Last week, I had the pleasure of attending Forrester's Forum For Marketing Leaders in London and met some members of the Forrester Leadership Board (FLB) for Customer Insights (CI) professionals. I was eager to share my research on attribution measurement and (selfishly) get their point of view on measurement successes and challenges in Europe. Here are a few key takeaways from our CI colleagues across the pond:
Attribution measurement is a growing topic among European firms. When I met with the FLB members, I was delighted to learn that attribution is being widely adapted in most organizations, with the same challenges that we face in America. In fact, it seems that the firms I spoke with adapted attribution for quite a while, and they’re really looking to advance their attribution approach in the near future. Overall, they are making significant investments in the right data, resources, and tools to have a more sophisticated measurement approach.
Marketing professionals are more and more accountable for proving value, and making investment recommendations and decisions, based on business and marketing performance. Marketing mix modeling is quickly being adopted across different industries as the preferred way to measure, forecast, optimize, and plan marketing budgets.
Today, I am pleased to announce the publication of The Forrester Wave™: Marketing Mix Modeling, Q2 2013. This evaluation is a result of countless hours of vendor reviews and assessments, in-person briefing reviews, customer calls, fact-checking, and intensive research work. This Forrester Wave will help firms create a shortlist of providers, based on their unique business needs.
After long days and nights, I am glad to share with you the key takeaways that emerged from the Forrester Marketing Mix Modeling Wave:
Wide arrays of firms are adapting marketing mix modeling. Marketing mix modeling is the traditional approach to uncover value and build a marketing plan for consumer packaged goods companies. However, other industries, including financial services and retail, are quickly taking an interest in adopting this approach because they need a more scientific, holistic way to understand marketing and business performance. As a result, we see an upsurge in adoption across different industries.
Cross-channel attribution. For customer insights and marketing practitioners, attribution is a white hot measurement topic. It’s viewed as the best way to measure effectiveness of marketing and media campaigns; a way for firms to assess…truly assess… the value of the customer journey. For the past 18 months, I have been living and breathing this topic and today I am happy….no, I’m elated…to announce the official publication of the Cross-Channel Attribution Playbook.
What’s a playbook, you ask? Well, a playbook is a framework to help organizations develop expertise around a specific business topic. The Cross-Channel Attribution Playbook helps marketers and customer insights professionals to take strategic steps in building an attribution strategy within their organization. It includes 12 chapters, including an executive overview, which covers different aspects of developing and managing a cross-channel attribution measurement framework. The four “chapters” specifically help organizations: