Volume 4, Issue 3 - March, 2014
Editor, IQ Advisor
Within the last twelve months, you’ve undoubtedly heard the term “omni-channel” with increasing frequency. Omni channel marketing refers to a strategy where brands create personalized, contextually relevant experiences for each customer, across online and offline channels, as well as across devices.
Given the heightened expectations and fickle loyalties of today’s consumers, it’s hard to argue with the goals of the omni-channel concept. But even the most sophisticated brands recognize that executing an omni-channel strategy is a daunting task. With so many channels and touchpoints, how can marketers track and measure all of those interactions and harness the actionable insights needed to successfully implement their omni-channel programs? Marketing attribution management helps provide the answer.
Accepting—Long gone are the days when a single channel, one-size-fits-all marketing approach was sufficient to drive successful marketing campaigns. Today, consumers interact with brands on more channels than ever before when making a decision to buy. Although this allows marketers to access several orders of magnitude more data, harnessing that data and leveraging it to accurately measure and optimize one’s overall marketing ecosystem has become increasingly complex. Last click measurement simply isn’t accurate, since rarely can a single channel can be credited for a conversion. Nor does it provide any insight into the audience or which channels and messages engaged the consumer best. Only algorithmic marketing attribution provides the technology infrastructure needed to collect and manage massive amounts of marketing interaction data and deliver actionable insights into the way your target audience interacts with media.
Believing—Marketing attribution is not a leap of faith. It provides evidential knowledge of the influence that every channel and campaign has on the other, and helps identify the right mix of tactics (channel, creative, message, etc.) that produces the greatest performance. Omni-channel marketing is about creating relevant and personalized experiences. Algorithmic attribution not only enables you to integrate offline and online data to achieve a single customer view, but also to layer in first, second and third-party data to gain a richer understanding of the “right” audiences to target, what products or services are most relevant to them, when they are most likely to buy, and the optimal combination of marketing tactics needed to convert them to a customer.
Conveying—Knowing how individual consumers interact with your brand enables you to streamline how messages are conveyed in the future. Dunkin’ Donuts is a great example of a brand that is deploying omni-channel strategies to strengthen and integrate the customer experience. They still allocate significant budget to traditional print and broadcast outlets, as well as to display advertising, but their advertisement might now ask you to text a shortcode for a free cup of coffee or use their mobile barcode scanner to get a special donut. With a robust attribution platform, Dunkin’ Donuts can tailor the appropriate message down to the individual level, as well as track all of their marketing programs to see which are the most effective, enabling them to adjust their spend accordingly.
The era of omni-channel marketing is upon us. To successfully deliver the personalized experiences consumers expect, brands must have best-in-class attribution management technologies in place to collect marketing interaction data and turn it into accurate, actionable insights.
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