Now Tech: Marketing Measurement and Optimization Solution Q3 2019
Tools and Technology: The Marketing Measurement and Insights Playbook
Measuring marketing effectiveness remains a top priority for today’s marketers. Advertisers are constantly looking for ways to improve their media performance, which requires actionable insights and visibility into the channels that are driving conversions.
While every brand can find value from the insights measurement and optimization solutions provide, attribution vendors vary in sophistication, vertical market focus, and functionality, and should be viewed differently; Not all marketing attribution solutions are the right fit for all businesses. In a recent Forrester report, “Tools and Technology: The Marketing Measurement and Insights Playbook” analysts note, “marketing measurement and optimization solutions can be used to understand the business impact of marketing budgets, determine the optimal mix of channels, and forecast the results of alternative marketing plans. But, in order to realize these benefits, organizations must select from a diverse set of vendors that vary by size, functionality, geography, and vertical market focus.” Selecting an attribution partner is a strategic decision that requires brands to closely evaluate providers based on the factors listed above in addition to others, such as:
- Quality of Insights and Data Unification Process
- Identity Resolution Capabilities
- Machine Learning Methodology
- Marketing Analytics Support (Tech-Enabled Services)
Below outlines the differentiators of Conversion Logic’s leading approach to marketing analytics & measurement and how we address the critical factors that marketers look for when selecting an attribution provider.
Consolidating disparate data sources into one centralized location is critical for success. If new data becomes available, or old data unreliable, the brand will need a system capable of easily adding and removing sources- with all data integrated and normalized.
To have confidence that the data analytics provided are correct, Conversion Logic does a thorough real-time Data Assessment of data received prior to processing, Data Validation after processing and then setup Data Quality Monitoring to ensure the data integrity is maintained ongoing. As a software platform with time data monitoring capabilities, several data validation artifacts are produced to review channel mappings, potential tracking limitations/gaps, mapping exceptions, and data accuracy with the different stakeholders to confirm or adjust our ability to meet the agreed upon analytical project plan. Conversion Logic will also host data review sessions to summarize data processes, mapping results, and summary measures of business outcomes and marketing investments. By reviewing the data with the different data owners and stakeholders, we help ensure that the data is processed correctly, potential gaps are recognized and addressed, and that any data outliers are confirmed and explained.
As the number of devices increases for each consumer, the online user activity becomes highly fragmented. Building accurate user identity becomes an important problem for advertisers and attribution companies, as it is crucial to find the same user across multiple devices and integrate her/his digital traces together to perform accurate attribution and profiling. To solve for this, Conversion Logic integrates LiveRamp’s Identity Graph to create a single view of a user across all platforms (desktop, mobile, in-app, television) for a more accurate analysis and detailed path to purchase at the household and user level. As more devices and cookies are connected in LiveRamp’s evolving identity graph, customer paths are updated for proper attribution. Exposure data from many walled gardens is also incorporated into MTA using LiveRamp’s IDLs or the Conversion Logic IDs.
Measuring media performance timely and accurately is a key component of staying grounded and competitive because it provides marketers with the critical feedback they need to improve their decision-making ability. To correctly assign credit to each touchpoint that affects a customer’s journey to conversion, we accurately measure how each distinct dimension of a media event, such as creative, messaging, offer, placement, or campaign, contribute to that conversion. Conversion Logic builds models technologically, utilizing advanced machine-learning and algorithms to establish event-level measurements and uses every available event dimension to establish measured impact.
Customers need rapid insights in order to course-correct if the performance is low in specific campaigns, or with specific partners or placements. Our machine-learning models are trained promptly and reliably and provide results with the best available information.
Conversion Logic’s Client Success team works closely with our customer’s day-to-day team to help identify opportunities for efficiencies, growth, and overall marketing effectiveness. Using our best practices, we will make realistic recommendations both strategically and tactically. This means analyzing performance at the lowest level of granularity and broadly at the channel level, suggesting how to invest moving forward. This can be accomplished within the current marketing spend or through an incremental budget. Our transparent approach to modeling means we work closely with our customer’s in explaining everything from considerations into the model (i.e. external factors, baseline activities, etc.) to opportunities from the results (i.e. offline vs. online activates, scenario planning, etc.). This also means we can include experimentation within the model to validate the model recommendations or test new activities.
We tailor the deliverables for our customers, including modeling methodology presentations, informative documentation on how to interpret attribution results, and training sessions to instruct users on how to get the most out of the UI dashboard. Once data feeds are set up, we focus on delivering the insights to the teams at the client and the media agency. Our hands-on, professional services can be applied for the individual needs of our customers as well as several relevant strategic, advisory, consulting, and custom support activities:
- Analyses: Conduct ad-hoc analyses of attribution and in-market results.
- Advisory: Address questions, e.g. driving change management, assess data capabilities.
- Analytics: Develop framework for needs such as in-market test measurement.
- Modeling: Build additional stand-alone models or statistical analyses.
- Reporting: Develop output templates for our customer’s ongoing usage.
There is no question that marketing measurement solutions are becoming increasingly more critical for organizations to adopt as the customer journey continues to advance in complexity. Marketers are now responsible for understanding what media drove the user to conversion and where to allocate spend for advertising effectiveness, which is only possible through an advanced marketing attribution platform. To learn more about different attribution solutions, view the full Forrester Marketing Measurement & Insights Playbook
The XC Logic marketing intelligence platform delivers marketing efficiency and optimization by producing predictive insights at the right time, through Digital & Television Multi-touch Attribution (MTA) and Marketing Mix Modeling (MMM) solutions. The models are used to analyze the consumers path to purchase and we believe the most powerful and accurate solution is when you combine the insights of MMM and MTA together to create a unified marketing measurement solution. By addressing interactions at an individual level (MTA) and a macro level (MMM), brands can account for the user and an aggregate of exogenous factors to determine the contribution of marketing on sales and its potential effect on business goals.
Our multi-touch attribution solution connects all addressable media and consumer actions for customer journeys driving online and offline conversion. Our MTA solution can also use household-level data from over 11 million opted-in smart TVs detailing commercials viewed and user content consumption for TV ad measurement.
Our models use advanced machine learning algorithms to build the most accurate models and compare credit with both incremental and full credit attribution models. Our models provide detailed insights on advertising effectiveness for better media planning and optimization.
Conversion Logic Marketing Mix Models identify causal relationships between business outcomes, marketing, and other demand drivers and are powered by advanced time-series cross section (TSCS) regression models that quantify marketing’s impact and other drivers on key business outcomes. Marketers are able to discover media’s true contribution to business outcomes, such as sales or store traffic, using internal and external drivers.
Our Unified Marketing Measurement solution leverages the latest in sophisticated machine learning models to provide continuous data-driven marketing alignment between MMM and MTA and seamlessly combines insights from marketing mix models and MTA in a single platform.
XC Logic Marketing Attribution Platform: UI Dashboard
The Conversion Logic UI Dashboard is comprised of in-market results, attribution reports, and optimization tools to permit users to quickly assess performance, analyze results, explore data trends, and make decisions.
Reporting within the UI dashboard spans a mix of standard, customized, and advanced reports that are tailored to customer specifications. They provide visualization and data table views of historical results across defined KPIs including conversions, cost, and attribution across dimensions such as channel, publisher, campaign, keywords, etc. Advanced reports deliver more specialized findings and insights. All data that flows into our platform is available for download through a combination of data visualizations and raw data tables, designed to reduce interface complexity through advanced filtering capabilities including:
- Portfolio vs. Channel: View performance across channels or for a single channel
- Granularity: With one click adjust graph/table views to go from channels to publishers or other dimensions and view daily/weekly/monthly results
- Customizable: Sort results within tables, filter by string, & change visualized KPIs
- Visualization: Select one of several chart/graph options