Within your company, you may find yourself having conversations with your many varied teams using complex and discipline focussed language. The challenge is aligning the approach of these teams under a Single Customer View to better interpret your customer data.
As they drive traffic to site your digital marketing team may have a more conversion optimisation and content-driven approach to your customers as they interpret customer data through your digital channels. Your data team is perhaps more concerned with customer attributes and their behaviours as they interact with your product.
To help demystify the language used by your individual teams and their approach to customer data, we have broken down exactly what it means when they talk about attribution, analytics, intelligence and audiences.
An attribution model is a set of rules that determines how credit for conversions is assigned to touchpoints in a conversion path while predictive attribution uses past journeys & behaviour to predict which channels and mediums are the best to use for future campaigns.
Attribution is typically media-focused and is used to drive marketing spend decisions. This concept can be applied to any journey that can be measured in steps with data.
Digital analytics is the practice of measuring, monitoring and analysing performance across digital assets and marketing platforms and how they affect your Customer Experience.
Analytics tools typically review the performance of digital assets against established or comparative benchmarks. These metrics measured do not need to be transactional driven and are often used to maximise the effectiveness of a platform or website.
Customer insight is an interpretation of trends in human behaviours. It aims to increase the effectiveness of a product or service for the consumer to uncover more customer value.
Insights can be used to shape the way communication is planned and structured to best resonate with customers. These insights provide a picture of who (psychographics) the customer is and as a general rule should always be actionable.
Behaviours can cross both Demographic and Psychographic attributes and are strong indicators of future actions.
As the digital environment changes so does the language used to assess and interpret this landscape. Therefore, the complexity and sophistication of the digital landscape are constantly evolving. This means the challenge has been the same for many years and will remain the same for many more to come.
How do I better understand my customers? How do they interact with my business to better engage them? This is a common challenge for every team in any business.
At Wondaris, helping amalgamate this customer data into a Single Customer View is part of our mission. If you or your company is looking at investing in a Customer Data Platform to drive better business outcomes, be sure to get in touch with the team at Wondaris.