Brightblue launches Dynamic Attribution

One of the current conundrums marketers face is attributing budget across offline and online channels in a fair and accurate way.  Currently this allocation is completed in silos; Pathway Attribution, focussing on detailed digital attribution, and Market Mix Modelling, which focusses on broad channel attribution.

Pathway attribution uses cookie level data to understand how each online channel has contributed to a sale, therefore giving the ability to source very detailed ROIs but for Online Channels only.

 

Market Mix Modelling (MMM) uses data over time to build models of sales / KPI drivers and isolate media impacts, delivering broad (non-detailed) ROIs for offline and online channels (TV, Radio, Press, Display, PPC, etc).

 

The limitation for attribution modelling is not considering offline factors, whereas market mix modelling struggles to understand intra-online channel ROI.

 

Recent ‘best practice’ in this area has focussed around merging the two techniques via ‘Total Attribution’ or ‘Re-attribution’, which simply uses the results of MMM to scale the detailed attribution results in a 2-step process.

 

But shouldn’t there be an interaction between the two types of analysis?  It’s common knowledge that digital and offline channels do not act in silos – for example a TV ad will push consumers online to look for a brand, they then search and click on a PPC link – thereby the TV would inflate the PPC response.  So surely the different methods of measurement should be able to adjust to this relationship?

That is why Brightblue is launching a pioneering product, Dynamic Attribution, to join both pathway attribution and marketing mix modelling (MMM) into one analytics platform. Dynamic Attribution delivers the true quantification and measurement of channels, platform and creative across online and offline media.

Brightblue’s new solution dynamically uses machine learning techniques to bring together MMM and attribution modelling to deliver more accurate and detailed media ROI. Dynamic Attribution delivers huge potential for detailed optimisation opportunities across all offline and online media channels.

 

Please get in touch with Amy Pritchard if you’d like to find out how we can dynamically evaluate your media channels in detail.

Brightblue launch real-time MMM analytics

The modern marketer operates in a much faster environment than of old; this, coupled with mountains of streaming data, can make it difficult to make quick, informed decisions – especially around campaign performance.

Traditional techniques to quantify campaign performance, such as market mix modelling, take time to source, manipulate, analyse and report on new data streams; usually a 2 month lag between campaign end and results.

To solve this problem we have launched a new analytics platform: Realtime Analytics, which helps to steer brands and businesses in these fast changing, fluid markets.

Realtime Analytics facilitates quick decisions and adapts plans and investments using the latest knowledge of performance on a month to month or week to week basis.

 

Our approach uses APIs to draw data into the cloud and combines advanced market mix modelling with machine learning techniques to dynamically update models.  This enables brands to monitor their drivers of growth and progression of ROI on a monthly (or even weekly) basis.

 

This helps our clients get an almost instant read on campaign performance, allowing them to use hard analytics to react faster and refine plans to achieve maximum growth in the modern, fast-paced world.

 

Please contact Amy Pritchard if you would like to see how we can help accelerate your business.

 

Out of the Blue – July 2017

 

Out of the Blue July ’17

Interesting snippets from the world of data

For my birthday edition of Out of the Blue I’ve gone for some of my favourites: websites, cars, heavy metal bands and some cool charts (great!) on Brexit (not to so great).

 

Top 100 websites 
The majority of these websites belong to only 12 holding groups (e.g. Alphabet, Amazon, Facebook, etc).  At least pornhub is doing ok at nb 33…
 

Diesel/Petrol car ban cost
Its great the UK is going greener, but at what cost?  The trend shows diesel/petrol cars being obsolete by 2045 & the strain and cost on the national grid.
 

Metallica in numbers 
Cool infographic on Metallica’s concerts – which songs, where and what the audience would like to hear.
 

The best cheat sheet for Brexit, ever!
All you need to know in one handy place

We’ll also be announcing some exciting stuff over the coming weeks on:
– Real time modelling
– Dynamic attribution across online and offline
– Modelling partnership with FacebookIn the meantime, hope you had a great July and enjoy the rest of the summer!Til next time…Mike

 

Brightblue travels to Australia

Brightblue were honoured to participate in the Mayor’s International Business Programme – an initiative aimed at showcasing the best and brightest of London’s fast growing and innovative companies globally.

“It was a fantastic experience, that gave us the chance to demonstrate our capabilities to blue chip companies in Australia. We’ve had great feedback and are looking forward  to working with the people we met in the near future!” Ruan vdV – Director @ Brightblue Consulting

 

 

 

                                                                                                                       

Top 5 Reasons Why You Need a Data Expert

The analytics sector has grown exponentially as terabytes upon terabytes of data become available every day. As technology becomes increasingly efficient, machine learning models have heavily automated data analysis and data science. Is Big Data and Machine Learning enough to make business decisions based on your data? I would argue, absolutely not – without data expertise, industry knowledge and the willingness and ability to question the results, output from automated models is as meaningless as raw data.

Big Data Isn’t Useful Data

From data collection to results reporting, a data expert understands that collecting and manipulating the right raw data lays the foundation for sound analysis and clear reporting. For example, if you want to explain sales of a supermarket product and you attribute any rise in sales to media campaigns, you are ignoring the effect of some all other factors like promotions, display, or the economy. In practice, this can be difficult if the data isn’t clean, complete, or even available. While data experts aren’t magicians, they’ve seen it and can handle it all: missing data, incomplete data, and generally “messy” data.

The Only Constant Is Change

It is important to have continual test and learn approaches imbedded in your analytics function in order to adapt and account for changing market conditions. Projections will only go so far and won’t account for any fundamental changes in the market. For example, while the results from a 2013 report might have been robust at the time, it doesn’t account for events such as Brexit that have notable political and economic implications. In addition, each new marketing innovation and campaigns can will have a different effect on your KPIs. The faster your business and markets move, the more essential frequently updating your world view to your marketing strategy.

No Model Is an Island

Although a carefully tuned model can help you understand what is affecting your KPI, it is also important to combine this with other insights. MMM is able to determine what factors affect sales for example, attribution modelling would be able to determine how users are directed to websites. Combining both MMM and attribution would therefore provide you with an overall picture of what is the impact of marketing on the KPI as well as how users are drawn to the website to potentially make a purchase.  It is important to look at the full story that the data is trying to tell you, which requires you to look at more than one model or type of analysis.

Sales Reports Can Be Misleading

Sales reports tell you what is happening with your KPI, but not why. Sales reports fall into the fallacy of “post hoc ergo propter hoc” confusing correlation with causation. As an example from the Journal of Chemical Information and Modeling demonstrates, just because greater fresh lemons imported from Mexico is correlated with lower highway fatalities does not mean that the American Association of State Highway and Transportation Officials should lobby the government to actively pursue greater import of Mexican lemons. Businesses need to take the same level of care to understand what drives their KPIs so that they can optimize their media spends and maximize ROI.

 

To Conclude

Undoubtedly, there is a great potential to understand what drives  KPIs better than ever before given the technologies and amount of data available. However, it is important to have a data expert that understands how to collect, analyze, and translate statistics to plain English in order to derive the most value from your data.

 

For more information on how we can turn your raw data into actionable insights, feel free to contact us.

 

By Jonathan Ramirez, Brightblue consulting, London UK 

See what BrightBlue can do for your business

Get in contact