Why did we take this “unified” approach to marketing measurement? Customer data deluge is putting pressure on marketers to measure the effectiveness of ALL marketing initiatives, across each customer. Marketing mix modeling and cross-channel attribution each provide deep marketing performance insights but each fell short in providing what marketers urgently need: a singular view of marketing performance.
Over the past 18 months, Forrester saw a dramatic shift in solutions; traditional marketing mix modeling measurement providers were investing in technology and methodology develop for attribution and we dubbed this “Unified Marketing Impact Analytics”.
Earlier this week, I was moderating a panel on digital transformation at a Software AG event in New York. In opening the event, Kevin Niblock, Software AG's North America President and COO, described digital business as "a cultural phenomenon." Organizational culture plays an enormous role in the ability of a company's employees to transform a traditional business into a digital business.
If you're not the CEO, you might be forgiven for thinking that you have little control over your corporate culture. But we all have the opportunity to shape our organization's culture. And while nurturing the company culture is arguably one of the most important jobs of the CEO, it is also a critical capability for any leader.
Former IBM Chairman and CEO, Lou Gerstner, reminds us of this in an excellent Wall Street Journal (WSJ) article: "The Culture Ate Our Corporate Reputation". Gerstner writes: "What is critical to understand here is that people do not do what you expect but what you inspect. Culture is not a prime mover. Rather it is a derivative. It forms as a result of signals employees get from the corporate processes that structure their work priorities."
Last Thursday, marketing data and analytics company, Neustar, agreed to acquire marketing analytics technology provider MarketShare Partners, for $450 million. Neustar is an information services company, providing everything from complex registry management to deliver marketing insights. MarketShare Partners provides advanced analytics technology to help c-level executives improve marketing’s impact on revenue.
The Neustar acquisition of MarketShare means:
A powerful insights engine will come to market. The Neustar acquisition of MarketShare for $450 million indicates one thing:data is not enough. Neustar needed to expand on its existing data, marketing, and identity solutions and add an analytics technology layer to help CMOs measure, analyze, and optimize marketing initiatives. The acquistion of MarketShare helps Neustar clients bring all that rich data to life, and will give MarketShare clients access to even more customer based data to enhance its current analytics.
Neustar to gain more access to CMOs . Neustar’s primary stakeholders sit right below the c-suite. This acquisition will hopefully change that; MarketShare’s strong experience as a trusted advisor Fortune 1000 to clients such as USAA, Hilton, and Neiman Marcus. MarketShare has a proven track record of guiding executives through marketing planning decisions, changes in prices, and change management decisions. This acquisition will potentially give Neustar more credibility with C-level executives, if they can speak their language.
We all share this sentiment that we want to protect our resources — our planet for generations to come — so that our children and their children can live happily ever after. It’s that warm and fuzzy feeling we get when we see a little girl holding a flower in her hand. I realize that we all share this sentiment every time the press reacts with irate reports criticizing the extent of pollution in China — or when “Reduce, Reuse, Recycle” became part of pop culture with Jack Johnson’s song of the same name (sorry if you have that song playing in your head now). Protecting the environment is the right thing to do. But how many times have you used disposable dishes or cutlery when there were other options that were just less convenient? And why do you do that? It’s easy: Life gets in the way.
As a customer experience (CX) professional, you’ll have noticed the parallels by now. You regularly try to share insights from CX measurement or the voice of the customer (VoC) program with your colleagues across the organization to tell them what important customers think about their experiences with the company and what their pain points are. Using these insights is the right thing to do. But how many times have you met polite but superficial interest? And why is that? Life gets in the way. Your colleagues are busy, don’t know why to care, or have other priorities. It’s no wonder then that 72% of CX pros we asked in our recent survey on the state of CX maturity said that their organizations have only been somewhat or not effective at all in improving customer experience.
I looked at ways that CX pros have managed to rally their organizations around CX metrics and found 10 tactics that companies like Avaya, Elsevier, Hampton Inn & Suites, Sage Software North America, and Verizon have proven to work in the real world.
OK, it is certainly a cliché and clearly suffers from an incomplete view of the world, but many contact center executives would still nod their heads in agreement with the statement, “You can’t manage what you can’t measure.” Contact centers generate a huge volume of data, and everyone from agents on the floor to CEOs in their corner offices would benefit from being presented with actionable analytics based on that data. However, turning that data consistently into actionable knowledge that is useful to improving performance remains challenging. The key questions for contact center professionals around this data are:
What do you measure?
How do you present the data from those measurements?
Every so often I check my blog stats to see what you, the reader, find most interesting - my goal is to continue to bring you great content in both my blog and my research. While I was looking back over my blog stats I thought you might like to see the top ten blog posts in case you missed any of them. But just how should I assess the top ten? Like all outcome metrics, this one is open to interpretation.
I could take the simple route and just count which posts have the most reads (Table 1a). But that would fail to take into account how many days it has been since the blog was published - it stands to reason that older blog posts might garner more reads. So a ranking based on the number of reads divided by the number of days the post has been online would yield a more accurate result in terms of most read post (See Table 1b - Top ten most read posts)*.
The wild west of mobile in insurance is getting tamed. Mobile is no longer just a fun experiment—it’s now a crucial element in the customer and agent experience. We first published our mobile insurance metrics report in August of 2013. At the time, we were struck by how dependent insurers were on a single metric to prove their mobile success: Application downloads.
With 15 more months of mobile development chops under their belts, in November, we decided to take a look at how much more sophisticated mobile insurance strategists had become in their mobile performance measurement strategies. The answer? Unlike other industries where mobile metrics have grown up, insurers remain stuck in mobile adolescence. How do we know? Because topping the mobile insurance metrics list in 2014 are web traffic and app downloads. Fewer insurers are tracking metrics that measure real business outcomes like conversions and mobile revenue transactions.
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.
On the morning of May 6, 2014, Google announced its intent to acquire Adometry, a leader in the attribution technology space. Later on the same day, AOL announced its intent to acquire Convertro, another top-performing attribution technology vendor. The Adometry acquisition is not surprising, as Google needed to make major investments in its existing attribution offering with some enhanced analytics and insights services, which Adometry can provide. AOL’s acquisition of Convertro was a move to further build out its ad technology stack, hoping to obtain strong attribution algorithm and stellar engineering staff through this acquisition.
Both companies stand to benefit from the acquisition of these small but extremely knowledgeable experts in marketing and media measurement. Two of the biggest benefits for each include:
A strong services staff with deep knowledge of all media and marketing data and, more importantly, the expertise in driving actionable insights in a complicated media-buying world.
An innovative ability to stitch data sources together — online, offline, and mobile — across the buyer’s journey.
More news from Mountain View on Tuesday, where Internet powerhouse Google released the much-anticipated Data Driven Attribution (DDA) feature for its Premium users. The release of Google’s DDA approach comes as no surprise to the analytics and measurement community. The world of attribution measurement is constantly evolving and new attribution approaches, new players, and new tools regularly enter the market, enabling marketers to select the right attribution tool for their business needs. It was only a matter of time before Google released a persuasive, more advanced measurement offering.
First, the Data Driven Attribution feature is only available for Google Analytics Premium users. It has several notable features worth highlighting:
Google DDA’s approach is statistically driven methodology. Google’s DDA approach is a huge improvement over its rules-based Attribution Modeling tool (which is available for FREE for Google Analytics users). The DDA approach uses probability modeling to best estimate the values of each interaction. The approach itself is transparent, understandable, and Google is extremely open about how it calculates the value parameters.