In a move precedented to impact privacy preserving ad measurement significantly, Google has announced the debut of its open-source Marketing Mix Model (MMM) tool named “Meridian”. With the aim to enable advertisers to measure the efficacy of their marketing campaigns, this innovative tool prioritizes user privacy in the process, amidst shifting regulations and the decreasing popularity of third-party cookies.
Amidst swiftly changing privacy laws and the digital advertising space becoming subject to regulatory changes due to the GDPR and CCPA’s tightening hold, outdated ad measuring techniques that rely on third-party data are becoming unpredictable. To better understand campaign success and optimization tactics, advertisers must become more organic in how they collect correct data and solve this barrier.
Meridian, Google’s viable response to this challenge, was created in partnership with industry experts. This open-source MMM application uses aggregate data and statistical modeling to forecast the influence of various marketing channels on overall company outcomes such as website conversions and sales.
Key Features and Benefits of Meridian :
- Privacy-Preserving: Leveraging aggregate data to maintain user privacy security, Meridian operates in a stark contrast to traditional strategies reliant on individual data and adapts to shifting regulations with ease.
- Actionable Insights: Meridian offers valuable insights to advertisers by incorporating marketing spend information and analyzing historical data across multiple channels, allowing them to optimize their marketing budgets and aim for maximization of ROI through data-driven decision-making.
- Transparency and Collaboration: The open-source nature of Meridian allows it to foster collaboration within the marketing community, wherein developers and researchers can contribute to its codebase and help enhance its operationality and continuous relevance.
Meridian has already piqued the curiosity of industry leaders, despite still being in its preliminary stages. According to a recent Google case study, Meridian can provide measuring data that is equivalent to standard cookie-based methodologies. Experts warn, however, that the quality and completeness of the data used might impact MMMs’ accuracy.
Google’s committed dedication to curating novel solutions that strike a balance between user privacy and successful advertising measurement are reflected with the launch of Meridian. Such solutions pave the way ahead for streamlined navigation through the dynamic expanse of privacy.
The open-source nature of the platform encourages constant improvement and innovation. It will be interesting to observe how the advertising community develops and uses Meridian in the next years, since this might shape the future of privacy-centric measurement in the digital advertising world.