Nielsen's Marketing Mix Modeling Solution
For marketers, the concept of ‘right person, right time, right place, right message’ is nothing new. As consumers increasingly live and experience their lives online and through their mobile devices, the opportunity to use data to provide tailored messaging across channels and devices and deliver optimal customer experiences has never been greater.
Yet capitalizing on this opportunity remains a key challenge for most brands. According to Experian’s 2016 Digital Marketing Report, 56% of C-level executives cite orchestrating and managing cross channel customer interactions as a top priority, with another 33% citing delivering relevant and contextual content as a top challenge to providing great customer experiences.
The barriers arise because most brands today analyze the attributes of their customers and prospects separately from marketing performance, with little to no intersection. Marketers have access to more performance and audience data than ever before, but it’s scattered across multiple mar tech and ad tech systems and analyzed leveraging outdated measurement techniques. As a result, teams are unable to gain a unified view of each consumer and the channels, devices and tactics that are most effective in driving sales, repeat purchases, loyalty program enrollments and other desired business outcomes.
To deliver relevant and coordinated communications that enhance the customer experience, the division between audience and attribution must come to an end. Here’s a look at the some of the key strategies marketers must embrace to truly deliver on the promise of right person, right time, right place and right message.
Know Your Audience
Today’s consumers interact with brands across multiple devices and touchpoints. To deliver the consistent and coordinated experiences they expect, marketers must first understand the person behind their ever-changing screen of choice.
To create this single view of customers and prospects, marketers must link cross-device identity matches with first- and third-party data assets from disparate ad tech and mar tech systems. Generally referred to as people-based identification, this process de-duplicates users across multiple devices (desktop, tablets, smartphones, etc.) and synchronizes it with deep demographic, transactional, and behavioral insight (age, household income, purchase intent, etc.) to create robust consumer profiles. Marketers can then use these profiles to buy more of the media that is working for specific audiences and facilitate personalized consumer experiences across screens and interactions.
Adopt Multi-Touch Attribution (MTA) Measurement
While understanding audiences is a critical first step for enhancing the customer experience, it will only get a marketer so far. Just because you know who a user is and the attributes associated with that user doesn’t mean you know which marketing and advertising tactics will drive a given business key performance indicator (KPI). Only when these enriched profiles are integrated with sophisticated media and marketing attribution and modeling tools do marketers receive an unparalleled view of marketing and advertising performance by audience segment. By providing visibility into which channels and tactics influence a specific audience, when and to what extent, marketers can not only orchestrate the optimal customer experience, but also optimize spend within and across channels to drive conversions, brand engagement, revenue, and other desired KPIs. Moreover, marketers can use those insights to programmatically buy the most effective media in near real-time.
Audience + Attribution = Actionable Marketing Intelligence
Today’s marketers are certainly aware of the profound changes in consumer behavior. To win their hearts and minds, marketers must continually work to make their messaging as relevant and meaningful as possible, regardless of channel or device. Only when audience and measurement intersect, ideally within a single platform, will marketers get the intelligence they need to reach specific audiences, in the right place, with the right message, at the right time—and with greater accuracy than ever before.
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