Marketing Attribution: Giving Agencies the Power to Keep Their Media Performance Promises
Over the past nine months, the phrase “people-based marketing” has become industry standard. Originally coined by Facebook in 2014, the term refers to the ability to deliver targeted and relevant messages and ads to prospects and customers across devices based on their attributes, interests and behaviors.
The rising interest in people-based marketing is undoubtedly driven by the pace of consumer change. According to a recent Wunderman study, 88% of consumers want to engage with brands that are setting new standards in meeting their expectations, with another 56% stating they feel more loyal to brands who “get me” and show a deep understanding of their priorities and preferences. With these heightened expectations, it’s easy to see why delivering clear and relevant messages across channels and devices is crucial to successfully engaging and converting prospects and customers. However, achieving this goal hasn’t been without its challenges.
Third-Party Tracking Limitations
With more than 1.65 billion monthly active users worldwide, Facebook is one of the best platforms to help deliver on the promise of people-based marketing. Thanks to the scale and depth of information it has on each user, Facebook can help marketers deliver contextually relevant ads across devices that engage each individual.
But understanding individuals, their attributes and their behaviors is only half the equation. Marketing and advertising today is a complex ecosystem of multi-device touchpoints that contribute to leads, conversions, sales and other marketing and business outcomes. To optimize performance and enhance the consumer experience, marketers need a complete and holistic view of all of these touchpoints and how they work together to drive desired success metrics for each specific audience segment.
Until recently, Facebook’s third-party tracking limitations prevented brands from accessing its vast stores of impression data. This lack of transparency limited marketers’ ability to understand how Facebook performed in combination with other marketing and media investments and make informed budget optimization decisions within and across channels.
Unifying Consumer Understanding & Tactical Performance
Fortunately, Facebook recently announced measurement partnerships with select third-party vendors, including a partnership with Visual IQ that enables marketers to understand the performance of Facebook in relation to other advertising investments in ways never before possible. By combining Facebook’s people-based insights with the multi-touch attribution capabilities within the Visual IQ platform, marketers can now quantify the true effectiveness and ROI of their Facebook spend, and understand how the social platform works in combination with other channels and tactics to drive specific KPIs for each type of audience.
Leading telecommunications company O2 is already realizing the benefits of such an approach. Leveraging Visual IQ’s platform to track consumer exposure to Facebook ads, including Custom Audience placements, the company was able to eliminate blind spots for a holistic, end-to-end view of all the marketing and advertising touchpoints that impact the consumer journey. As a result, the company was able to track the value of their Facebook investments relative to other channels, publishers and placements for the first time. Not only was Facebook proven to be a key component of O2’s marketing and media strategy, but the company also uncovered some unexpected performance insights. For instance, when Facebook Custom Audience placements were included in the broader tactical mix, the company saw a 52% improvement in cost efficiency for new customer acquisition, and a 38% improvement for existing customers.
Interest in people-based marketing is continuing to gain traction. By tracking consumer exposure to Facebook ads and applying multi-touch attribution measurement across the complete consumer journey, marketers can not only uncover the true value of their Facebook investments, but also gain the deeper level of intelligence needed to optimize budgets and deliver relevant consumer experiences that drive meaningful business results.
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