CHICAGO--(BUSINESS WIRE)--Today’s marketers face the significant challenge of measuring the impact of online impressions, offline activity and purchases. CPG brands are often at a distinct disadvantage, given that an estimated 95 percent of purchases are made offline and lower-priced CPG products make it harder to justify the investment required for accurate measurement. However, through the convergence of advanced data, advertising technology and media, CPG marketers are able to tap into a hybrid of multi-touch attribution (MTA) and cross-channel measurement to gain actionable campaign insights, even for lower price point, high-frequency consumer purchases. Marketers who take advantage of these unique in-flight optimization opportunities may be able to improve their return on advertising spend by 80 percent, according to a new IRI report, “Pinpointing Campaign Attribution Through Multiple Touchpoints: A View into MTA for CPG Brands.”
More than ever, marketers value consumer data models that can give them keen insight into the consumer journey — online and offline — and are seeking a complete view of the consumer journey that may crisscross between offline and online touchpoints. The MTA model takes a bottom-up, granular, user-centric approach and combines the touchpoints longitudinally, giving marketers more real-time and long-term optimization potential. Unfortunately, given the unique dynamics of CPG, there is no single industry solution that can merge online and offline touchpoints into one cohesive, rapid and actionable MTA model. In its report, IRI outlines a unique and approachable solve by offering an attribution model that resembles MTA with features of marketing mix combined with a more granular cross-channel lift solution.
“Despite becoming an increased focus of marketers, no single industry solution has been able to accurately attribute advertising and marketing spend for CPG brands,” said Jennifer Pelino, senior vice president of commercial leads and strategy, IRI Media Center of Excellence. “IRI’s unique approach helps marketers effectively navigate the spider web of touchpoints at a granular level — in and out of offline and online activity — to give credit where credit is due. By leveraging this improved understanding, marketers are able to make in-flight optimization decisions based on sales impact within weeks of a campaign launch and dramatically improve their return on advertising spend.”
IRI’s sophisticated and accurate Cross-Channel Lift leverages existing, proven IRI products to integrate MTA features and provide metrics and insights to help inform, both on a holistic and tactical campaign level. As detailed in the report, IRI is in a unique position to meet the industry’s measurement challenges since its offline sales data is composed of 350 million loyalty cards, which translates into 107 million individual households, allowing for attribution of exposures to offline sales. This linkage allows for measurement at a granular level and is further fueling development of an MTA solution with cross-channel features that may be a solve for CPG brands.
“Marketers are coming under increasing pressure to justify marketing spend, and MTA attribution models have traditionally been expensive, making their use with many lower-priced CPG products less worthwhile,” said Vijoy Gopalakrishnan, senior vice president of product development, IRI Media Center of Excellence. “IRI’s hybrid attribution model has made it possible to provide deep insights at significantly less time and cost investment, and with more offline sales data than most MTA solutions have available.”
About the Report
“Pinpointing Campaign Attribution Through Multiple Touchpoints: A View into MTA for CPG Brands” is a free report available from IRI. To download the report, visit: https://www.iriworldwide.com/en-us/Insights/Publications/Multi-Touch-Attribution.
About the IRI Partner Ecosystem:
IRI fundamentally believes that delivering differentiated growth for clients requires deep, highly integrated partnering with a variety of best-of-breed companies. As such, IRI works closely with a broad range of industry leaders across multiple industries and sectors to create innovative joint solutions, services and access to capabilities to help its clients more effectively collaborate and compete in their various markets, and exceed their growth objectives. IRI is committed to its partnership philosophy and continues to actively enhance its open ecosystem of partners through alliances, joint ventures, acquisitions and affiliations. The IRI Partner Ecosystem includes such leading companies as 84.51°, Adobe, The Boston Consulting Group, comScore, Data Plus Math, Experian, Geoscape, GfK, Gigwalk, Google, Ipsos, Mastercard Advisors, MaxPoint, Omnicom, Oracle, Pinterest, Research Now, Simulmedia, SPINS, Survey Sampling International, Univision, Viant, Yieldbot and others.
IRI is a leading provider of big data, predictive analytics and forward-looking insights that help CPG, OTC health care organizations, retailers, financial services and media companies grow their businesses. A confluence of major external events — a change in consumer buying habits, big data coming into its own, advanced analytics and personalized consumer activation — is leading to a seismic shift in drivers of success in all industries. With the largest repository of purchase, media, social, causal and loyalty data, all integrated on an on-demand, cloud-based technology platform, IRI is empowering the personalization revolution, helping to guide its more than 5,000 clients around the world in their quests to remain relentlessly relevant, capture market share, connect with consumers, collaborate with key constituents and deliver market-leading growth. For more information, visit www.iriworldwide.com.