Data Driven Marketing - How Do You Allocate Budgets To Optimize Returns? Marketers Need No Longer Rely On Guesstimates - Steve Blacker

The lack of visibility into the mix of events leading up to conversion coupled with the proliferation of online and offline channels have left marketers wondering where to allocate budgets to optimize returns Should marketers allocate more budgets toward social and mobile channels or less Are mobile store locators or email marketing campaigns ultimately propelling customers toward conversions on ecommerce website or in storesFew marketers know how to advance beyond clickbased attribution and therefore are not finding actionable answers that help them advance their multichannel marketing efforts One answer to this challenge is the Marketing Attribution model for evaluating the performance of all channels convertors and nonconvertors The Adobe Insight a cornerstone of Adobe Digital Marketing Suite can integrate eventlevel log data from practically any data source Adobe Insight can combine not only web clickstream data but also eventlevel data from store sales POS systems and data from marketing vendors like ad servers or email marketing service providersConversions do not have to be ecommerce cart checkouts Attribution can be made to multiple conversion points online retail store counter purchases hotel checkins airport kiosk events rental car checkouts B2B lead form submissions and webinar attendance Adobe Insight can correlate precise events within a single view of each customer and understand how each display ad view email send and direct mail piece in short every addressable marketing touch point influences conversions Individual events can be associated and grouped by customer then organized by experience such as web visits store purchases call center sessions and more All events are ordered by time presenting fast multidimensional analysis on any level of the dataMany marketers start by experimenting with a few preconfigured models and then tailor them based on the specific business requirements Examples include FIRST AND LAST TOUCH The first marketing touch receives the full credit for the conversion in one model the last marketing touch garners the full credit in the other model EVEN LINEAR Every marketing touch within a defined period of time receives an equal share of credit for the conversion STARTERPLAYERCLOSER The Starter initiating touch receives a set percent of credit for the conversion the Closer last touch receives a set percent of credit for the conversion LATENCY SCORE Every marketing touch is scored with a numeric value reflecting how many days it fell prior to the next conversion PATHING Advance visualizations in Adobe Insight help the marketer understand both the direct and indirect paths among customers39 experiences39 with various touch points STACKING Pinpoints how many interactions and channels precede a purchaseA further enhancement is MindShare39s CORE marketing intelligence platform which is used along with Adobe39s Insight to help clients make better datadriven marketing and advertising decisions CORE enables marketers to mix their business intelligence CRM sales and supply chain data with an integrated single source of marketing intelligence This single source contains media channel spend and performance data social data paid and owned media audience data instream data thirdparty household expendituredemographiconline behaviors etc data and realtime trading data When mixed with the business intelligence this reveals consumer actions and insights at a granular level eradicating the guess work and siloed nature of marketingspend decision making Essentially it enables marketing executives to rapidly get to the bottom of questions that they have been asking of their data but unable to answer until nowSteve39s most recent book You Can39t Fall Off The Floor The Insiders39 Guide to ReInventing Yourself and Your Career chronicles his 50 year career working for over 25 different companies with 189 lessons learned and insider tips from Gayle King Cathie Black Chuck Townsend and 28 others Blacker is still going strong today as a partner in Frankfurt ampamp Blacker Solutions LLC His web site is blackerreinventionscom and email address is blackersolutionsaolcomRead all Steveamp8217s MediaBizBloggers commentaries at Media ReinventionsCheck us out on Facebook at MediaBizBloggerscomFollow our Twitter updates MediaBizBloggerThe opinions and points of view expressed in this commentary are exclusively the views of the author and do not necessarily represent the views of MediaBizBloggerscom management or associated bloggers MediaBizBloggers is an open thought leadership platform and readers may share their comments and opinions in response to all commentaries

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Data Driven Marketing - How Do You Allocate Budgets To Optimize Returns? Marketers Need No Longer Rely On Guesstimates - Steve Blacker

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