Image Source: https://hbr.org/2013/03/advertising-analytics-20
Marketing mix modeling (MMM) and Media Mix Modeling (mMM) are often used interchangeably in the context of digital marketing.
MMM is a more holistic approach that takes into account all of the elements of the marketing mix, including product, price, promotion, and distribution. mMM, on the other hand, focuses more narrowly on the media channels (TV Ads, Online Display, Paid Search, Social Media, Native Content) used to reach customers.
If you are running a business that operates both online and offline, you need to make sure that you are using the right approach to measure the impact of your marketing. mMM may not be sufficient in this case, as it does not take into account the offline channels that you are using.
Using the wrong term could lead to confusion and misunderstandings if you are working with traditional brand advertisers as they may be more familiar with the term MMM.
For a digital-first business, there are still some things that you can learn from traditional MMM. For example, you can use MMM to learn the way different marketing channels work together. This information can be used to improve the efficiency of your marketing campaigns.
Understanding these differences, you can choose the right approach for your business and get the most out of your marketing data.