June 07, 2018 - By Kevin Keane, VP, Channel Alliances, Nielsen Visual IQ
The agency marketplace is crowded. From big holding companies to sole proprietors, there are a lot of firms out there, and they each have the potential to swoop in and take business away from you. To stay one step ahead of the competition, you need to perform well and deliver value to your clients consistently.
Nothing produces more satisfied clients than getting them the best results for their dollars. Not just middle-of-the-road results, but numbers that show that you’re helping them grow their businesses and spending every dime wisely.
This means maximizing the performance of the marketing and advertising campaigns you buy, plan and execute on their behalf.
But performance can be difficult to measure and optimize these days. It’s gotten harder to quantify results accurately for several reasons. First, the many challenges posed by increasingly complex, multi-device, cross- channel consumer journeys. Second, the number of channels you control. And third, the impact multiple marketing touchpoints have on key performance indicators (KPIs).
Understanding what’s working and how to assemble the correct mix of tactics for each client is the reason brands hire you -- they need your expertise. But to measure each stop on the journey -- the “touchpoints” where a brand and its buyer meet -- agencies need more intelligent measurement approaches that reduce the complexity of this puzzle.
Legacy attribution methods, such as last-touch, no longer serve the purpose. They cannot take cross-channel influences and synergies into account. To complicate matters, performance must be measured and optimized quickly, to take advantage of changing market conditions and keep pace with the competition and changing customer behavior.
This siloed approach leads marketers to double-count success metrics because multiple channels are taking credit for the same KPI event, such as a conversion or lead. It also neglects to measure the contribution of supporting marketing channels and tactics earlier in the consumer journey that play a role in influencing a desired action.
Marketing attribution provides the granular insights and recommendations agencies need to optimize marketing and media performance, by audience, in near real-time, so you can drive meaningful results for your clients.
Multi-touch attribution is an advanced way of measuring marketing effectiveness that accounts for the cross-channel consumer journey. It replaces the default, flawed approach of measuring performance within marketing channel silos – which typically gives all of the credit to the last marketing touchpoint experienced by a consumer before she converts.
Multi-touch attribution solves three challenges facing agencies today: how to differentiate themselves from the competition, how to consistently deliver value to their clients, and how to innovate and position themselves for the future.
A powerful way to differentiate your agency is with capabilities that let you hold your own against a holding company or other competing firm. With the right technology and data, your agency is empowered to know which things are driving value, which things aren’t working, and how to amplify the best performing media. The true differentiator is proving that you can serve clients more effectively and efficiently than the other guys.
A consistent way to deliver value is to provide clients with a clear picture of the channels and tactics that are most effective for each audience demographic they target, and use this insight to optimize their marketing and media investments to drive the online and offline success metrics they care about most. Plus, when you always know what’s going on, your business is transparent and you’re ready for any client question.
An important way to innovate and scale your agency is by moving out of your comfort zone and embracing analytics as well as creativity. When you can bolster your creative ideas and messages with measurable data, you can not only optimize media and improve results, but you’ll also have a foundation that will help your agency thrive today and in the future.
Nielsen Visual IQ is the most agency-friendly marketing attribution provider in the market. We understand your challenges. Since the beginning, when our founders began seeking answers for their agency clients, we have empowered thousands of agency users with the tools they need to improve productivity, differentiate themselves, deliver value for their clients, and become invaluable partners in their future success.
Our programs span certification to channel partnerships to agency support solutions. With the ability to understand performance within and across channels, accurately, by audience, at any level of granularity, and optimize in near real-time, your agency gains the power and speed to reallocate budget to high-performing efforts to boost revenue, deliver results to your clients, and stay competitive.
Kevin Keane is an experienced leader in marketing automation, analytics, and optimization. An insightful and proven executive who builds new routes to market to drive growth, Keane is known for architecting effective partnerships for high value enterprise solutions.
Learn more about how Visual IQ helps agencies drive value.
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