About the Book
There are many reasons why this book will be beneficial for business owners and marketing managers, regardless of the nature of their business. Every business has sales objectives and marketing goals, which could include:
- You want to sell X products this month and can’t continue to invest Y advertising dollars per unit sold.
- You want to know which channel, media, and message is most efficient at helping you sell your products.
- You need better reporting KPIs to spot changes in consumer response rates.
- You want to increase customer loyalty and lifetime revenue through more targeted customer outreach.
- You need a trusted third-party to validate the data from your marketing agency reports.
To create a more effective advertising strategy you must:
- Document all advertising investments, agency partners, and the methods by which campaign data and results are presented.
- Confirm that you are collecting and have access to your marketing data for proper analysis with analytic tools and sales attribution consultants.
- Measure the right things: you may be looking at report KPIs that are not actionable.
- Differentiate KPIs based on the type of marketing campaign. For example, differentiate performance metrics on brand awareness vs ready-to-buy campaigns.
- Continually test and optimize marketing campaigns based on actionable KPIs.
- Pick the right set of tools to facilitate the analysis and insights generated from your marketing data.
- Make sure your messaging, customer experience, and merchandising are not getting in the way of your success.
This book will show you how to build a strong foundation for marketing campaign measurement and sales attribution models. This information will build the required confidence to create a practical set of metrics to determine your ROAS.
What’s in It for Me (WIIFM)
In thinking through this topic, my colleague Eric LaPointe described several key reasons people care about attribution. These reasons fall into two main categories: business-oriented motivators and self-oriented motivators. In a perfect world, these are aligned. In the real world it’s necessary to acknowledge that at times, people do things that are self-motivated, perhaps overriding the motivation their employer would rather see.
- Elimination of Waste
- Efficient investment in marketing channels
- Accurate depiction of ROI for discrete channels and efforts
Justification – There are people, agencies, and marketing channels with a vested interest in being able to take more credit or demonstrate greater ROI than they do today.
With the right processes and technology in place, followed by proper analysis, business leaders can generate significant insights and benefits to their business which include identifying:
- Active marketing channels that are providing little value to achieving the sales objectives of the business. This will allow the business to direct funds to more effective channels.
- Active marketing channels that were thought to be of little value which play a large role in generating conversions or sales. There will likely be marketing channels which provide more “assisted conversions” than the business had previously known.
- BOT traffic that could be stealing as much as 20% of online advertising dollars.
- Waste in advertising campaigns generated by poor campaign structures, slow website technology, improper targeting, and incomplete conversion tracking.
- The online “pain points” in a current sales process that create friction with consumers, reduces conversions, and negatively impacts ROAS.
- The proper media mix and the levers that can be pulled to achieve the sales objectives for the business. Proper modeling can help business owners know what their Next Best Investment (NBI).
This book will also cover effective (measurable) strategies to connect more often with prospects and customers and how to include advertising engagement data in an attribution model. This will include:
- Moving beyond measuring visitors to People based marketing. Understanding how to create a persistent ID for your customers to create a personalized shopping experience.
- Engaging consumers across all the devices that they own, not just the one device that connected with an advertisement. Better targeting, allows business owners to present a relevant message, at the right time, on any device a consumer owns.
- Reaching consumers who are near a local business or in a geo-area that the business wants to target, also known as Local Based Advertising (LBA).
In this book, I will share stories and case studies from many industries, but there are a higher percentage from the auto industry. I have deep experience with automotive marketing, but that is not the reason why there are an abundance of automotive stories. Franchise auto dealers are excellent businesses to model and understand.
Auto dealers advertise consistently each month to reach a local audience of consumers. Franchise dealers are using multiple advertising channels to reach those consumers and they are also active members of the community. This description fits so many small to medium-sized businesses, who have managers that can learn from this industry.
Two Parts to My Story: Managers and Practitioners
This book is divided into two parts. The first part (150 pages) is designed for all business and marketing professionals who seek to learn about improving marketing outcomes. I will build the case why marketing metrics, tracking, and reporting needs to evolve and accommodate cross-device, multi-touch attribution models.
The second part is for Practitioners that want to get into the nitty gritty of marketing analytics and attribution. Business owners and managers are invited to enjoy all the content contained in this book but be forewarned that there are some technical details that might be best skimmed, if you are not part of an implementation team.