Hereâ€™s a tale of your average DVD-buying consumer:
Sheâ€™s a fan â€“ with a longstanding love affair with Harry Potter (sorry, have to pick on someone today. Guess thatâ€™s you, Warner Brothers!). You know this because sheâ€™s a Facebook fan (nearly 43 million of â€˜em and counting); sheâ€™s clicked-through to the Harry Potter website thanks to a paid keyword search; and, once there, she registers on the site, opening the door to targeted email after targeted email.
And, then she does it â€“ what you want her to do, that is. She purchases the DVD. Hooray! Your marketing efforts paid off! Or, did they? Trouble is, in todayâ€™s concept of marketing attribution, marketers are hard-pressed to understand the sway and significance of each marketing message on the ultimate goal â€“ a transaction.
Recent market research by Forrester found that with online marketing budgets growing the need for tools to understand the complex interplay and attribution of mobile, social media, online ads, search and web visits was a high priority for most marketers.
The complexity of todayâ€™s customer journey is a story of Big Data Analytics when viewed through the eyes of a marketer. Understanding Attribution means understanding multi-structured data, in big volumes and being able to use sophisticated algorithms to find key metrics for data driven decisions.
Consider this nugget from Teradata Aster, the Big Data Analytics company. They recently shared customer stories for their digital marketing attribution solution. Leading brands such as Barnes & Noble, Gilt Groupe, Insight Express and Razorfish shared their experiences using Asterâ€™s Attribution solution:
â€¢ “It is well-recognized that Barnes & Noble has made a profound transformation from being a physical seller of books to a digital technology company. A key component of that is the ability we have gained to leverage ‘big data’ to derive consumer insights that are deployed multi-channel,” said Marc Parrish, vice president of Retention and Loyalty Marketing, Barnes & Noble. “Our customers benefit from our ability to personalize their interactions. We know them, and it shows.” Parrish also stated that “This shift to multi-touch marketing optimization is changing the vendor landscape. Teradata Aster is clearly a leader in moving the industry from the old world of analytic sampling, to the new big data world of complex, multi-factorial customer intelligence.”
Teradata Aster has published a white paper that looks at these challenges and offers some perspectives on how to solve themâ€¦ take a look by clickingÂ here!
I had the opportunity to speak at the Hollywood IT Summit on Friday. There were probably 300+ people in attendance and I had the good fortune of discussing how Second Screen might impacting their enterprise IT worlds (esp. for those who were working for major entertainment studios/networks).