Nielsen's Marketing Mix Modeling Solution
Consumer expectations are at an all-time high. Recent studies reveal that most shoppers will only consider buying products from brands that show they care about and understand them.
This puts the pressure on marketers like you, who are driven to get your best-performing marketing in front of the people who matter most.
When you succeed, consumer experiences are better, conversions increase, lifetime value goes up, and the business becomes more profitable.
But knowing who your customers and prospects are and the specific marketing tactics that resonate best with each target audience is easier said than done. So, how can you get the audience-based performance insights you need to optimize experiences, get the most out of your marketing spend, and drive the online and offline success metrics you care about most?
Here are three essential must-dos:
The typical consumer journey weaves across multiple channels and devices. A consumer might browse for a product or service on his smartphone, only to purchase it later on his laptop or in a store.
Yet most marketers struggle to recognize the same person as he or she moves across digital, mobile and physical environments. As a result, targeting becomes less precise, reach is inflated, and you end up throwing away marketing dollars when the wrong messages are sent to the wrong people at the wrong place and time.
Marketers can rein in this wasted spend by identifying and consolidating disparate sources of interaction data. When customers and prospects interact with your brand, they leave breadcrumbs of data that are collected and stored across multiple systems, including ad servers, email platforms, CRM systems, point of sale solutions and more.
By merging and de-duplicating this disparate data for each individual consumer, you can get a more accurate, people-based view of their journey across online and offline channels and devices. You can then use this insight to improve experiences, targeting, frequency and reach.
De-duplicating consumers across channels and devices provides critical insights that you can use to improve the consumer experience. But making every touchpoint count requires more than just knowing where consumers are—it also means understanding their interests, needs and preferences.
To get a true, 360-degree view of each consumer, you need to combine effective cross-device and cross-channel identification with deep demographic, intent, and interest data. You can then segment and target these robust consumer profiles with more relevant, timely and effective messages and offers that not only attract new customers, but also build longer, more valuable relationships with existing customers.
Once you have a unified consumer view, you need to figure out which marketing and advertising tactics (email offers, display placements, search keywords, etc.) drive certain types of people (affluent moms, rewards members, high lifetime value customers, etc.) to take certain types of actions (download content, request a quote, make a repeat purchase, etc.) on certain types of channels and devices (website, mobile app, retail store, etc.).
This means combining the data you’ve collected about your customers and prospects with multi-touch attribution that measures the influence of each touchpoint along their path to conversion.
By unifying audience insights with tactical marketing performance, you can see which creative messages, content, and other marketing tactics drive the best results for each audience segment across all channels and devices. You can then apply this insight to optimize the consumer experience and make smarter investment decisions within and across channels.
The success of your marketing depends on understanding and optimizing performance in the context of key audiences. By following these steps, you’ll be able to get the audience-based insights you need to deliver your best marketing to people that matter most.
To learn more about audience-based marketing performance, download our webinar “How To Embrace Attribution: Best Practices for Future Marketing Success.”
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