Google is adding a Scenario Planner element to its Meridian marketing measurement toolbox, which will give external developers and marketers access to various estimation tools that can help them develop better approaches to campaign measurement.
Meridian, Google’s open-source tool to assist with marketing mix modelling (MMM), provides access to a range of expanded estimation data that external developers can then use to build better measurement approaches.
And now, external developers will also be able to access budget estimation data tools in order to build predictive analytics based on ad spend.
As explained by Google: “Scenario Planner is a user-friendly interface that allows marketers to experiment with different budget scenarios and see real-time ROI estimates — no coding required. It transforms the conversation from a look back at what happened to a collaborative plan for what’s next, regardless of technical expertise.”
So ideally, this will allow new forms of campaign performance estimation based on existing performance data, which could help marketers come up with more accurate ways to measure the likely performance of their campaigns ahead of time.
These example images show how Scenario Planner will provide estimates for ROI by channel, with specific breakdowns based on Google’s predictive budget analytics.
The accuracy of such predictions will be somewhat variable, as it’s impossible to fully predict such outcomes. But by utilizing Google’s vast data sources, the tool could provide more insight, which could eventually lead to better predictive measurement approaches.
Google says that nearly 40% of marketers surveyed reported that their organizations struggled to connect MMM outputs to real-world business decisions. This addition could address that core concern and provide valuable insights to help power planning.
