Archive for March, 2013
The article below offers a solid attribution overview. James asks a great question here 1) to highlight that, yes, we can and do measure and predict attribution 2) to show blindly applying a model can give you a harmful answer 3) because its so important to understand the mind of the consumer and their experience with your communications. My answer: balance data availability, context and decision integration and any of them could be very useful to you. We do versions of funnel all the time and combine with other kinds of models including media mix to get a great bearing on the a productive answer.
James outlines three levels of attribution:
- Full Funnel
- Post-Click or Last-Click
- Post View
- Equal Attribution
- Fractional Attribution
One I would add which is also quite valuable would be Integrated Attribution. Shoot me an email if you want to know more about this option. It puts attribution in context of a Media Mix model and above the line communications activities.
Connect with your customers. This article extends a theme that has become even more important as we need to prioritize Big Data efforts. Three “missed” opportunities are detailed in the article by TMCnet (http://buff.ly/ZfYllU). These opportunities include 1) connecting with customers immediately, 2) providing customized opportunities and 3) assertively creating new data. These are areas almost all companies should leverage more.
AbsolutData: Missed Opportunities in Big Data CRM
March 20, 2013
Three Big Data Opportunities Your CRM System is Missing
Social media and the Internet deliver data that offers added understanding to engage one another in real time, leading to richer emotional connections with customers. Although many customer relationship management practices involve mining big data, most regularly overlook powerful opportunities that can improve customer relationships and loyalty, and increase revenue.
The three most overlooked opportunities in big data CRM stem from lack of interaction on three different levels:
1. Connecting with Customers Immediately
Social media allows brands to see what customers are talking about in real-time. Consequently, one of the biggest missed opportunities in CRM comes from brands’ inability to act simultaneously with customers. Many companies are managed so tightly, they can’t respond fast enough.
Providing a structure for timely, relevant interactions and conversations with customers allows brands to use CRM systems more effectively. Algorithms and flexible plans for responding can help brands thrive in real-time interaction.
2. Providing customized opportunities – “These guys really ‘get’ me”
Big data allows us to listen and understand customers on a personal level. However, a missed opportunity comes from our inability to provide customized engagement to forge stronger, personal relationships.
While many brands are well-equipped to scan the airwaves for concerns or issues, and respond accordingly, they’re missing a crucial piece of the pie: the chance to engage customers already satisfied with the brand on a personal level. Brands need to have listening systems in place to engage with happy customers too. By offering customized rewards and opportunities, customers feel valued, and consequently, more attached to the brand.
3. Assertively creating new data
Brands typically take a passive role in measurement. Websites or other typical touchpoints are designed generically from a process standpoint and typically not from an information purposing standpoint. When developing a presence on new platforms or even re-examining their existing ones, brands should set up measurements for engagement ahead of time with an eye toward shaping the kind of resulting information and feedback.
The saying, ‘build your network before you need it,’ applies to social media and customer relationships just as much as anything else. Purposeful measurement of interaction is an opportunity many brands can further leverage in big data management.
Although big data can be intimidating, it drives real business through smart CRM initiatives. It can drive even more value when its unique characteristics are leveraged. With the right plan, skills and technology in place, companies can apply real-time data to their CRM practices and build stronger bonds with customers – closing the gap on missed opportunities.
Chris Diener is senior vice president of analytics at AbsolutData, a global analytics and research firm based in San Francisco.
Edited by Braden Becker