miró himself, CEO of Kraz, explained in this article about Marketing Mix Modeling, the MMM is a methodology based on machine learning that allows modeling the real impact of each of the communication channels. Thus, makes it easier for companies to make strategic decisions related to the main levers of marketing and advertisinganalyzing the real performance of each of the actions and optimizing your budget based on it.
Marketing Mix Modeling was born to overthrow the aforementioned last-click, an attribution system in which only the last point of contact with the customer before the purchase is made is taken into account. In contrast, the MMM analyzes all marketing levers, both online and offline. In this way you can understand the path-to-purchasethe journey that consumers take through the different channels, devices and sources of information until they make the final purchase decision.
Robyn, Meta’s open-source platform for MMM projects
Meta created the Robyn open source platform, under the premise of enable advertisers to start working with MMM models. Something that only large consultants or advertisers could afford before. Likewise, this platform presents a simple and friendly Ads Reporting interface for data feed and MMM projects for less expert users.
Robyn also has a model calibration that corrects the temporary effects of advertising impacts and provides synergy between channels by detecting cross effects. Specifically, the incremental ones due to the reinforcement between push channels.
According to what was stated by Kraz after passing through the Meta Bootcamp, the company would be working very hard on the development of Robyn. especially in one API for frequent access to sources of online campaign data that can be directly exported to MMM models.
The need to work with specialized digital partners
Being an open source tool, Robyn presents many possibilities, but also many complexities. That is why it is necessary that leading players who know effective attribution models develop projects in which they test the tool, and find functionalities to all its advantages.
Achieve translate customer needs into a solid framework within attribution modelsis part of the valuable knowledge that partners like Kraz bring to large companies like Meta.
Kraz & MMM: a case recognized by Meta
In this context, and according to the Meta team, “Kraz has established itself as a thought leader in the MMM space, largely thanks to the publication of multiple pieces of research and analysis in the country’s trade press. As a result, the agency has had a very healthy projection of MMM projects, with high quality leads, helping to put Spain on the map of excellence and innovation in marketing effectiveness”.
As we discussed, since the end of 2020, Kraz has been working to getting brands to trust these new measurement models. For which they decided to ally with Meta and work with Robyn on the MMM model that would more accurately quantify the impact of marketing activities.
Since then, this agency specialized in Marketing Mix Modeling and Meta have joined forces to get the most out of the technology giant’s code, and thus achieve the best possible results for their clients’ projects in terms of advertising measurement.
In the words of Joan Miro, CEO of Kraz: “Thanks to the collaboration with the Meta team, during our first year as a company, we refocused our direction towards the development of a service aligned with a great opportunity in the marketing ecosystem: marketing mix modeling ( HMM). This new approach allowed us to build a scalable managed MMM solution, in collaboration with Robyn, for support companies in their understanding of the effectiveness of their marketing investmentwhich allowed them to drive a greater sales impact and grow their businesses, both now and in the years to come.”
Now, after the success obtained in the first months with a pilot project that managed to grow the client by 20% year after year, from Kraz they have consolidated the learning of the model and the automations carrying out their own SaaS for MMM at the end of 2022 , Athenaa tool that allows them to help their clients on a day-to-day basis.
Photo: Depositphotos
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