The Truth About Cross-Channel Attribution... and Why it Does Not Have to be So Painful
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In a world where the customer is perpetually connected and purchase paths are increasingly complex, cross-channel attribution measurement promises to accurately measure intertwined marketing programs, helping marketers connect with their customers in a contextually relevant way. Yet, companies struggle to identify the right metrics and technologies needed to help measure these complex marketing exposures. As a result, marketing departments are left scrambling to analyze performance data across multiple sources, such as email tactics, display ads, direct mail, and more. In this webinar, our guest speaker Tina Moffett, an analyst from Forrester Research, will help you interpret the tricky landscape of attribution analysis. Tina will: · Share the latest trends in marketing measurement and technology. · Illustrate the challenges and risks inherent in cross-channel attribution measurement – and how to overcome them. · Outline the core technology capabilities that will help you evaluate marketing analytics and attribution technology. You’ll also see a demo of Birst and our capabilities around multi-touch attribution.
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The Truth About Cross-Channel Attribution... and Why it Does Not Have to be So Painful
- 1. The Truth About Marketing Attribution and ROI …and why it does not have to be so painful
- 2. 2 Please send questions using the online interface Attendees muted upon entry Webinar Housekeeping
- 3. 3 • Introduction to Birst • Master Cross-Channel Measurement Metrics and Landscape – Forrester Research • Demo – How to use Birst for Marketing Analytics • Q & A Agenda
- 4. 4 Featured Speakers Carl Tsukahara Chief Marketing Officer Birst Tina Moffett Analyst, Customer Intelligence Forrester Research, Inc. Paula Burton Sr. Solutions Engineer Birst
- 5. 5 Who is Birst? “ No. 1 in product functionality and customer (that is, product quality, no problems with software, support) and sales experience.” 2014 Business Intelligence and Analytics Magic Quadrant • Leader in Enterprise Analytics & BI • World-class capability at LOB speed • One platform for multiple use cases Attribution Propensity to Buy Customer Analytics Campaign Scorecards
- 6. 6 Birst is Used by 1000s of Global Organizations Sample Key Partners
- 8. Master Cross-Channel Measurement Metrics and Landscape Tina Moffett, Analyst June 2015
- 9. © 2015 Forrester Research, Inc. Reproduction Prohibited 9 Connected bodies Connected cars Connected doughnuts? The world around us has changed . . .
- 10. © 2015 Forrester Research, Inc. Reproduction Prohibited 10 › Source: Forrester’s US Mobile Mind Shift Online Survey, Q3 2013; Forrester Research World Mobile And Smartphone Adoption Forecast, 2014 To 2019 (Global); and Forrester Research World Tablet Adoption Forecast, 2013 To 2018 (Global) . . . and mobile accelerated that shift
- 11. © 2015 Forrester Research, Inc. Reproduction Prohibited 11 A 20-year business cycle in which the most successful enterprises will reinvent themselves to systematically understand and serve increasingly powerful customers We are in the age of the customer…
- 12. © 2015 Forrester Research, Inc. Reproduction Prohibited 12 … and our customers are everywhere across today’s digital ecosystem. 61% of online adults are “always addressable” – using at least 3 internet connected devices from multiple different locations, multiple times a day. Source: Forrester’s North American Technographics Online Benchmark Survey (Part 1), 2015
- 13. © 2015 Forrester Research, Inc. Reproduction Prohibited 13 The spotlight is on measurement and analytics to track these customer
- 14. © 2015 Forrester Research, Inc. Reproduction Prohibited 14 Agenda › Current trends of cross-channel measurement › Benefits and challenges of cross-channel measurement › Capabilities needed to measure marketing effectiveness
- 15. © 2015 Forrester Research, Inc. Reproduction Prohibited 15 Agenda › Current trends of cross-channel measurement › Benefits and challenges of cross-channel measurement › Capabilities needed to measure marketing effectiveness
- 16. © 2015 Forrester Research, Inc. Reproduction Prohibited 16 68% of customers use Internet- connected devices while watching TV How is your brand measuring this today? Base: 22826 US Online Adults 18+ (Online Weekly or More) Source: North American Technographics Online Benchmark Survey (Part 2), 2013
- 17. © 2015 Forrester Research, Inc. Reproduction Prohibited 17 Source: The CMO Survey, cmosurvey.org, August 2014, Top Line Results …..probably not well. To what degree is your company leveraging marketing analytics to answer its most challenging marketing questions? How effectively does your company integrate customer information across purchasing, communication and social media channels?
- 18. © 2015 Forrester Research, Inc. Reproduction Prohibited 18 B2B marketers struggle with analytics Only 10% feel they are effective with analytics Source: Metrics That Matter For B2B Marketers
- 19. © 2015 Forrester Research, Inc. Reproduction Prohibited 19 B2B Marketers do not leverage predictive analytics Source: Metrics That Matter For B2B Marketers
- 20. © 2015 Forrester Research, Inc. Reproduction Prohibited 20 Source: How Customer Activation Better Wins And Serves Business Buyers The right data helps B2B marketers engage and serve their customers
- 21. © 2015 Forrester Research, Inc. Reproduction Prohibited 21 Source: 2014 State of Customer Analytics Survey Forrester/Burtchworks 25% 26% 36% 41% 42% Improve customer retention Increase customer engagement Improve data-driven focus of organization Increase customer acquisition and targeting Increase marketing performance For marketers, measurement helps them…
- 22. © 2015 Forrester Research, Inc. Reproduction Prohibited 22 Agenda › Current trends of cross-channel measurement › Benefits and challenges of cross-channel measurement › Capabilities needed to measure marketing effectiveness
- 23. © 2015 Forrester Research, Inc. Reproduction Prohibited 23 What is cross-channel attribution? The practice of using advanced statistical approaches to allocate proportional credit to marketing communications and media activity across all channels, that ultimately lead to the desired customer action.
- 24. © 2015 Forrester Research, Inc. Reproduction Prohibited 24 › Source: “Use Cross-Channel Attribution To Understand Marketing Effectiveness” ALGORITHMIC ATTRIBUTION uses advanced models to allocate credit Organic Search Direct Facebook Direct Mail PPC $100 $25 $13 $7 $15 $40 Contribution Contribution Contribution Contribution Contribution Organic Search Direct Downloaded Content Attended Webinar Sales interaction 1st interaction 2nd interaction 3rd interaction 4th interaction 5th interaction Benefits › Proves the value of marketing › Identifies highly qualified leads Challenges › Long sales cycles › Influencers vs. decision makers › Sales teams For B2B Marketers, attribution proves the value of marketing
- 25. © 2015 Forrester Research, Inc. Reproduction Prohibited 25 Cross-channel attribution provides multiple benefits › 92% use advanced attribution to allocate future marketing dollars › 88% use advanced attribution to gain true performance metrics and insights across different channels. › 81% use advanced attribution to measure the true attributed cost
- 26. © 2015 Forrester Research, Inc. Reproduction Prohibited 26 Case Study: Large B2B firm leverages attribution to uncover marketing drivers › Summary: Large B2B firm, $14B in revenue, commercial and government space. › Challenge: Longer sales cycle made it difficult to track marketing and media performance. They wanted to gain a better handle on marketing and media performance, specifically what interactions drove marketing qualified leads (MQLs) and revenue down the funnel. › Approach: Employ advanced algorithmic cross-channel measurement approach with account-level models to better understand impact of direct response and media channels. › Result: Referral marketing and direct response channels actually drove less MQLs and sales. Able to identify more clearly the source of web traffic and was able to filter out leads.
- 27. © 2015 Forrester Research, Inc. Reproduction Prohibited 27 But, roadblocks hinder development of solid measurement and analytics strategies. Source: 2014 State of Customer Analytics Survey Forrester/Burtchworks 47% ensuring data quality from various sources managing data from a variety of sources38% 35%hiring talent to manage measurement and analytics
- 28. © 2015 Forrester Research, Inc. Reproduction Prohibited 28 Agenda › Current trends of cross-channel measurement › Benefits and challenges of cross-channel measurement › Capabilities needed to measure marketing effectiveness
- 29. © 2015 Forrester Research, Inc. Reproduction Prohibited 29 84% of marketers seek outside help with measurement and analytics
- 30. © 2015 Forrester Research, Inc. Reproduction Prohibited 30 CurrentCapabilities Attribution Approach What is the advanced approach used for attribution modeling? Data management What is the automation capabilities to extract, load, and process marketing, media, and transaction data? Partnerships Can the tool connect into media buying systems? Reporting and Analysis What type of dynamic reports does the tool have (cross-channel, campaigns, halo effect reports)? Activation Does the tool activate insights? Does the tool recommend digital media buying thresholds? Tool Is the tool accessible, easy to use, and can fit my insights and optimization needs? Dynamic insights and optimizations are must have capabilities
- 31. © 2015 Forrester Research, Inc. Reproduction Prohibited 31 Enterprises leverage attribution tools to measure more effectively Source: The State Of Cross-Channel Attribution Technologies 2015
- 32. © 2015 Forrester Research, Inc. Reproduction Prohibited 32 Advanced approaches, and dynamic reports are in high demand Flexibility of cross-channel attribution metrics, reporting, and analysis Source: The State Of Cross-Channel Attribution Technologies 2015
- 33. © 2015 Forrester Research, Inc. Reproduction Prohibited 33 Source: The State Of Cross-Channel Attribution Technologies 2015 Tools must improve…or marketers will walk
- 34. © 2015 Forrester Research, Inc. Reproduction Prohibited 34 How do I get started?
- 35. © 2015 Forrester Research, Inc. Reproduction Prohibited 35 Develop a core plan before embracing cross-channel attribution
- 36. forrester.com Thank you Tina Moffett +1 212.857.0769 tmoffett@forrester.com @vmoffett
- 37. 37 RESULTS • Decrease cost of customer acquisition by personalizing offers • E.g. catalogs mailed to targeted list of recipients rather than to a randomly selected list, resulted in 75% to 80% lift in catalog revenue • Attribution analysis to reduce the number of marketing touch points (each touch point = $) CHALLENGES • Analyzing customer browsing behavior and social interactions across 6 web properties that make up Build.com brand • Identifying most valuable customers WHY BIRST? • Ease of implementation • Birst commitment to customer success • Selected Birst over Domo and LogiXML Increase customer life time value & decrease acquisition costs Data Sources: “Birst was the first solution where the ease of implementation, ease of importing data and automating the process was better than anyone we looked at so far.” - Brandon Proctor, VP of Marketing 75% UPLIFT IN CATALOG SALES
- 38. 38 Birst Solutions Differentiation TRUSTED DATA VIA RAPID INTEGRATION TRANSPARENT DATA ACCESS, IN CONTEXT FAST AND SIMPLIFIED LOW MAINTENANCE 6 Week Go Live Cloud or on Premise Navigation and analysis of data in a Business Context, Without Technical Know How A Trusted and Secure version of the truth – via automated alignment of Data Sources Data Warehouse RDBMS Low Cost and TCO Subscription-based
- 39. 39 Demo
- 40. 40 Summary – Birst Customers Are the Industry’s Happiest -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% Birst Tableau Qlik GoodData MicroStrategy Positive Negative Gartner Group Survey of Business Intelligence Customers, Aug 2014 Product Evaluation Frequency (Number of Unique Quarterly Pageviews) Full-Stack Business Intelligence Platforms TrustMap™ 5.0 4.5 4.0 3.5 3.0 2.5 0 2,400 4,800 7,200 9,600 12,000 AverageUser-Rating Trust Radius Survey of Full Suite BI Clients, December 2014 “This is a significant shift, indicating that 2014 may be a tipping point for cloud adoption as data gravity shifts to the cloud.” – Rita Sallam, Research VP, Gartner
- 41. 41 Questions Learn more about Birst www.birst.com Live Demo: www.birst.com/livedemo Every Tue/Thu at 11 AM PT Contact us 866-940-1496 415-766- 4800 sales@birst.com
- 42. 42 Thanks
Hinweis der Redaktion
- At Birst, we have some fantastic customers using our platform in many different ways. These are just some of the examples from customers across different industry categories that use Birst of a variety of line of business process challenges.
- The world has changed around us…. Customer are connected…they have wearable devices that track health movements, Cars are now connected to monitor speedmusic/audio playing, smartphone apps, navigation, roadside assistance, voice commands, contextual help/offers, parking apps, engine controls and car diagnosis. And even connected…doughnuts. That’s right, Krispy Cream and other places like Starbucks allows you to located the nearest KK to get a hot and tasty doughnut. At this point in time, our lives have become digital, and customers are generating more and more data for marketers and CI pros to analyze. For CI pros that need to measure and analyze behavior, this task can be overwhelming…(CLICK)
- Mobile itself accelerated customers life being more digital and more tractable. Though our 2013 mobile online survey, we found that customers expect brands to have a mobile strategy—as indicated by 62% expect a mobile friendly website. Further, we’ve seen an acceleration of growth of mobile apps to make customers lives easier. In response, companies will spend 130 BILLION to engineer platforms to encourage mobile engagement. This solidifies the fact that (CLICK)
- We are in the age of the customer. Your customers, empowered by technology, can leave at any moment. Companies like Hilton Worldwide and The Home Depot plan to spend hundreds of millions of dollars to redefine customer engagement. This redefinition takes many forms in both consumer and business-to-business markets. These companies are customer-obsessed; in the age of the customer, you must be, too. CMOs, CIOs, and business professionals must work together to create this companywide-transformation. Part of this transformation is turning big data into big insights (CLICK)
- Image source: http://www.theguardian.com/theguardian/2014/mar/21/whats-your-most-embarrassing-technology-mishap
- Image source: http://pixabay.com/en/spotlight-headlight-headlamp-147742/ Image source: https://www.flickr.com/photos/111692634@N04/16388916661 Image source: Gigaom (https://gigaom.com/) this means that CI professionals must step up to the plate and provide relevant analytics. Approaches—like attribution, churn analysis, text analytics, marketing mix modeling—are needed not only to understand and determine future marketing and media investments, but to understand customer behaviors and craft experiences and messages to get customers to return and grow…. But it’s not easy. To create a measurement centric organization requires 5 core capabilities from CI professionals…(CLICK)
- Image source: http://www.mspy.com/blog/research-shows-people-watch-tv-when-playing-on-the-mobile-phones/ And how do YOU think your brand is measuring something like cross-channel today? Show of hands…fairly well? Ok? Terrible. Let’s not shame our colleagues in thinking their far behind the advanced measurement curve. Measuring the complex customer purchase path is nearly impossible. Customers are connected—and in control. They have access to information about specific products and services at their finger tips—through reviews, blog posts, display ads, videos. Across multitude of devices, ipads, smart phones, TV, lap top computers. Our research shows that 68% of customer use internet connected devices while watching TV. So, you have the opportunity to reach them through two different touch points—and understand what matters to them. BUT to do this, you must measure how impactful an TV ad, an online video, and email really is. Why, you need this information to determine where to invest in the future. So, while customers are connected, we found that (CLICK) SO HOW WELL DOES YOUR BRAND MEASURE THIS? <CLICK> http://www.forrester.com/The+New+Layers+Of+TV+Audience+Insight/fulltext/-/E-RES74181 Base: 22826 US Online Adults 18+ (Online Weekly or More) Source: North American Technographics Online Benchmark Survey (Part 2), 2013
- The data suggests to me not well. Let’s go through two supporting facts… Challenging question: When you think about balancing and sequencing messaging types….differentiating messaging and experience be predicted LTV…investing in new channel that seems important, but which the brand has no experience… A few more scary facts from the same survey: only 36% of top marketers report being able to prove the value of marketing quantitatively in the short-run and 31% in the long-run. Demonstrations of the value of social media are even more elusive with only 15% able to offer quantitative evidence for the value of social media spending. TO ME, THIS FEELS LIKE AN UNACCEPTABLE STATE. AND WHATS WORSE IT SEEMS STAGNANT—AT LEAST OVER THE LAST 2-3 YEARS
- Marketing teams lack analytical skills. Analytics is not a historical skill set of marketing departments. So many CMOs don't come with analytics backgrounds, especially those who rose through the ranks of marketing communications and branding. In research we conducted on how marketers manage performance, we were dismayed to find that only 10% of respondents felt that their marketing teams were effective at using data analytics to make decisions (see Figure 1-1). (see endnote 1) CLICK
- …and when looked for an explanation, we found that more than half (61%) admitted that most of their data work went into reporting on how they did, not showing how marketing drives better business results (see Figure 1-2).
- To perform more effectively and efficiently at work, 89% of respondents say that employees need more access to customer data. When armed with this information, 82% said that they would make better business decisions, and 81% said that they would serve customers better (see Figure 5). Hearing the customer's voice gives employees more confidence: 69% feel that they could represent their brands better with more access to this information. CMOs who foster this ability across the workforce see direct improvements in topline growth, operational efficiency, and value delivered to customers, like Intel did when it unleashed itsTablet Smart Squad of socially enabled employees on introducing a new line of tablet-specific technology. (see endnote 8)
- More accurate measurement of incremental performance. Increasing marketing performance is the top driver of analytics adoption, but many CI pros rely on shaky numbers to know if they are accomplishing that task. Only leaders regularly hit that mark with high confidence in their metrics by accurately measuring performance across channels and return on marketing investments. This allows analytics leaders to focus on building solid recommendations rather than hedging rickety approaches.
- Diverse measurement approaches try to uncover the drivers of a customer action. Most legacy measurement methods rely on last- or first-touch credit, or rules-based attribution approaches to determine the value of each interaction (see Figure 2). Each approach oversimplifies a consumer's purchase path and decision-making process. Forrester views attribution as the current standard of campaign measurement; it gives marketers a clear understanding of how their campaigns and channels are performing. We define 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.
- Allocates appropriate credit to each marketing interaction. What if you knew the real value resulting from your search or display ads? Or whether serving up a dynamic banner ad and sending an email with a personalized URL drove more conversions than a direct mail offer and email campaign? Attribution measures the relative impact of each potential interaction a brand has with a customer, and it assigns the appropriate value to each marketing interaction that leads to a desired customer action. As a result, CI pros can determine how much an email is truly worth or how much value a display ad really generates. Calculates more accurate customer valuation metrics. Twenty-nine percent of CI pros use attribution to recalculate customer-based metrics — including customer value and customer profitability — resulting in more accurate customer metrics. (see endnote 7) One retail marketer told us, "By understanding the true cost of my marketing efforts, I can fine-tune my customer value metrics and understand who is more profitable." Empowers marketers to spend more wisely. Over 90% of CI pros and marketers use attribution to better allocate marketing dollars to ensure future marketing effort. (see endnote 5) CMOs are demanding that their teams stretch the existing media and marketing budgets while still meeting their acquisition and retention goals. By understanding how an actual channel, campaign, or marketing tactic performs, you can spend more of your budget on tactics that are working — and divest yourself of tactics that are failing. Allocates appropriate credit to each marketing interaction. What if you knew the real value resulting from your search or display ads? Or whether serving up a dynamic banner ad and sending an email with a personalized URL drove more conversions than a direct mail offer and email campaign? Attribution measures the relative impact of each potential interaction a brand has with a customer, and it assigns the appropriate value to each marketing interaction that leads to a desired customer action. As a result, CI pros can determine how much an email is truly worth or how much value a display ad really generates. Calculates more accurate customer valuation metrics. Twenty-nine percent of CI pros use attribution to recalculate customer-based metrics — including customer value and customer profitability — resulting in more accurate customer metrics. (see endnote 7) One retail marketer told us, "By understanding the true cost of my marketing efforts, I can fine-tune my customer value metrics and understand who is more profitable." Empowers marketers to spend more wisely. Over 90% of CI pros and marketers use attribution to better allocate marketing dollars to ensure future marketing effort. (see endnote 5) CMOs are demanding that their teams stretch the existing media and marketing budgets while still meeting their acquisition and retention goals. By understanding how an actual channel, campaign, or marketing tactic performs, you can spend more of your budget on tactics that are working — and divest yourself of tactics that are failing.
- Cross-channel attribution is high on the wish list of many marketers and CI pros, but it's challenging to implement. To help manage and deploy their attribution strategies, many firms turn to external vendors. The reference customers that we surveyed: Leverage agencies and vendors to help manage attribution efforts. Thirty-five percent of respondent companies now manage their attribution strategy with internal teams supported by external agencies or consultancies (see Figure 3). Since our previous survey in 2012, firms have reduced the amount of support they request from their attribution vendors' professional services teams — either alone or in partnership with an agency. Why? Attribution vendors want to focus on providing advanced measurement tools, which is often at odds with the in-depth strategic services marketers need help with. As a result, marketers lean more on marketing consultants and agencies.
- The Forrester Wave is Forrester's evaluation of vendors in a software, hardware, or services market, written for the role professionals we serve. In our Forrester Wave reports and spreadsheets, we expose both the criteria that we use to grade the vendor offerings and how we score and weight those criteria. Clients are encouraged to modify the weightings in the spreadsheet to create custom vendor shortlists that best meet their specific needs. Forrester Wave evaluations are driven by our analysis of data collected from the marketplace and the experience of our analysts. This document is your guide to understanding how we create a Forrester Wave report; it outlines the methodology that our analysts use to produce great Forrester Wave research.
- During the recent Forrester Wave™ evaluation of cross-channel attribution service providers, we surveyed 71 reference customers to learn about their relationships with and perceptions of these vendors (see Figure 1). Customer insights professionals and marketing leaders we surveyed: Represent a range of industries. Effective cross-channel attribution requires access to a wide range and depth of data. As a result, most attribution customers we surveyed are from companies in the categories of financial services (21%), retail and wholesale (19%), and media and entertainment (14%). These industries have sufficient access to rich, cross-platform data, customer insights, and affinity data to embrace a more advanced attribution measurement approach. Vary in size of organization. Of the clients who responded, 69% work at companies with more than 1,000 employees. A significant portion of the respondents are from very large enterprises; 34% of respondents work at companies with more than 20,000 employees, and 35% earn over $1 billion in revenue. (see endnote 1) Primarily market to consumers. Fifty-nine percent of respondent companies market solely or primarily to consumers, while 31% split their efforts between consumers and businesses. Only 10% are solely or primarily business-to-business (B2B). Forrester finds that business-to-consumer (B2C) companies with robust customer and marketing data have a higher adoption of advanced attributionthan B2B firms, as B2B marketing encompasses the complexity of longer sales cycles, active sales forces, and influencer dynamics. (see endnote 2) Balance direct response and branding objectives. Firms have made a significant shift in focus in the past two years from primarily direct response (47% in 2012) to a mix between direct response and branding objectives (63% in 2014) (see Figure 2). While understanding the value of the channel that resulted in a conversion is still very important, firms are now also looking to discern the brand impact of their marketing activity. Visual IQ, an attribution measurement vendor, indicated more interest from brand-based marketers wanting to measure the impact of marketing on brand awareness and brand value.
- Most important factors when selecting an attribution provider Thought leadership and measurement depth. Fifty-one percent of customers list thought leadership as one of the three most important factors when selecting an attribution provider (see Figure 11). In addition, one quarter of respondents state that measurement depth is critical — specifically measuring across a wide range of channels and generating deep customer insights. Vendors that support the proliferating breadth of channels and the high demand for actionable insights with updates to their tools ascend to the position of thought leader.
- A flexible and intuitive attribution interface. A client-friendly attribution interface enables customers to easily understand and use a product's metrics, data, reports, and analysis. Thirty-eight percent of respondents indicate that usability is one of their three most important criteria for vendor selection (see Figure 12). The next most important area for improvement is scenario planning — "what-if" — capabilities within the attribution interface. As vendors devise new opportunities and standards for measurement, they must ensure that users can get what they need — quickly and easily.
- Note: Tone is not to be afraid of attribution. Case study is needed Begin with an end goal in mind. Take stock of your key strategic objectives and outline how you will use attribution to achieve them. For example, you may want to use attribution to reallocate marketing budgets, gain marketing efficiency and effectiveness, or understand the customer purchase path. Once the strategic goal is set, determine how you will develop an attribution solution and what the potential impact of your attribution measurement strategy will be. Figure out what you have — and what you don't. The resources leading the attribution project must identify what data, analysis, resources, and technology you have — and what their current limitations are. From that point, you can determine if attribution is even possible. Calculate the potential ROI of attribution. Before undertaking the attribution project, calculate the anticipated ROI. Regardless of whether you conduct attribution in-house or engage with a vendor, you must calculate the potential project costs, the marketing efficiencies you will gain, and how effective marketing will be as a result of the project. Develop a case study-this goes hand in hand with the previous suggestion. To mitigate the worry of executives, present relevent case studies that showcase the tangiable value of attribution measurement. A case study can come in the form of a cost benefit/ROI analysis, or industry examples. Make sure the case study shows the examples of the benefits and cost of attribution—but more importantly the risks associated with not embracing a more advanced measurement approach. Finally, Start with advanced attribution measurement on digital channels first. Why? Digital channels are easier to connect and track. Successful firms tell us they measure display and search first then slowly integrate across digital channels.
- Sound Bite: Build.com, a top 100 online retailer, is using Birst for marketing analytics and customer behavior analytics. By understanding customer profiles and life time value, Build.com is able to focus on the high value customers and personalize offers to them. This has decreased the number of marketing touch points ($), allowing them to reach the right segments faster. For example, by targeting the right customer segment, rather than to a randomly selected list, Build.com was able to gain a 75% to 80% lift in catalog revenue. Roles: Marketing, product and sales teams Use Case: Customer analytics / marketing analytics / sales analytics Data Sources: Omniture / Google Analytics / Microsoft SQL Server Value: Gained a 75% to 80% lift in catalog revenue, increasing customer lifetime value and decreasing cost per acquisition Full Story: Build.com, a top 100 online retailer, competes with the likes of Home Depot in the home improvement retailer market. With heavy focus on marketing analytics and customer behavioral analytics such as browsing behavior, customer interactions with different product categories & web properties as well as social interactions, Build was getting information about their customers across 6 different sites that make up build.com. While web data was stored in Omniture and Google Analytics, Sales data was recorded in a back office ERP system (SQL Server). To drive growth thru acquisition – Build.com wanted to understand customer life time value for customers, differentiating one time shoppers like home-owners from lifelong customers such as general contractors. Using Birst, Build is looking at marketing more strategically. They don’t just want to acquire customers. They want to acquire the right customers. They know that net new customer acquisition costs a lot of money, so they rather lose low value customers to competition and focus on customers that will be worth more over their entire lifetime. Using Birst, Build.com combines web and campaign data with sales data, recommending marketing campaigns and merchandising offers that bring the highest ROI. Using Birst, they also identify which products are popular/movie fast, enabling more sales through on-the-fly pricing adjustments and marketing strategy changes. By personalizing offers, Build is able to decrease the number of touch points and target customer segments that result in increased customer lifetime value and decreased customer acquisition cost. For example, by targeting the right customer segment, rather than to a randomly selected list, Build.com was able to gain a 75% to 80% lift in catalog revenue. Using Birst, Build have also build an attribution model, where they can understand how all the marketing touch-points fit together and which dollars are working the hardest. This helps them build more personalize offers, serving the right products to the right people – to ultimately decrease the number of touch points in the path to purchase. Build picked Birst because of its easy to access nature (cloud & mobile) and also the ease of implementation, data unification (from multiple sources) & adapting to highly dynamic / changing data.
- What you need to do? You need to bring all your customer data together into a trusted, secure and single source – data about your products, orders, revenue maybe in SAP / NetSuite / Legacy data warehouses, data on how the campaigns you ran to turn them into customers is in Marketo, Eloqua, Salesforce and the social and & clickstream data and ways they found out about you comes from Google Analytics / Omniture. You also need to think about the users involved and provide information that is in context of their role. E.g. Sales, Services, Field Marketing, etc. And lastly you need to do this fast, at speed, without a heavy and cumbersome IT project.
- So… let’s jump into a demo and see Birst in action
- Before we take questions – lets close by a couple of great analyst proof points. The chart on the left shows the results of work done by Garner Group in a survey of business intelligence customers in Q3 of 2014 across all of the leading industry players. As you can see, Birst customers are extremely happy with their choice, with 0% of surveyed customers reporting a negative review of Birst. On the right, this December 2014 survey of business intelligence “full stack” customers by Trust Radius again showed that Birst ranked highest of all mainstream solutions. (Note to presenter: The reason that Tableau was not mentioned in the chart on the right was that they were not considered a “full stack” solution by the analyst firm of Trust Radius.)