It’s no secret. Marketers dream of connecting all of their campaign and transaction data together. And they would give up their coveted spot at the company holiday party to understand which platforms and channels are delivering the most value.
But it’s easier said than done (you wouldn’t be reading this if it wasn’t).
According to the 2014 Marketing Analytics Report, the #1 benefit marketers expect from marketing analytics is an understanding of which platforms and channels deliver the most ROI, and their top operational objective is to combine data from multiple sources to draw correlations and insight.
So how can marketers turn these objectives into reality?
Connect data together
Marketers can’t effectively measure ROI without a way to connect their data together.
In order to understand how marketers can connect their data together, let’s look at an example of a retail company and how they approached their data fragmentation challenge.
Prior to implementing a solution, the retailer could only connect banner ads to purchases if the purchase happened in the same session as the click. The ads were working – just not instantly with every consumer, so it was difficult for the retail company to measure which messages, channels, and frequencies were driving sales, and they had no way to connect brick-and-mortar sales back to their banner ads.
To address this challenge, the retailer decided to invest in a connectivity solution that enables closed-loop measurement.
Closed-loop measurement is all about connecting campaign exposure data in any given marketing channel to purchase data so you can optimize spend.
Knowing that consumers who saw offer X were 30% more likely to purchase a product than consumers who saw offer Y is a critical input to any program planner.
But siloed data makes this simple connection prohibitively difficult.
How LiveRamp Customer Link helps
Connecting campaign data to your purchase data lets you tie all those expensive exposures to a tangible impact, like purchases, even if the transaction happened offline.
By linking campaign exposures to transactions everywhere they take place – in-store, through call centers, at branch offices, or online – you’re able to close the most crucial of feedback loops.
All of a sudden, marketing’s impact on the bottom line doesn’t seem so fuzzy anymore.
Now marketers can close the loop
Let’s take a look at our retail company again after they started using Customer Link to connect their data together for closed-loop measurement.
The company can now credit the campaign even if consumers who are exposed to it go on to purchase a product weeks after the initial exposure in a brick and mortar location.
Loop closed; campaign credited; budget impact increased.