December 07, 2017 - By Ginna Hall, Senior Writer, Visual IQ
In January, Marketing Land and MarTech Today kicked off a six-part series for CMOs. The premise was a strategic audit of the six true drivers of growth in today’s marketing landscape: customer journey, marketing technology, growth channels, user experience, devices and analytics.
In the series preview, columnist Scott Rayden, Chief Revenue Officer for 3Q Digital, explains the importance of audits and why he chose these six topics. His goal is to help you gain a better understanding of where you can improve.
The series ends by addressing the dramatic changes in marketing analytics in recent years. Rayden notes that many marketers continue to use first- or last-touch attribution, which provides only a narrow and biased view, and that brands need to move toward more advanced attribution models.
“To graduate past single-touch attribution, an attribution platform is necessary. The value of multi-touch attribution really comes from understanding the role that upper-funnel media touch points play in converting users to allocate our spend more effectively.” -- Scott Rayden, Chief Revenue Officer, 3Q Digital
If you haven’t read the articles, you can click on the links below. For a quicker read, here’s a high-level summary of the six key insights and takeaways.
Insight: Many companies have an incomplete understanding of who their customers are and how they discover and engage the brand.
Takeaway: To understand your customers, gather data about what matters to buyers, use that data to inform every marketing decision, and engage your team to make changes that matter.
Insight: The martech landscape has exploded over the past few years. Marketing technology specific to mobile devices has left most companies scrambling to figure out what they should be using and how they should be using it.
Takeaway: Success with mobile-focused technology requires the right balance of internal platforms (focused on making your marketing organization more effective) and external platforms (focused on your customers).
Insight: Very few marketers have the full picture of how users engage across channels or how much to value the interactions.
Takeaway: The smartest brands will be those who invest time and resources in building out capabilities in strategy, creative/testing, and data technology — and then integrating those capabilities into the media channels themselves.
Insight: UX refers to every touchpoint in the customer’s engagement with your brand, but few companies grasp how the experience they offer must span channels and devices.
Takeaway: UX and performance marketing are converging. To have successful performance marketing, you must collect data on customer needs — including emotional needs — and design experiences and marketing programs that fulfill that promise.
Insight: Digital assistants are poised to make a huge impact on the digital marketing landscape yet few companies are positioned to take advantage of new opportunities.
Takeaway: The more you prepare for this scenario now, the faster you’ll be able to act on it. Get your testing strategies in order, stay informed about new developments, and integrate best practices for voice search now to position yourself ahead of the curve.
Insight: Few companies are collecting all the data available to them — and fewer still are efficient at digesting it and putting it to optimal use.
Takeaway: To learn how to best allocate budget to convert the highest-value customers, you need to implement advanced tracking and multi-touch attribution across channels and devices, with audience data for deeper insights.
The Audit Series ends with a recommendation that CMOs in this competitive economy consider multi-touch attribution. No matter which one of the “six true drivers of growth” you’re considering, multi-touch attribution helps companies manage change and tackle the daunting task of properly tracking, measuring, and attributing the results of their marketing efforts.
“It’s safe to say that the success of every initiative will come down, on some level, to data. Nail the analytics, and the path forward will be much clearer,” says Rayden.
Whether you use a more simplistic, rules-based model or a more sophisticated algorithmic model, multi-touch attribution will provide you with the insight you need to keep your organization on track to achieve its goals in today’s marketing landscape.
Read the complete series here:
Part 1: Customer journey — the greatest strategic need
Part 2: Untangling the web of mobile technology
Part 3: Media channels (it’s not what you think)
Part 4: The convergence of UX and performance marketing
Part 5: The rise of digital assistants
Part 6: Analytics
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