We’re at the Squaw Creek Resort this week for MediaPost’s Cross-Channel Marketing Insider Summit. I won’t kid you, the Lake Tahoe region during this time of year is an incredible place to connect with industry creators, ideas, and insights. You can follow conversations on the live stream and with #CCMIS on Twitter.
For this #CreateSheet, I’m focused on the topic of marketing mix modeling and algorithmic attribution modeling – both areas that can be complex and are in a constant state of change. With the widespread integration and use of offline and online channels and campaigns engagement in the pursuit of personalization to engage customers in groups or even segments of one, the need to knit together, understand and act on cross-channel data has become a top priority for modern marketing and customer experience organizations. But this marketing discipline is not easy, especially with increasingly more touch points and data sources to manage.
For example, how are online identities and behaviors being matched against CRM, call center, loyalty and transactional data sets. How is online algorithmic attribution modeling being combined with traditional marketing mix modeling? And how do distributed-workforces with agencies, marketing teams, executives, contractors and partners manage the complexity – including marketing and media fragmentation – to consistently deliver for customers and business stakeholders?
Cross-Channel Attribution Definition and Experts
According to the 2014 Forrester Research Wave report on cross-channel attribution – shared by David Ehrhorn of Visual IQ – Forrester defines cross-channel attribution as "the practice of using advanced statistical approaches to allocate proportional credit to marketing communications and media activity across all channels, which ultimately leads to the desired customer action."
To help dive into this topic, I'm moderating a session with three experts who, collectively, have many years of related experience with leading brands, agencies and technology vendors; live August 21st:
"Attribution is about three things: credit, budget and clarity. A fair attribution model provides clarity to the entire organization and helps align all channel partners, so that teams can focus on delivering results instead of worrying about credit and budget." - Aaron Smith
"Flexibility; it’s really important to mold and to grow with the change that is happening. I don’t think we can set ourselves on one model and say that this is going to work forever. You have to see what’s happening in the world, what’s happening in your business, and with the customer And see what’s the best thing for that time, and being able to adapt to that.” - Mary Eustace
"There is no ‘one size fits all’ solution when it comes to attribution. While most of the 3rd party attribution vendors offer similar products, the client should be thorough in their evaluation." - Jeffrey Barnes
Click to watch the on-demand session, now!
Key Discussion Points and Questions
- What does attribution mean to each of the panelists and #CCMIS audience?
- How do cross-channel teams and extended workforces create the best marketing mix and attribution models with a blend of traditional and new media channels?
- What are related trends based on the sea change in digital marketing and mobile, and how does this impact other channels like display and email?
- Challenges developing a full view of channel touches and measurement against revenue performance when the landscape is constantly shifting.
- Understanding what is driving conversions and how best to optimize in fast-moving marketing, sales and customer experience environments across channels and teams.
- Touch on different types of data models, including econometric and algorithmic attribution, and how to optimize without the need for custom model creation.
- Setting goals for each channel, then set metrics/benchmarks, then target, then message.
- Creative ways to optimize traditional channels?
- Understanding customers from a generational perspective; i.e. Baby Boomers and Millennials have different communication preferences.
- How to overcome attribution-related politics that often come into play?
- What are significant changes based on key trends and how do you best adapt?
Let’s Create Shared Value
This #CreateSheet post is a resource including various creators, ideas and insights. Let’s keep the momentum going and continue tweaking it as an asset that will provide more value over time as we learn from Cross-Channel Marketing Insider Summit discussions onsite, we see your tweets including both #CCMIS and #CreateSheet hashtags, and we flesh out the ideas and insights from additional sources, following the event.