OptiMine Software, bases in Minneapolis, Minnesota, provides a cloud-based platform which performs a cross-channel Marketing Mix Modelling (MMM). This is based on the client’s own data and data obtained from media providers. This company’s main clients includes industries such as the financial services, travel and hospitality and retail. Under the names that are included as their clients, are companies like Mattel, Discover and Pandora.
This small, 50 staffed company, which was started in 2008, was based on the idea to conduct search engine marketing bid optimization platform. Still, the company provides support for paid search measurement and tools which analyses media data from an aggregate, top-down perspective.
Likewise, relating to offline and online interactions, this solution can track the impact of online chats, call centre events, as well as data of private events which is given by the client. The solution does not use pixels or tags, instead it collects information from log files and other organised feeds. Even though the company has spent funds on its infrastructure and updating it, such as its connectors to Google and other data sources, the level of detail of the results are dependent on the quality of information provided by the client.
OptiMine Software has built their MMM solution to be dependent on econometric time series and regression algorithms. In this process it produces automated optimization recommendations and it frequently rebuilds models based on the information that the clients provide. To structure this methodology, the company makes use of Regression and Time Series models. Regression is a linear regression models determine the impact of a number of independent variables on a dependent variable (e.g., sales), by seeking a “best fit” that minimizes squared error. Other regression models combine linear models for more complex scenarios. Whereas, the Time Series model allows the analysis that uses patterns in chronological historical data, such as sales, marketing spend, competitive activity, and weather, to predict future outcomes.
OptiMine Software, which is a Marketing Mix Modelling (MMM) platform that analyses the strong digital campaigns and advertisements. The software collects data, not from cookies or tags sources, allowing the ramp up to be simple. However the edge that this company has is its rapid implementation and low costs for a trial period. Furthermore, this solution is a self-serve platform, the success of the data being analysed however is dependent on the client.
Still, the company used technology like OptiMine Insight. This allows for the uses of econometric models to measure cross-channel contributions toward any conversion activity. The company also has another proprietary technology, namely that of OptiMine Impact. OptiMine Impact is a separate module that affords tools to perform new media plans, especially for paid search.
OptiMine Software, which is recommended by Gartner as a representative vendor should be considered if you want a flexible MMM platform that you can run yourself, although your internal team can use OptiMine’s customer success representatives for on boarding and setup help. Alternatively if your organization would benefit from applying detailed segments to it’s MMM, such as on the ad or campaign level.