How to Nurture Your Customer Without a Map
The modern marketer manages an ever-expanding portfolio of paid, owned and earned initiatives across online and offline channels. One of the ways in which marketers track, measure and optimize their media mix is through advanced measurement techniques. Many are familiar with marketing mix modeling (MMM), a strategic marketing measurement approach which measures online and offline data and helps inform strategic and periodic marketing planning. However, MMM lacks the speed and granularity that many digital marketers are looking for today. Marketers want to be able to make precise adjustments to campaigns while they are still in flight, such as swapping out creatives or tweaking keywords and placements. As a result, more marketers are turning to multi-touch attribution (MTA) than ever before.
MTA is a marketing effectiveness approach which algorithmically allocates credit to every element of every touchpoint in the consumer journey according to its influence on driving a conversion. MTA enables marketers to measure, analyze and optimize the performance of their marketing tactics, and provides marketing teams with a single source of truth. MTA solutions like Nielsen Visual IQ measure all addressable channels, so there is no longer a need for every channel manager to use their own tools and metrics. MTA provides CMOs and directors with an unbiased view of performance so they can understand how effectively each channel and marketing initiative is driving desired business outcomes and contributing to the bottom line.
If you’ve identified a need for MTA, you are already on the right track. Far too many companies waste budget on underperforming tactics because they fail to recognize the need to change their measurement practices. However, implementing MTA can seem like a daunting task. Change management and adoption are equally as important to the success of your implementation as selecting the right vendor and configuring the solution. So, how can you make sure your team is set up for success as you spearhead this new initiative? Download our Solution Brief to get some pointers that Nielsen Visual IQ has derived from over a decade of experience with enterprise MTA clients.