Google launched a new measurement tool for advertisers in anticipation of its plan to phase out third-party cookies later this year.
Meridian, an open-source Marketing Mix Model (MMM), has been introduced to help advertisers analyze campaign performance while prioritizing user privacy.
Accessibility. Meridian is currently available to select users. However, Google plans to make it accessible to all marketers and data scientists in the near future.
What are MMMs? Marketing Mix Models are statistical analysis methods that determine the effectiveness of campaigns by measuring the impact of marketing strategies alongside sales and customer retention efforts.
Why we care. Traditionally, Marketing Mix Models (MMMs) have been both costly and time-consuming to develop, often taking weeks, months, or even years. However, Meridian provides a more accessible approach to open-sourcing MMMs, enabling marketers to measure campaign performance efficiently while aligning with stricter online privacy laws.
Key benefits. As explained by Google, Meridian anchors on:
What Google is saying. Harikesh Nair, Google’s Senior Director, Data Science, said in a statement:
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Deep dive. Read Google’s announcement in full for more information.
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