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Mastering the channel war: take control of your marketing results

Mastering the channel war: take control of your marketing results

In the ever-evolving world of marketing, there’s a constant battle for the attention of consumers. Marketers are bombarded with advice on which channels to invest in, with each platform claiming to be the ultimate solution for driving results. The truth, however, lies in a more complex reality.

ARTICLE

Mastering the channel war: take control of your marketing results

In the ever-evolving world of marketing, there’s a constant battle for the attention of consumers. Marketers are bombarded with advice on which channels to invest in, with each platform claiming to be the ultimate solution for driving results. The truth, however, lies in a more complex reality.

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What marketing activities are generating sales?

As marketers we know how challenging it can be to determine which channels drive successful outcomes. It’s not easy to measure the impact of all marketing activities with different attribution models, siloed data , manual work and reactive reporting instead of being proactive. How can we find the truth more easily?

The importance of streamlined data

Before we deepdive into attribution, we need to address some fundamental challenges that hinder our ability to gain control over marketing results. Let’s examine three specific challenges that have a significant impact on our ability to achieve desired marketing outcomes.
Fragmented data sources

The abundance of data is not a new phenomenon, yet the challenge lies in the speed and scattered nature of its availability. With data being generated and stored in numerous locations, it becomes increasingly difficult to track, access, and harness it effectively. The existence of data silos, where information from various sources remains isolated, presents a significant obstacle. As a result, valuable insights are dispersed across multiple platforms, leading to a fragmented understanding of the performance of our paid media, organic efforts, CRM, and marketing automation. This fragmented view hampers our ability to assess the effectiveness of these channels and strategies in a cohesive and holistic manner.

Manual reporting and analysis

Additionally, the dependence on manual tasks involving Excel and CSV files for reporting introduces further complexity. The process of collecting data from diverse sources, formatting it, and creating reports manually, not only consumes valuable time but also raises the likelihood of errors and inconsistencies. This manual approach restricts our capacity to concentrate on strategic analysis and optimization, impeding our advancement in achieving comprehensive and impactful results.

Lack of real-time insights

Operating with reactive analysis instead of a proactive approach further exacerbates the challenge. Without real-time results and insights, we’re left with limited visibility into the performance of our marketing efforts. Relying on lagging indicators and historical data makes it challenging to make timely adjustments and optimize campaigns on the fly.

Leverage marketing mixed modeling to identify the key drivers of marketing effectiveness

Once you have all your data in one place with a marketing data platform like Funnel and you have created a real-time dashboard, you will have a competitive edge in what truly drives effect. Only then will marketing mix modeling (MMM) emerge as a powerful solution. MMM is a statistical analysis technique that estimates the impact of marketing activities on sales. By leveraging MMM, companies can measure and predict the influence of their marketing efforts on KPI’s, allowing for more informed decision-making and strategic planning.

The beauty of MMM lies in its ability to provide a comprehensive view of marketing performance. It considers various internal and external factors that affect marketing outcomes, such as different marketing tactics, calendar-based variables, external effects, and internal changes. By analyzing these variables, MMM uncovers the contributions of each element to changes in performance, whether it’s incremental sales or improvements in brand perception.

MMM operates on a macro level, taking into account the broader marketing ecosystem. It transcends the limitations of individual channels and provides a bird’s eye view of the overall marketing strategy. With MMM, marketing managers and CMOs can identify the most valuable levers to pull at different times, optimizing their marketing mix and allocating resources effectively.

Implementing MMM comes with numerous advantages. It offers a wider perspective on marketing performance, allowing marketers to assess the efficiency of different tactics and media channels. ROI analysis becomes more precise, enabling businesses to make data-driven decisions regarding their marketing investments. Additionally, forecasting becomes more reliable, aiding in the planning of future marketing budgets and spending. MMM can even help organizations analyze the impact of pricing changes and make informed decisions about market positioning.

Conclusion

With streamlined data and marketing mixed modeling, you will have advanced analytics techniques to identify the key drivers of overall marketing performance. By considering various internal and external factors, such as different marketing tactics, calendar-based variables, external effects, and internal changes, MMM enables marketers to gain a comprehensive view of their marketing efforts.

With MMM, marketing managers and CMOs can uncover the contributions of each marketing element to changes in performance, enabling them to make informed decisions and optimize their strategies. This holistic approach transcends the limitations of individual channels, allowing for a more integrated and effective marketing approach. By leveraging the insights provided by MMM, marketers can identify the most valuable levers to pull at different times, maximizing the impact of their marketing efforts.

Hope this article helps you in the mysteries of attribution and provides ideas on how to approach it!

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