In recent years, marketing has changed. The demands on advertisers are high, since customers expect a seamless brand experiences with personalized messages and innovative content. At the same time, advertising budgets must be met and measures planned according to reach consumers across multiple channels and devices.
With this in mind, the American Marketing Association (AMA) published an article highlighting the seven biggest issues in marketing. Their solution requires a holistic approach and deep understanding on a granular level.
We have summarized these issues in our blog post and show best practices on how advertisers can use marketing attribution to address these challenges.
PROBLEM #1: REACHING THE RIGHT TARGET AUDIENCE
Over time, marketers have added new data, tactics and technologies to their portfolios. There are more ways than ever to get in touch with the user through digital advertising. But this also increases the demands on marketers to reach the right target audience at the right time and with the right medium.
Solution: In order to achieve maximum effectiveness with their marketing measures, advertisers need a platform that combines audience data with the results of marketing attribution. This gives marketers insights into which channels and measures influence a specific target group at what time and to what extent. Advertisers can not only optimize the customer experience for their clients, but also optimize their advertising budget within and across different channels to drive conversions, brand engagement and sales.
PROBLEM #2: REDEFINING MARKETING STRUCTURES
The importance of marketing within a company is constantly changing. Whereas in the past it was primarily a question of giving the brand a voice, today the focus is on generating leads and thus on generating revenue and ROI. Marketing executives are wondering how to best structure their teams and how to build internal and external relationships to meet these high demands.
Solution: Because consumers expect seamless experiences across multiple channels and devices, individual silos within the marketing team need to be lifted. Each team member needs insight into the customer's entire customer journey to learn from it and align actions accordingly. Marketing Attribution provides cross-channel insights into the performance of advertising campaigns and enables isolated teams to share the data and collaborate.
PROBLEM #3: DIGITALIZATION
New technologies, the Internet of Things and the increased use of smartphones have fundamentally changed the way we live and work. According to AMA, this transformation is changing the entire organization, not just the way we communicate with customers. Structures, processes and workflows are changing as a result of digitalization.
Solution: New times require new measures. Today's digital marketers require a multi-touch attribution that accurately measures at what time, with what device and in what environment a user came into contact with an ad. Every touchpoint is measured. With this fine understanding of the customer journey, as well as a clear strategy, consumers can be reached across channels and devices.
Read more: Challenges in digital Marketing
PROBLEM #4: GENERATING ACTIONABLE INSIGHTS
By using new methods, more data sets can be captured today than ever before. But the flood of information is only helpful if it can also be used meaningfully for your business purposes. The database usually grows faster than the knowledge that can be drawn from the data.
Solution: With Marketing Attribution, advertisers can use the data gained to measure marketing effectiveness at a granular level. However, it is important not to lose sight of the objective. Just because you can measure something doesn't mean you have to measure it. Otherwise, advertisers can quickly get lost within the KPI chaos and lose track of really relevant metrics.
Read more: 4 steps to tidying up thr KPI chaos
PROBLEM #5: LINKING THE ONLINE AND OFFLINE WORLDS
The spread of new channels and devices has simultaneously created a complex environment but also new opportunities for digital marketing. Consumers have taken it for granted to shop both online and offline. This shift creates gaps between channels that make it difficult for marketers to understand their customers' buying behavior and connect the two worlds. But it is precisely this connection that is important in order to map a holistic customer journey and reach customers in a targeted manner.
Solution: Linking online and offline data is the basis for gaining a clear picture of customers. Advertisers need an all-round view of their clients in order to reach the right target group with the right message in the right place at the right time.
PROBLEM #6: MAINTAINING COMPETITIVENESS IN A DYNAMIC GLOBAL MARKETPLACE
As a result of digital change, consumers and competitors are online around the clock. This also increases the speed of developments and increases the demand on marketers to stay up-to-date with new technologies and measures.
Solution: In order to quickly identify changes in the market, marketing specialists must respond promptly to a consumer's touchpoints with the brand. By using a dynamic data-driven attribution model, which learns daily based on new data sets, marketers can access current data and do not have to rely on outdated analysis techniques. This can reduce response times and enables rapid adjustments, which in turn have a significant impact on the efficiency of marketing measures and long-term growth.
Read more: Data-driven Attribution
PROBLEM #7: BALANCE BETWEEN INCREMENTAL AND RADICAL INNIVATION
Companies are faced with the difficult task of effectively marketing themselves in the present and preparing for the future at the same time. For the development of new innovations, different networks, channels and financial models have to be considered. In addition, external factors that influence the decision making process are always taken into account. Accordingly, advertisers must strike a balance so that necessary innovations of the present go hand in hand with technologies, business models and customer experiences.
Solution: In the future, real-time measures will play an increasingly important role. Real-time marketing attribution data gives marketers the information they need to optimize at the right time and with the right frequency. This is of enormous importance because tomorrow's successful brands are those that learn from their data today.
Read more: How important are real-time analyses?