Digital media agency Bloom has launched its new media mix modelling tool, which employs principles used by the finance sectors to handle the variability and different data sources in media.

Inspired by modeling and asset pricing in the financial world, Polaris was created entirely in-house by Bloom’s data analytics team. It is designed to help the media team create more efficient and data-driven media plans, based on trusted data.

Media mix modeling is an analysis technique that allows marketers to measure the impact of their campaigns and determine how various channels contribute to their objectives. Polaris leverages econometrics to reconcile platform reporting and Google Analytics results, allowing marketers to get a more nuanced and realistic view of each channel’s performance in the media mix.

Franz Fontaine, VP of strategy at Bloom, says that financial principles like the Capital Asset Pricing Model or the Black Scholes model also apply in the media industry.

“We also work with large variations in values and must combine information from different sources,” Fontaine says. “We can also apply principles like discounting cash flows and adjusting rates or weights based on different returns. Polaris takes the best aspects of these models and adapts them to the unique characteristics of media assets.”

Polaris has been customized specifically for Bloom’s clients and their unique needs. The tool is designed to be intuitive and user-friendly, providing easy access to the data needed to make informed decisions. It’s currently being rolled out for clients with complex media strategies. Bloom will continue to refine the current model based on suggestions from clients and the Bloom team.