This was originally published in MarTech Advisor
Q4 is here and holiday spending is expected to increase 10% compared to 2015. With aggressive KPIs and revenue goals, marketers scramble to make the most of holiday consumer behavior. With Halloween behind us, holiday season marketing is in full swing. Even as marketers try to push limits and outdo one and another, Alison Lohse, Co-founder and COO at Conversion Logic shares a sprinkling of holiday spirit to get measurement into perspective.
- Shop till you drop – Look for an attribution partner best suited for your needs to help improve ROI. Are you feeling particularly accomplished after you put out a 150 question RFP in market looking for attribution? Is everything on that RFP relevant to your business? Ask for demos of these products to find answers to your business questions. If you cannot get in-and-out in 5 minutes with insights you need, you will be stuck trying to navigate another reporting system, instead of finding insights to save you money.
- Bundle up – Data governance and centralization can help support many marketing initiatives. If you want granular, customer level insights, be sure the technology stack you have can enable these requirements. Understand how all your ad-tech systems interact with one another. If you don’t have one already, consider an ad server; they can greatly reduce the time taken for digital data collection to automate measurement. Tracking user across devices is imperative for a consistent brand experience. In some cases, the attribution partner could recommend a mobile partner or cross-device partner. Weigh your choices and look at match rates to decide better coverage of your audience either with existing or new partners.
- Be thankful for real-time big data – Big data technology is able to stream and process millions of events including clicks and conversions, making it available for on-the-fly optimization. Technology advancements and availability of granular data has made measurement possible and more accurate. Logistic regression, used to model for longer term marketing planning inputs, is no longer adequate.Granular data and advanced modeling techniques makes recommendations about TV stations, programs, day parts, spots creative, publishers and keywords possible. Audience data enhances segmentation and 1:1 personalization.
- Don’t overstuff – Be it a turkey or your funnel, there is a diminishing returns threshold. Targeting, re-targeting and re-re-targeting can push prospects away if overdone and it is time to stop leaning into a channel or tactic if it leads to adverse effects. A frequency analysis will enable identification of the threshold.
- Trim dead leaves – Identify wasted spend and cut it to gain efficiencies. Establish tiers for CPA or ROAS that go from green to red. Cut the spending in red and scale in the areas that are green. Benchmark publisher performance down to creative performance to identify the dead weight.
- Plug your holiday lights on a timer – Marketing automation is on all marketers’ wish list. Marketing measurement systems enable a plethora of actionable recommendations for you to act on and champion your cause. Automated data collection, monitoring performance of model predictions to recommendations; is best when completely automated so you sit back and enjoy your egg nog or focus on other tasks.
- Novel gifts – Innovative methodologies help you stay ahead in the market being built with new consumer media trends. As beacons, VR and IoT targeting will undoubtedly become mainstay in your marketing campaigns in some years a measurement partner should be able to stay relevant with these changes. Legacy systems cannot keep up, so be sure your partners can help you stay novel as you innovate. These may not be immediate priority, but are gifts nonetheless.
- Appreciate your family – You need the support of your family to function at work daily, sure. But there is also a work family, where you possibly spend 40 hours or more of your week. The magic of holiday marketing is incomplete without the human touch of all your colleagues. Machines are here to make the lives of practitioners easy, not to replace them. Internal alignment on expectations from marketing measurement software and the objectives to be achieved is the building block for a well-oiled marketing process. So practitioners need to be in the know of shiny new software being purchased for analytics.
- We have seen clients increase spend by 35% MoM in the last quarter and conversions increase by 56%. With attribution in place your business can have be the winter wonderland of revenue, your competitors will look to emulate.