Blogged in collaboration with Rebecca McAdams, Research Associate, serving Customer Insights professionals.
Consumers are connected, constantly influenced by marketing messages, their friend’s social posts, blog posts, reviews, mobile messages, and Twitter posts. In fact, US Adults have an average of three connected devices. Consumers are leaving breadcrumbs of information behind, across multiple channels and devices. Marketers are jumping at the chance to connect with their customers through proactive marketing campaigns and even through non-marketing interactions. But which interactions actually drive impact? What interactions are responsible for sales conversions, and which interactions merely "assist" conversions? CI Pros and marketers are stumped; they must measure these complex interactions to help drive future marketing and media investments and to actually measure their marketing efforts.
Consumers interact with brands across various mediums — their smartphones, computers, call center, in-store — just to name a few. Their interactions with brands — from viewing a TV ad to re-tweeting a promotion — are creating such a rich trove of data that marketers are left wondering: How do I glean relevant insights to optimize my marketing and media? Which channels should I optimize? How can I meet my growth goals while expanding into new, unfamiliar markets and channels? These questions keep marketers up at night; they are looking for best-in-class examples of measurement and analytics success. Well, look no further.
Our latest report, “Extract Business Value From Your Mix Model,” co-authored by Jim Nail, showcases USAA’s successful approach in leveraging marketing mix modeling to measure channel performance with greater precision and to identify and optimize future strategic investments, including marketing investments, product development, pricing structures, and organizational support. The report highlights USAA’s measurement and optimization challenges, how it used marketing mix to help refine metrics and identify the right levers to optimize business strategy and investments, and how it used the results to guide significant customer-driven changes at USAA. The case study is a good blueprint for firms that want to create a marketing mix model — and how to do it successfully!
We are thoroughly impressed by the analytics and marketing team at USAA; every decision made at the organization is driven by data and insights. Further, USAA is committed to using insights — including insights from its marketing mix model — to improve the overall customer experience.
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:
Banks get a bad rap for not being innovative enough. But at least one provider is proving the haters wrong: Early this year, U.S. Bank launched Mobile Photo Bill Pay, a feature that lets mobile bankers add a new payee simply by taking a picture of a paper bill or statement.
This mobile feature – powered by technology solutions company Mitek – goes beyond “nifty” With it, U.S. Bank offers customers an easier, more convenient, and more elegant cross-channel experience for a common activity. It helps the bank by increasing the number of customers who use digital bill pay – and deepening relationships with customers. According to Niti Badarinath, SVP and head of mobile banking at U.S. Bank, “Getting people to become active users of bill pay is key to our digital strategy, because we recognize the value and stickiness of the relationship when people pay bills." (taken from a recent article in American Banker)
How it works
When U.S. Bank launched mobile photo bill pay, I immediately pulled up my U.S. Bank iPhone app and took this new feature for a test drive (see screenshots below). Put simply, this is an innovation that delivers: A customer can go from opening a bill he got in the mail to enrolling a brand new payee to paying that bill in under 150 seconds (a.k.a. less than 2 minutes and 30 seconds). This is without setting up any bill payment options in advance, or entering any information manually – the mobile photo bill pay feature even corrects for image distortion, reads relevant data and auto-populates all the information.
The analytics community is experiencing a rebirth. A renewal. A renaissance. Why? Data is bursting from every corner, from every device, allowing brands to deliver relevant messages and offers to its customers. So, being an analytics connoisseur is important now more than ever. I mean, who else is going to play with all this data . . . and actually enjoy it?
Organizations must develop relevant marketing strategies across devices -- to different customers -- and have the advanced measurement and analytic frameworks to fuel decisions. And the perpetually connected customer is forcing organizations to act quickly, so near-real-time insights are paramount. My past research addresses this, specifically, how analytics professionals can use attribution as a way to understand the true value of each interaction point. This is even more complex because of the increase in cross-device usage. As a result,analytic pros are using savvy ways to connect information and to measure cross-device impact and incremental value.