Modern businesses serve an increasingly diverse and demanding customer base. Between older customers who prefer traditional methods of outreach and younger customers who want a more personalized approach, marketing efforts must always be balanced to appeal to each target audience.
The popularity and widespread use of social media also increases pressure on businesses to ensure that their marketing and messaging hits the right notes with every customer every single time. Attribution can help teams decide which messages resonate with their audiences and adjust tactics accordingly. Read on to find out how incrementality can help modern marketers conduct attribution research more effectively and accurately.
3 Ways marketing strategies have changed in recent years
Data availability has increased significantly
Customers are engaging with businesses through digital channels more than ever. This allows businesses to monitor, measure, and adjust these interactions to yield the best marketing results. Social media interactions, engagement data from digital marketing tools, and many more systems are available for business leaders to learn about how their customers react to certain messages and marketing material over time. Modern marketers can combine this insight with effective targeting mechanisms to ensure that carefully crafted messages reach the customers that would resonate with them the most.
Marketing campaigns are becoming more complex
In the past, marketing campaigns typically relied on traditional methods of outreach such as advertising or promotions to increase interest in their offerings. However, the rise of social media combined with the ease of e-commerce has changed the marketing landscape dramatically. Marketing collateral now has the ability to directly drive traffic to channels owned by the brand or to a landing page designed to convert customers. This has led to marketing material being spread over a wider variety of channels to increasingly targeted audiences.
Rising marketing budgets come with higher pressure to deliver results
Modern marketers have cutting-edge digital solutions to help them reach their customers more effectively. They also have more data about their customers than ever. Business leaders understand the potential that this combination of marketing insight and strategy can realize for their organizations. This has led digital advertising spend to rise consistently in the past few years. Industry estimates show that worldwide spending on digital advertising will cross $500 billion by 2024. This increased spending also places significant pressure on marketers to deliver results and present these results in a compelling way.
What is incrementality?
Marketers must study their outreach efforts closely across channels, messages, and outreach types. This can make attributing business outcomes to a specific platform, tactic, campaign, or ad set challenging. While most social media and websites provide marketers with rudimentary data about their ads on their own site, these analytics are limited in the insight they can provide for omnichannel marketing efforts.
Incrementality refers to the measurable increase in business outcomes as a direct result of specific activities. This measurement typically includes significant testing and experimentation with various test and control groups for maximum accuracy.
“In the context of marketing, when there is a concerted action, what is the compounding action of that concerted action compared to if you take that concerted action away,” shares Supriya Shukla, Customer Engagement Manager at Marin Software. “It’s like a tap. You open the tap and water comes out - you assume all the water coming out is from you opening the tap - you took an action and there was an outcome but then you close the tap and there’s a leak - from where? - is it from you opening the tap or was the leak always there?”
Why incrementality is a powerful arrow in the modern marketer’s quiver
More businesses are employing data-driven marketing to improve the effectiveness of campaigns
Most businesses use data to effectively segment and target audiences. Social media platforms, sales sites, and owned marketing channels each provide marketers with significant data about their customers, marketing effort success, and the relationship between the two. Since this data is so easily accessible, the accuracy of this data and its ability to generate strategic insight often makes all the difference for successful marketers.
Marin can help make the difference for businesses that operate in highly competitive marketplaces. Supriya shares an example of a financial services client who employed Marin’s solution:
“Financial services is a very competitive space known to have very high dollar CPAs. Over time, MarinOne has seen, because this client lead-scores their customers along their buying journey, various patterns and insights as they’ve tracked them incrementally as they move from one part of the funnel to the next that they wouldn’t have foreseen otherwise,” she says. “This has enabled them to formulate hypotheses that they’ve been able to test. This demonstrates how incrementality can play a huge role in sophisticated marketing measurement for customers in the digital age.”
Multiple social media platforms with divergent user bases require unique marketing strategies
Social media users have more options for online engagement depending on their unique needs. This has led to audiences being spread across multiple platforms such as LinkedIn, Instagram, Facebook, Snapchat, TikTok, and more. While this helps marketers reach their target audiences more efficiently, it also means that omnichannel marketers have to tweak their marketing material based on the formats that are most effective for each platform.
Marin is able to adapt to the platforms that are most valuable to you. Supriya explains how Marin’s solution “can be highly customized in terms of the data you can pull into it through business intelligence connection tools, as well as the ability to bring in custom call-ins and calculations to display in a grid format. You can calculate custom metrics within a BI tool that brings the data in or you can manually set it up within Marin. This will enable you to attribute by seeing side-by-side campaigns to see how they’re converting when compared to custom conversion touchpoints.”
How incrementality gives marketers greater insight into campaign performance and business impact
Combine internal data with industry insights to benchmark campaign performance against key competitors
Marketing data can be received from a variety of sources but it is always important to put this information into the right context. Market conditions and customer preferences change and evolve regularly. Measuring internal marketing performance and comparing that insight with competitor data and industry benchmarks can help marketers keep track of these movements and ensure that they are consistently effective in rapidly changing marketing environments.
Effectively target increasingly discerning customers with better messaging
Modern customers are always on the lookout for brands whose value sets align with their own. Value-based marketing is more popular and effective than it has ever been. It is important for businesses to choose the right words in their messaging and adjust them where necessary to better align with their customers. Incrementality allows marketers to measure the extent to which their messages resonate with their customers and adjust accordingly.
Accurately determine the value of each lead generated through specific marketing efforts and optimize spending accordingly
Marketing efforts can generate significant rises in sales and interaction figures and are directly responsible for a measurable amount of revenue. Incrementality measurements allow business leaders to weigh the amount they are spending on each lead against the value they generate for the business. This measurement can also improve reporting and enable better decision making at all levels.
Meet your marketing goals with accurate insights generated across complex omnichannel marketing campaigns
Marketing data comes in all forms and has to be consolidated from multiple sources and platforms. MarinOne allows marketers to access all their crucial marketing data on a single platform while still conducting attribution analysis at various levels.
Get in touch with one of our experts to learn how MarinOne can help you plan, monitor, and adjust marketing activities to achieve optimal results every time.