Nielsen's Marketing Mix Modeling Solution
In a world where consumers have all the control, the ability to creative relevant, coordinated experiences across channels and devices gives marketers a distinct competitive advantage. The problem is, it’s not always easy to orchestrate them.
Many marketers still think about the consumer experience in terms of individual channels and separate interactions. But this siloed approach misses the bigger, more important picture: the consumer’s end-to-end experience. If you can’t get an accurate and holistic view of customers and prospects as they traverse across multiple channels, devices and touchpoints, then you can’t accurately measure the value of each interaction or how well you’re moving them towards on online conversion, in-store visit, repeat purchase or other desired outcome.
So how can you orchestrate the types of meaningful experiences that attract new customers and keep existing customers coming back for more? Here are four key strategies to set your organization up for success:
Today, many marketing organizations operate in silos that are split across products, brands and/or channels. These individuals or teams typically work independently, often with their own outside agencies, and with their own set of metrics that they use to measure engagement, conversions, revenue and return. These silos not only promote inefficiency, duplication and waste, but also create a disjointed experience for prospects and customers.
Delivering consistent experiences means rethinking traditional marketing structures—shifting away from isolated channel silos towards a cross-functional team that can develop, test, measure and optimize strategies and tactics across digital, mobile and physical environments to drive a common set of success metrics. It also means working closely with other departments, from product development and sales to customer care and IT, to ensure experiences are synchronized across every possible interaction.
Today, marketers are able to collect a much broader set of data for each individual consumer—from who they are and what they like, to how they interact with a brand (whether online, in-store or on-the-go). But much of this data is stored in silos across disparate systems, making it difficult to get a clear, 360-degree view of each consumer and the channels, devices and tactics that are most effective in engaging and converting them.
Delivering a winning consumer experience means collecting and consolidating all this data in to a single, centralized repository. This includes interaction data from both online and offline sources (web, mobile, call center, store, etc.), as well as demographic, intent, interest and other audience attribute data from first- and third-party data sources. By synthesizing all of this data in one place, you’ll be able to develop a more complete, people-based view of your customers and prospects, create high-value audience segments to target, and tailor messages and experiences to meet their unique needs and preferences.
Last click (a.k.a. last touch) attribution has long been the de facto standard for measuring marketing success. Yet this approach leads marketers to double-count success metrics because multiple channels are taking credit for a conversion, lead or other KPI event. 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.
Optimizing experiences means moving away from last click to a more advanced, multi-touch attribution (MTA) approach that accounts for the cross channel consumer journey. MTA eliminates duplication by tracking the consumer journey across all touchpoints and assigning fractional credit to the channels and tactics that influenced a desired business outcome. With a clear understanding of the touchpoints that drive performance, you can make smarter investment decisions that enhance the consumer journey from first impression through to conversion.
Marketers recognize that different TV ads creatives, email offers, display placements, search keywords and other tactics offer different kinds of value to customers and prospects at various points in their journey. More sophisticated, algorithmic MTA approaches enable you to measure performance at these more granular levels. But how can you know which channels and tactics are working best for different audiences, so you can deliver the most effective experience across channels and devices to drive conversions and ROI?
To optimize experiences and business results, marketers should extend their technology toolkit to include marketing intelligence platforms that unify consumer attributes with multi-touch attribution. The platforms topple data and organizational silos by providing a holistic view of the consumer journey across all channels and devices, and a granular understanding of how different marketing and media tactics are driving desired behaviors and outcomes—whether online, offline or both. With clarity into which channels and tactics influence a specific audience, marketers can orchestrate the optimal consumer experience across channels and devices while optimizing budgets to maximize business results.
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