The famed parable of stone soup is a perfect example of today’s world of intelligence tools. If you need a refresher of the parable, here’s a quick primer from Wikipedia:
“Stone Soup is a European folk story in which hungry strangers(monks in some stories) convince the people of a town to each share a small amount of their food in order to make a soup out of stone that everyone enjoys, and exists as a moral regarding the value of sharing.”
In this story, the soup literally wouldn’t have been possible without the contributions of the villagers. The stranger may have catalyzed the whole thing. The contributions of vegetables and the seasonings are what made the soup delightful and tasty. The analogy is clear. The stone is a catalyst just like the tools in a marketer’s toolset. However, the soup can be made only when there are contributions from others. In our case that translates to data from all the different channels. Anyone single-channel always presents a siloed view. The overall impact of all your marketing efforts is hard to achieve unless there is cross channel data and intelligence emerging from it.
Overall marketing picture is an important measure of all your effort and it impacts your business. The key goal always is to sell your product or service. Marketing’s goal is to prime the users with education, awareness, interest, and positioning that makes your product or service the right buy for them. If this is the case then why don’t any of us look at the bigger picture? We’re almost always missing the woods for trees, focusing mostly on individual channel data. Then what are the right things to wonder about? Here are a few examples:
- Does my activity on Facebook lead to more leads in my marketing funnel?
- Does high CTR on an ABC campaign result in an “x” number of leads eventually leading to $y of sales?
- Is Twitter a more valuable channel than LinkedIn as there are more sales from the leads generated on Twitter?
When we gather this data, it guides us better on how well the machine works. This is the true power of cross-channel data.
Cross-channel data holds several revelations such as, correlations, impact of marketing mix and information of behavioral clusters. All of this information lets you understand your customer better, allocate resources efficiently and improve your overall marketing performance
At Glance, we truly believe in the power of cross-channel insights. Cross-channel by itself is not the answer to all your marketing questions, it forms a significant part of that answer. So if you’re looking for intelligence then don’t forget the story of stone soup and share your efforts to find cross-channel insights in your marketing organization.