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What’s Missing From Your Technology Marketing Action Plan?
Attribution is a hot topic among marketers. But most attribution is ineffective if not outright broken. The consumer journey can be exceedingly complex. How do you accurately assign credit for each ad or marketing effort so you know what’s working, what’s not and how each effort and investment interacts with the others? If you view digital in a silo you are potentially missing important offline and non-media influences – including long-term brand effects for example – that impact consumer purchase decisions. The key is a holistic “cross channel” approach that combines digital attribution with mix modeling. In this Podcast interview with Crimson Marketing CEO Glenn Gow, Daniel Kehrer, VP of Marketing at MarketShare, discusses this and other marketing analytics and technology topics.
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Big companies are increasingly using advanced analytics technology to improve marketing effectiveness and generate more revenue per ad dollar spent. As a result, they are delivering tens, and sometimes even hundreds of millions of “found” dollars to their bottom lines. Short of creating some killer new product or service, there are few if any ways a big company CEO can move the needle quite so dramatically.
Companies that are getting it right, however, are often reluctant to talk about their success because it generates a competitive advantage they want to protect. As a result, the most successful CEOs are not necessarily letting other CEOs in on the secret.
In a recent article published on Forbes, MarketShare’s CEO, Jon Vein, provides a helpful “cheat sheet” on traits that are common to companies that are achieving success with marketing analytics. A few key takeaways for CEOs from Jon’s Forbes article “An Advanced Marketing Analytics Cheat Sheet For CEOs” are:
- Do no harm – use context and business judgment in conjunction with good math and analytics.
- Look ahead – transform insights from past data into simulations and optimizations for the future.
- Don’t live in a bubble – true insights require outside data.
- Track the entire purchase journey – account for all of the different touch points that influence purchases.
- You need a “top down” and “bottom up” approach – start at the top and drill down to see big trends and individual purchase behavior in both the online and offline worlds.
- Have a “right brain/left brain” view to more closely approximate what is happening in the real world.
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"Digital attribution has plenty of technical jargon, too, such as predictive models, sample errors and selection bias, to name a few. These technical terms are meant to help describe a consumer reality. How, for instance, did multiple touch points in a sequence of events influence a consumer to buy a product or perform some high-value brand interaction? The challenge for our industry is that we are too wrapped up listening to MP3s and have forgotten what music should really sound like. The value chain is being crippled by weak links.
Consider two examples: offline factors, like TV, and view-through display banner impressions."
Part of a regular series from AdExchanger, “Data-Driven Thinking" is written by members of the media community and contains fresh ideas on the digital revolution in media.Add a comment
A new report by UK-based Market Research Society (MRS) that explores how marketers are coping with an increasingly interactive, multi-screen world features MarketShare prominently. MRS – which bills itself as the world’s leading research association – cites MarketShare’s expertise in solving attribution, optimization and allocation challenges for major marketers.
A report titled “What Are You Looking At?” on the highly-regarded MRS website Research notes that MarketShare is “applying itself wholeheartedly to the problem of attribution in a multi-screen world” and quotes Heath Podvesker, EVP for EMEA. “You have to start by asking, how am I defining what a screen is,” says Podvesker, who adds that even today’s digital billboards have become a type of screen.
“Any form of digital distribution has a very high volume of data, from cookies to clicks. It’s terabytes and terabytes of data,” he says. “Management has always claimed it was drowning in data. But it’s going to get a hell of a lot worse.”
The MRS report goes on to describe MarketShare’s approach using both top-down and bottom-up models that lets marketers see and measure interactions between devices in ways they never could before. Says Podvesker, “Now I can have a wonderful understanding of how my television drives my search, or how paid search is driving display advertising; and so that’s a quantitative picture of what’s happening. This provides me with the structure and direction that I need to plan and deploy my budget more effectively.”Add a comment