July 24, 2018 - By Manu Mathew, CEO, Visual IQ, a Nielsen Company
Today, the marketing landscape is more complex than ever, and consumers are more demanding than ever. As Co-Founder and CEO of Visual IQ, a Nielsen company, I’m focused on driving the company’s growth and helping advertisers address the performance and optimization challenges inherent in multi-channel marketing. [You can read the complete interview with Manu Mathew on Digital Doughnut.]
To maximize marketing effectiveness, you need to make accurate, data-driven decisions about your strategies, audiences, tactics and timing.
The idea for Visual IQ began in the early 2000s while I was working at one of the major advertising agencies. I wanted to use data to demonstrate how campaigns were impacting business goals.
I launched Visual IQ with my co-founder Anto Chittilappilly, packaging models and metrics into a software interface that provides marketers with vital insight into the efficiency and effectiveness of their marketing spend. Now part of the Nielsen family, we look forward to increasing value to our clients through a more powerful combined solution.
To maximize marketing effectiveness, you need to make accurate, data-driven decisions about your strategies, audiences, tactics and timing, so you can create the best experiences for customers and the greatest returns for your business. Here are four practices you can use to make your marketing more effective.
Different roles require different levels of insight, at different speeds. In order to be effective, you need to implement diverse analytic approaches so that your team has access to the right insights at exactly the right time to support any marketing decisions.
From planning strategic investments across channels in a monthly or quarterly basis, to optimizing each individual touchpoint along the consumer journey daily while campaigns are in flight, using an integrated marketing effectiveness solution will provide the intelligence you need at the best cadence to improve performance and drive your business forward.
To meet the demand for greater accountability, you need to be able to prove that your messages are reaching the right people and driving measurable results. This makes it vital for marketers to know consumers as individuals and understand their unique end-to-end journeys across channels, touchpoints and devices.
The tremendous power of people-based marketing is the ability to target real people versus generic buyer personas. Understanding who your prospects and customers are, what they like, and how they behave is the key to delivering tailored messages and offers that meet their unique needs and preferences.
When marketers are able to master the fundamentals of people-based marketing, consumer experiences are better, conversions increase, and lifetime value goes up.
For too long marketers have been focused on individual channel performance and last-touch attribution, but this siloed approach doesn’t provide a holistic view of an individual’s interactions with a brand and can lead to flawed reporting that discounts the impact of other channels.
Multi-touch attribution has revolutionized strategic marketing measurement by enabling marketers to accurately assign credit to all the marketing touchpoints along the consumer journey that influenced a desired business outcome, such as a lead or sale.
Multi-touch attribution is also critical for brands who want to deliver on the promise of people-based marketing. When you’re able to combine the profile data you have about your customers and prospects with tactical marketing performance, you gain unparalleled insight into the creative messages, offers and tactics that drive desired behaviours and outcomes by audience.
You can then apply this insight to enhance the consumer experience and make smarter investment decisions within and across channels to drive conversions, brand engagement, revenue, and other desired business results.
Digital is changing every day and keeping up with new developments is paramount. I believe the importance of multi-touch attribution will only increase over the next few years as marketers look to focus their efforts on attracting and retaining high-value customers.
For most companies, the top 20% of customers drive 80% of sales, so it makes sense to allocate spend to those efforts that attract the most loyal customers. When marketers are able to understand which combination of marketing and advertising channels and tactics work best for each type of audience, they’ll be able to create a more “human” connection with customers and prospects while increasing their long-term value to the business in the process.
At the same time, traditional offline advertising isn’t going away anytime soon, and marketers need a comprehensive view of marketing performance if they want to maximize revenue and return.
Look for more holistic, audience-based measurement solutions to emerge that combine the power of multiple modelling methodologies. By integrating approaches, these solutions will deliver the speed, precision, accuracy and foresight you need to support any marketing decision and improve lift and ROI across all marketing investments.
To learn more about how multi-touch attribution can help you be a better marketer in the digital era, download our ebook: Crossing the New Digital Divide: Your Guide to Marketing Effectiveness