The predictive media mix modelling technology empowers CMOs by eliminating the need for biased, individual channel metrics
Inuvo, Inc., provider of the first generative artificial intelligence (AI) advertising solution made specifically for brands and agencies, launched a Media Mix Modeling technology as part of its IntentKey® suite of AI solutions. The IntentKey can now predict, based on historical spend and performance, the optimal mix of media for any given budget, across channels, without using consumer tracking IDs. Inuvo’s solution has been in beta for almost 24 months and is now available to clients and prospects.
Richard Howe, CEO of Inuvo, stated, “As the ability to identify and track consumers becomes increasingly difficult, the two biggest challenges for marketers are: how to find and target audiences and how to confidently determine budget across media channels. Inuvo’s generative IntentKey AI has solved the first of these challenges and has now been complemented by machine learning technology to solve the second.”
“As the number of marketing channels increases, so does the challenge of effectively capitalising on advertising supply and demand economics across those channels. Marketers need to know how to predictively turn the spend amounts up or down, in any given period, across all the channels they use. This reality is further complicated by each channels’ motivation to overweight its own contribution to the consumers’ conversion,” Howe added.
Accurately valuing advertising channels has been difficult due to their independence, resulting in conflicting claims for conversion events along a consumer’s path to conversion. This path includes various channels like social media, search engines, cable TV, online TV, display ads, online video ads, Twitter, LinkedIn, and others. Tracking IDs have traditionally played a crucial role in media attribution technologies for the advertising industry; however, the analytical challenge is further complicated by the limitations of tracking IDs. Apple’s stance on consumer tracking and Google’s planned discontinuation of cookies on Chrome browsers in 2024 are solidifying the shift towards cookieless solutions.
“CMOs are in a unique position. The foundation of everything they have historically used to find, target, track, and attribute a conversion is changing. By using the most advanced combination of machine learning technologies, IntentKey can now, with great confidence, predict the optimal spend across online and offline channels without requiring any consumer tracking methods. This predictive media mix modelling technology empowers CMOs by eliminating the need for biased, individual channel metrics. Instead, it focuses on the overall contributions of channels throughout the entire purchase process, safeguarding CMOs from the drawbacks of cookie deprecation,” Howe concluded.