November 7, 2014
Blogged in collaboration with Rebecca McAdams, Research Associate, serving Customer Insights professionals.
Consumers are connected, constantly influenced by marketing messages, their friend’s social posts, blog posts, reviews, mobile messages, and Twitter posts. In fact, US Adults have an average of three connected devices. Consumers are leaving breadcrumbs of information behind, across multiple channels and devices. Marketers are jumping at the chance to connect with their customers through proactive marketing campaigns and even through non-marketing interactions. But which interactions actually drive impact? What interactions are responsible for sales conversions, and which interactions merely "assist" conversions? CI Pros and marketers are stumped; they must measure these complex interactions to help drive future marketing and media investments and to actually measure their marketing efforts.
Well, look no further. Today, I’m happy to publish The Forrester Wave: Cross-Channel Attribution Providers, Q4 2014. Attribution accurately measures the impact each marketing tactic, each interaction, on a customer action—whether it’s driving to the website, buying a product, or downloading an application. This report evaluates eight vendors on core criteria, including attribution approach, measurement and reporting competency, activation capabilities.
Forrester defines cross-channel attribution as: The practice of using advanced statistical approaches to allocate proportional credit to marketing communications and media activity across all channels, which ultimately leads to the desired customer action.
The cross-channel attribution market is an extremely fragmented list of players across the services and technologies space. Over the past two years, the attribution market has seen a variety of new entrants — from traditional marketing mix modeling providers to new startups and ad technologies. A broad array of vendors focuses on cross-channel measurement, and marketers turn to these firms to provide guidance on development, management, and analysis of complex marketing efforts. These vendors provide what customers are looking for: turning insights into action, calculating accurate customer and channel performance metrics, providing a holistic view of the customer purchase path, and taming the messiness of big data.
I would like to thank all the vendors for their participation in the report; we recognize how grueling the Wave process can be and sincerely appreciate the time and effort you all put in. I also extend my gratitude to the Forrester team that made this happen: Mary Pilecki, Noel Yuhanna, Tyler Shields, Fatemeh Khatibloo, and Rebecca McAdams.
Forrester clients can read the full report here, but keep in mind that the written report just scratches the surface of the full evaluation. Download the interactive scorecard tool and use it to customize the Forrester Wave model for your organization’s needs. Please feel free to set up an inquiry!