Technology is taking over the way we work, play, interact and behave.
In 1995, approximately 16 million people were using the internet world wide. In 2018, we are exceeding 4 billion users. With the influx in drive to the web, improvements have spread through healthcare to financial services. With this drive for innovation, comes increased expectations from consumers looking for personalized communications, products and services.
For some marketing agencies, this eruption of digital innovation has progressed too quickly. Beyond the opportunity to interact and target specific audiences there comes many challenges with this expanded digital innovation. It has become increasingly difficult to track consumers through the different channels and devices and even harder to determine appropriate advertising and marketing campaigns. Approximately 40% of marketing agencies are struggling to provide data for return on investment.
By embracing measurement methods that offer a precise and well-rounded view on performance marketers can ensure success.
With innovation continuing to provide consumers with a more interactive experience on the web, what can we do to keep up with the digital progression?
Loss of Conversational Control
Web innovation did not create the “always-on” consumer; it marked the end of marketer control over communication. Previously, brands could advertise through a one-way funnel typically radio, TV or print. The internet allows consumers to communicate with brands at their own rate, and agenda. There has also been a drive to provide a continuous, two-way dialogue between consumers and brands through multiple touch points.
New technologies have driven this force further with the implementation of smart phones, wearables and intelligent personal assistants causing an increased demand by consumers for faster speeds and convenience. Since the emergence of these different devices, a great volume of platforms has emerged, which increases the ways consumers can view content, browse products and personally connect with different brands. To bring data into the picture, on average a consumer uses 3 out of 7 devices daily and 79% will switch from one device to the next mid-activity.
What does this mean for marketers?
On the bright side, this means marketers have more avenues to reach consumers, at anytime, anywhere. The data marketers need to track touchpoints for the target consumer and to personalize each experience is limitless in supply due to more and more channels being “addressable”. However, the disparate data that is often fragmented, increases the difficulty for marketers to get a complete picture of each consumer and to formulate an influential touchpoint. The outmoded methods, 40% of marketers are using that measure performance within the channel silos and needing to give credit to the last touchpoint experienced by a consumer before converting, increases the difficulty for marketers even more.
When marketing was a one-way funnel, consumers followed a specific pathway to purchase dictated by marketers. Now, individual journeys are more in-depth and complex making their pathway to purchase unpredictable. With the variety of channels being a combination of paid, owned and earned, each with their own metrics for measuring success, compiling data to support return on investment is more difficult than ever. While google gives a KPI, other channels provide conversion indicators by likes, opens and views.
The channel-centric approach often gives a flawed reporting. Due to channel specific metrics failing to consistently measure the marketing tactics, it makes comparisons nearly impossible. Often times, multiple channels can take credit for the same conversion leading to double-count metrics.
What Can Marketers Do?
Marketers need a measurement model that works cohesively to translate and disparate data from addressable channels to a consolidated performance overview. This requires more innovation and a multi-faced solution that can provide insight such as multi-touch attribution.
Using a multi-touch attribution allows marketers to consolidate the consumer’s journey as a whole and prevents duplicating user level touch point data into a common metric system and assigns fractional credit to the channels and tactics that influence a desired action.
With access to such a vast amount of detailed information, marketers can achieve their two main goals which is essential to give optimal experience and allocation of budget. Marketers are able to reduce the waste of budget and increase efficiency in management of budgets by only investing in channels that successfully reach, engage and convert target audiences. Marketers can also draw on insight into future campaigns as well as those campaigns already running to ensure optimal results. Also allowing increased personal resonance with creative messages, placements and timing outlined through the multi-touch attribution.
While the ‘spray and pray’ method worked initially to achieve results for marketers, innovation has changed the game. In order for marketers to gain meaningful traction and outshine potential marketing rivals. Musts for today’s marketers includes allocated budgets and target messaging. This means utilization of multi-touch attribution to keep up with today’s consumers.
Marketers must take advantage of the ways of innovation to track consumers and performance to keep themselves in the best position to get ahead and stay there.