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"Digital attribution has plenty of technical jargon, too, such as predictive models, sample errors and selection bias, to name a few. These technical terms are meant to help describe a consumer reality. How, for instance, did multiple touch points in a sequence of events influence a consumer to buy a product or perform some high-value brand interaction? The challenge for our industry is that we are too wrapped up listening to MP3s and have forgotten what music should really sound like. The value chain is being crippled by weak links.
Consider two examples: offline factors, like TV, and view-through display banner impressions."
Part of a regular series from AdExchanger, “Data-Driven Thinking" is written by members of the media community and contains fresh ideas on the digital revolution in media.Add a comment
A new report by UK-based Market Research Society (MRS) that explores how marketers are coping with an increasingly interactive, multi-screen world features MarketShare prominently. MRS – which bills itself as the world’s leading research association – cites MarketShare’s expertise in solving attribution, optimization and allocation challenges for major marketers.
A report titled “What Are You Looking At?” on the highly-regarded MRS website Research notes that MarketShare is “applying itself wholeheartedly to the problem of attribution in a multi-screen world” and quotes Heath Podvesker, EVP for EMEA. “You have to start by asking, how am I defining what a screen is,” says Podvesker, who adds that even today’s digital billboards have become a type of screen.
“Any form of digital distribution has a very high volume of data, from cookies to clicks. It’s terabytes and terabytes of data,” he says. “Management has always claimed it was drowning in data. But it’s going to get a hell of a lot worse.”
The MRS report goes on to describe MarketShare’s approach using both top-down and bottom-up models that lets marketers see and measure interactions between devices in ways they never could before. Says Podvesker, “Now I can have a wonderful understanding of how my television drives my search, or how paid search is driving display advertising; and so that’s a quantitative picture of what’s happening. This provides me with the structure and direction that I need to plan and deploy my budget more effectively.”Add a comment
Thomas H. Davenport, a MarketShare Advisory Board member and Distinguished Professor of IT at Babson College, is the author of a new article "Analytics 3.0” in the December 2013 issue of Harvard Business Review. The article describes a new era of analytics where companies now turn to building analytical power into customer products and services.
Until now, analytics have been used mainly for improving internal decision making processes. But the new strategic focus is toward using analytics to deliver more value to customers, with major implications for how analytics are approached within organizations. “Today it isn’t just online and information firms that can create products and services from analyses of data. It’s every firm in every industry,” he says. According to Davenport, in the era of Analytics 3.0, managers must drive efforts on at least ten fronts, from creatively combining data management approaches to shaping new analytics-focused roles to setting guidelines for responding to digital smoke signals.
“One thing is clear,” says Davenport, who is also a fellow at MIT’s Center for Digital Business, a senior adviser to Deloitte Analytics, and a cofounder of the International Institute for Analytics, “the new capabilities required can’t be developed using old models for how analytics supported the business. Companies that want to prosper in the new data economy must fundamentally rethink how the analysis of data can create value...”Add a comment
eMarketer Cross Channel Attribution Report: Additional marketing channels mean cross-platform attribution is now a requirement
As major marketers continue to spend across a broader mix of channels, measuring impact of those investments is becoming both more important and more difficult at the same time. According to a new eMarketer report on Cross Channel Attribution which prominently features MarketShare, the methods most marketers rely on today to measure attribution don’t translate well to cross-platform campaigns.
“Digital attribution is being fueled by digital marketing managers’ desire to optimize the budget world they control,” says MarketShare EVP Pat LaPointe in the report. “But digital is rapidly being merged into the rest of the marketing organization. At the higher level, nobody cares what makes people click. They want to know what makes them buy...and then buy more. That mainstreaming of digital into the full marketing spectrum now requires that attribution be more holistic and connected to the big picture.”
Some companies are combining top-down and bottom-up approaches for a more complete attribution picture. For example, one MarketShare software client mixes both models. By nature, says LaPointe, most of the firm’s sales transact online, though some are in-store. So MarketShare first integrated online and offline data into a marketing mix model to determine how offline channels drive website traffic, online shopping cart activity and transactions. The company was also sensitive to external factors affecting disposable income levels, so those were incorporated as well. MarketShare then developed individual attribution models to uncover which digital pathways were truly driving sales. “By connecting the top-level view of the market with the individual pathway attribution view, we were able to not just optimize those things that were in the addressable portion of the marketing tactics, but we were able to do it with a sense of the dollars and cents involved in doing so,” says LaPointe.Add a comment