On February 1st Zeta will be conducting a webinar with The Relevancy Group: The Future of Relevance – And It’s Impact on Attribution Trends. We took a moment to sit down with TRG’s CEO & Founder, David Daniels, to learn a little more about this latest survey, the marketer responses and how he sees the market looking in 2017.
Q: Can you explain the difference between Identity Management and People-Based Marketing? What’s more important? Should marketers do both? Why?
DD: They are two separate things, interconnected, with one enabling the other. Identity Management is the act of linking anonymous data with known data, which can include customer offline data, CRM data or even just an email address. The unknown part can be something like a web site or advertising cookie and/or mobile device information. There are different Identity Methods probabilistic and deterministic which offer different levels of accuracy and often guided by the organization’s privacy policies.
Once that linkage of anonymous and known data is completed, then the act of People-Based Marketing can occur. For example, on Facebook a marketer can upload their list and utilizing Facebook’s Identity Management – or matching, you can target subscribers there, or potentially find audiences that are look-alikes?. People-Based Marketing allows the marketer and/or advertiser to target an individual with great accuracy. One useful purpose and example is to stop targeting individuals with a display ad to purchase a product that they just purchased. Identity Management and People-Based Marketing empowers such efficiencies.
Q: Machine learning seems to be one of the hot topics for 2017, what do you see as the growth for this area and why is it so important for marketers to incorporate into their programs?
DD: In a Relevancy Group executive survey we found that 38% of marketers were already utilizing machine driven Martech and another 33% stated that they plan to implement it in 2017. I have interviewed a number of marketers utilizing machine learning technologies, specifically personalization recommendation technologies. Those marketers told me that they experience improved performance and did so with fewer marketing analysts. This seems like a good combination – better with fewer resources. I caution that it should not be a panacea as it is only as good as the data and knowledge that a marketer has on their clients and the machine’s ability to leverage that expertise.
Q: How important are cross-channel attribution solutions for enterprise level marketers vs. mid-market? Should smaller marketing organizations also be considering it?
DD: Regardless of company size, if an organization is marketing across channels – or in multiple channels, i.e. social, mobile, email; attribution is necessary to determine the effectiveness of each channel. In the past, when customer touch points were mostly relegated to web, radio, TV, print, and direct mail, the data was relatively loose, and certainly siloed – marketers had a difficult time determining the impact of campaigns in concert with each other and faced a real challenge tying campaigns to direct sales. As digital channels matured and response data became more reliable and readily available, marketers found themselves able to close the loop on sales through the final click, but still couldn’t easily measure the impact of each touchpoint’s impact on conversion. Today, as consumers interact with brands across increasingly numerous online and offline channels, it has become even more critical for brands to measure the impact of each and every touch in the customer journey in order to effectively allocate resources to drive maximum return on investment/ad spend.
Q: First click, last click, any click…what’s the right “click” measurement in 2017? And, does it vary by industry?
DD: Well that it is a very complex question and the answer is a long one. Tune into our webinar where will go into this in great detail. Largely it does depend by industry, but we are advocating a more sophisticated method than last click, such as diverse methods that incorporate testing.
Q: What is/are the most surprising finding(s) you’ve seen in the Attribution survey and how do you think it/they will define the trends we will see in 2017?
DD: It is the adoption, I believe it is much lower than it should be, more than half of marketers really don’t know what is ultimately driving sales. Forty-three percent of respondents to The Relevancy Group’s Executive Marketer Survey reported utilizing a cross channel attribution solution to measure the relative impacts of each customer touch point on final conversion and 22% stated they never plan to implement it. It is a necessary part of marketing to determine which channels are driving sales. People-Based Marketing will accelerate the adoption of attribution in 2017.
Want to learn more? Register for the webinar on February 1 at 1:00 p.m. EST