With the advent of big data, media mix measurement and optimization has become a required staple in the marketer’s toolbox. Effectively media mix measurement and optimization is comprised of seven elements:
Marketing technology providers talk a big game about integration but few live up to the hype. More often than not, the addition of a new marketing technology to an existing program creates a new silo – a repository of data that does not flow freely within an organization but remains stagnant within a single piece of technology. But, much like kindergarteners, marketing technologies need to be taught to play well together and to share.
I left my last conversation with CEO Michael Caccavale wondering about my future fantasy football team and mulling over some great insight into the current state of consumer behavior. It’s clear we are convenience-driven and we want what we want when we want it. But brands are still falling short of meeting those needs, despite recognizing their importance. So how do we get there? I’ll start by feeding the boss more coffee and asking questions.
“Attribution—the practice of assigning credit to any advertising- or marketing-driven interaction or other brand-imposed touchpoint—is essential for marketers looking to plan and optimize media channels in this increasingly fragmented, digitally driven world.” – Lauren Fisher
On the way to a conversion or purchase, customers typically interact with multiple touchpoints that are pieces of the marketing puzzle. Customers may encounter a display ad, receive a mobile push notification for a sale at a local store, or research products on your website. All of these interactions play a different role in the customer’s decision-making process.
Marketing attribution, the process of identifying the “touches” that led to a sale, has never been more popular. Now, with social media marketing playing an ever-increasing role in marketing campaigns, companies are scrambling to trace the dollars spent on campaigns to specific sales. How many widgets did that tweet sell?
It always surprises me when I encounter a marketer who uses direct, singular attribution as the core of their marketing analytics. Don’t get me wrong; I understand the allure.