While advertisers seek to have a 360° view of their audiences, considering efforts across traditional media, social, events, etc., the authors contend that we do not yet have identity that stretches across all devices and online to offline mappings. Therefore, we must use hybrid data models, combining market mix models with multi-touch attribution to achieve real time updates, targeting the right person at the right time.
The authors give examples through three cases studies - two retail and one CPG:
- In the first case, the retailer needed to activate quickly and found that sales were maximized through online video.
- In the second case study, a CPG company had no visibility to its final retail customers. It conducted an analysis that identified weather profiles that required optimization and dynamic creative to address the daily profile. By addressing creative to the weather profile, this CPG company raised ROI by 30%.
- In the third case study, a retailer found that different customers shopped at different seasons. By combining market mix techniques with multi touch granular data, the retailer was able to deliver different ads to different customers at different times of the year. This raised advertising ROI by 26%
Three takeaways summarized the implications:
- While a full customer view is a marketer’s dream, the data isn’t there yet
- There is no consistency across businesses
- The industry must create solutions that can adapt to continuously evolve