Matt Hertig, CEO at ChannelMix talks about the importance of marketing analytics and what modern marketers get wrong when measuring campaigns and reach:

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Welcome to this MarTech Series chat, Matt, tell us more about ChannelMix’s latest enhancements?

ChannelMix is an all-encompassing analytics platform offering a comprehensive approach covering the entire spectrum from stack to funnel. Within today’s marketing landscape, a primary challenge arises from the diminishing effectiveness of traditional methodologies and the imperative need to embrace first-party data to assess marketing’s impact on sales and revenue precisely.

In response to this challenge, we’ve bolstered our marketing impact modeling product within ChannelMix. Fueled by AI and machine learning and free from reliance on cookies, this model furnishes insights into future projections. The most recent enhancement to this product is pacing, which is engineered to monitor and oversee the recommendations formulated by the model. This encompasses not just the anticipation of future expenditure requirements across various channels and platforms but also ensuring that execution remains in alignment with these recommendations.

Conventional media mix modeling tools have grappled with two primary obstacles: detachment from the primary data source and a need for more transparency regarding execution in relation to recommendations. Our solution bridges these divides by seamlessly integrating with your primary data source and providing real-time visibility into pacing toward expenditure targets and objectives.

This latest advancement represents a significant leap forward in confronting the prevalent blind spots within the industry, equipping marketers with the requisite tools for optimizing their strategies with utmost effectiveness.

What are some of the biggest challenges and flaws in modern marketing analytics and measurement processes? For brands looking to optimize how they track multiple campaigns in real-time: what tips come to mind? 

There are three main issues to address here. Firstly, the use of diverse tools and datasets to assess performance and make projections leads to discrepancies and a lack of a singular source of truth. This hinders effective decision-making in today’s landscape.

Secondly, relying on attribution to measure marketing impact is not ideal for comprehensive measurement. Attribution is more suited for optimizing campaigns, leading to a disconnect between marketing efforts and sales outcomes.

As a result, misalignment occurs, sparking debates over credit allocation. These mistakes persist in the industry, especially as we navigate through cookie deprecation. Now is the perfect time to reevaluate our thinking and methodologies for measuring marketing’s impact on sales. It is essential to address these issues to ensure a more coherent and effective approach.

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Why is it becoming more crucial for marketers to better breakdown their multichannel attribution trend model / measurement data? What can they do to easily understand this and identify problem areas faster?

First and foremost, it’s essential to grasp the role of multi-touch attribution. It serves as an optimization strategy rather than a measurement tactic. The pivotal shift for marketers lies in embracing multi-touch attribution, leveraging first-party cookies to fine-tune the sequencing of media trafficking and comprehend the conversion journey. These aspects encapsulate what multi-touch attribution aims to achieve: optimizing campaign performance.

However, it’s crucial to distinguish that multi-touch attribution isn’t geared towards measurement; that realm solely relies on first-party data. When allocating resources and generating leads or revenue transactions, it’s imperative for machine learning and AI to spearhead the measurement process, determining the optimal strategies and directions.

Where do you feel the industry currently stands with regards to measurement and attribution? How do you feel AI will play a key role here in the future?

The industry needs to catch up. There still needs to be a prevalent adherence to outdated thinking, particularly the notion that we can accurately measure the value of marketing through a linear approach. However, marketing’s value must be quantified in a more complex manner. The problem lies with attribution—it necessitates a linear model to measure value, rendering it obsolete.

Attribution’s role is better suited to optimizing metrics like click-through rates, cost per click, and website conversion rates. Its purpose is optimization, not holistic value measurement. The industry needs help with this concept, particularly in understanding that we cannot rely on manufactured data to make informed marketing decisions.

Consider third-party or even first-party cookies—they attempt to manufacture a predetermined value set based on user actions. With the deprecation of third-party cookies, metrics like click-through and view-through conversions will continue to decline, amplifying the importance of first-party cookies for attribution. However, it’s crucial to recognize that attribution solely serves as an optimization tool.

The future lies in embracing AI and machine learning, leveraging first-party data to evaluate channel value and forecast future ROI. This approach must be grounded in first-party data to ensure accuracy and relevance. We must pivot towards this data-driven methodology to stay ahead in the evolving landscape.

What do you feel modern marketing teams can do differently to create and build better service, product and user journeys?

Indeed, to achieve that, it’s essential to consider the three critical facets of analytics that every brand should utilize to gauge their effectiveness in reaching their objectives. First and foremost, qualitative research delves into brand health—what sentiments are associated with the brand and how consumers perceive it. Understanding this aspect is crucial for shaping brand perception and strategy.

Secondly, customer analytics focuses on understanding the customer base—identifying who they are, their characteristics, behaviors, and preferences. This insight is invaluable for targeting and reaching the right audience effectively.

Lastly, there’s the domain of channel mix, which is responsible for assessing the effectiveness of marketing efforts. This involves evaluating the cost-effectiveness of marketing strategies and their impact on sales. It’s essential to ascertain how well marketing initiatives drive sales and optimize processes accordingly.

These three elements—qualitative research, customer analytics, and channel effectiveness—must work in tandem to continually enhance both products and services offered by an organization. By integrating insights from these areas, businesses can better understand consumer behavior and preferences, thus improving decision-making and ultimately influencing purchasing decisions. Neglecting any of these elements can reduce effectiveness in achieving marketing objectives.

Can you talk about some of the leading B2B tech brands you feel have a robust marketing presence and framework (and why): what key takeaways from these picks/choices?

Numerous outstanding B2B tech brands are in the market today, each making significant contributions to their respective industries. It’s challenging to single out specific brands due to the sheer volume of excellence in the field. However, their unwavering dedication to solving customer problems and providing exceptional value sets the leading brands apart.

At ChannelMix, we pride ourselves on being at the forefront of this movement. With our expertise in cookieless measurement and AI-driven Marketing Impact Modeling technology, we offer invaluable support to businesses navigating the ever-changing advertising landscape. Our comprehensive suite of tools, tailored for the new era of privacy-first marketing, includes predictive modeling and real-time adaptation capabilities. This enables marketers to not only confront the challenges posed by evolving regulations but also transform them into opportunities for innovative strategies.

Our commitment to delivering tailored solutions that address the unique needs of our clients has allowed us to establish a robust marketing presence and framework. By consistently providing value to our customers and helping them navigate the complexities of modern marketing, we are contributing to the advancement of the industry.

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