This is a copy of the presentation used at several Thought Leadership Thursday events describing the fundamentals of marketing attribution from digital, cross-channel and marketing planning perspectives.
With smart use of their available customer data, Jay and his team are able to deliver tailored experiences at the critical touchpoints that Andrea and Rick will encounter – from booking their itineraries online all the way through to disembarking.
What, exactly, do we mean when we say “marketing attribution?”It’s not just about “X caused Y.” It’s also about the sequence of interactions, channels and programs that, combined together, created a certain impression or effect on a customer.
Our focus for near-term roadmap is within black rectangle. These are considered the building blocks of developing a strong planning capability, and includes: a cross-channel interaction history to store all stimuli and responses attribution services to drive more precise modeling channel and lift analysis which allows marketers to gain a view into how marketing spend is performing
They learned a few interesting things:First, in terms of responses, SMS was by far their highest response mechanism. Thousands of people went to the site based on SMS messages which would probably indicate that SMS should be invested in. Second, after they ran the statistical model against the actual transactional data they saw the real causal relationship driver… email. That’s right, while SMS initiated the purchase interest, and was supported by catalogs and radio and TV, it was actually the creation of customized emails with customized offers (30% off, free shipping, buy one get one free) that drove the purchase.
Had they based their entire marketing mix on just the response data, this retailer would not have had a complete picture of the actual tactic that was creating the most ROI - email. Today, Statistical Attribution Modeling is helping this retailed more rationally optimize their channel mix as shown in this example slide … notice the increase in email investment that the statistical model recommends.
IBM Thought Leadership Thursday - Marketing Attribution roadshow presentation