68% Data is Wrong: Marketing Sources Mean Reduced Blindspots
As one of our closest data partners asks: what if you walked into your CEO’s office and told her that 68% of your data was wrong? Chances are, the conversation isn’t going to go well. That exact statistic is the possible gap digital marketers face when trying to accurately track data online. This metrics case study reminds us that customers can opt-out of cookie tracking, device switching can create misleading data, and a wide variety of variables, from faulty pixels to conflicting IP addresses and outdated operating systems, can interfere with the accurate tracking of your customer.
While attribution modeling can’t entirely eliminate that 69% of data “pollution”, it can dramatically reduce the number. The key to successfully understanding omni-channel marketing behavior is linking a variety of data sources together. If you are new to this process, it may seem a little daunting or overwhelming.
To get started, follow these four simple steps (and don’t forget that we’re here to help set up a sustainable analytics program whenever you’re ready).
1. Start with digital tools: The easiest tools to implement are online tracking software. Whether you go with “freemium” models such as Google Analytics or more robust options such as Adobe Analytics, they provide the foundation for your attribution model and eventual testing framework. Create a benchmark for your target KPIs such as page views, conversions, or online revenue and use that baseline to inform your spend changes and testing variations.
2. Link your CPM program: Next, you need to connect your customer engagement activities into your baseline. Platforms such as StrongMail and SalesForce connect seamlessly to most web analytics tools, making your life a lot easier. Once you link anonymous website activity to actual customer and prospect accounts, you can begin to understand how customers are moving in and out of the marketing funnel.
3. Supplement with social: Most social media platforms offer some version of data tracking and bigger analytics platforms, such as AdobeSocial, are made to connect directly to your other data repositories. The return on investment for social media can be difficult to track, so mapping your social spend against your web baseline will help you understand what impact you’re driving.
4. Offline metrics: Offline behavior is often one of the hardest channels to track because it requires manual input. To work around this, consider using an offering trigger at the point of sale that is specific to your offline marketing efforts so you can begin measuring these results. For example, consider a different promo code for your radio ads, print campaigns, and in-store purchases.
And those four steps are just to begin collecting the data you need to begin analyzing and creating an attribution model. In other words, teamwork is key. Realize that many departments will likely need to work together to get an accurate understanding of how all your channels are performing. This can feel counterintuitive in some organizations where work is highly soloed; but if you can drive a collaborative mindset, you can save money across your entire organization and revolutionize your marketing strategy.