Did you know that 25% of marketing tactics have no impact?* This means that you could be wasting up to a quarter of your marketing spend—draining your budget without getting your money’s worth.”
To improve your results, you need to know—specifically—what influences your customers to take action. Which combination of ads, in-store experience, social media, reviews, email, and other tactics motivate a buyer to visit your site, request a quote or plunk down their credit card.
When you can see the tactics that produce results, you can spend your budget more wisely, trimming low-performing tactics and reallocating those funds to things that work. The only way to unpack this tangled path-to-purchase is by looking at person- or household-level data in the most granular way possible.
There are six significant benefits of granular data:
- Granular data shows you how to optimize within channels
- Granular data helps reduce errors
- Granular data lets you move faster
- Granular data lets you predict more accurately
- Granular data reveals impact
- Granular data helps you avoid ad fraud
To take advantage of the possibilities of granular data, you must use the right measurement approach. Marketers should choose the model that matches the cadence and granularity they need.
Multi-touch attribution uses user-level data from across media channels to assign credit to the marketing touchpoints and dimensions according to their influence on driving a conversion (or any other key performance indicator).
Algorithmic attribution uses machine-learning to calculate and assign credit for a given success metric to marketing touchpoints and dimensions (campaign, placement, publisher, creative, offer) along the consumer journey, as well as to predict the outcome of future spending.
* We analyzed 109 anonymized client data sets made up of $2.8 billion in media spend and over 256 billion impressions over a 6-month period (from January 1 to June 30, 2018).
Source: Hall, G. (2019, July 24). How Granular Marketing Data Saves Your Budget. Nielsen. If link doesn’t work please copy url into your browser – https://www.visualiq.com/resource-center/newsletter/granular-marketing-data-saves-budget
Editor’s Note: Their research promotes the critical value of granularity.