As new channels are added (seemingly everyday), marketing analytics and attribution — especially across those channels — is becoming an increasingly complex problem to solve.
Worse still is the impersonal nature of many of these new channels, such as connected cars and smart TVs. You don’t know who is listening or watching, as you can’t identify an individual in the same way you can with a smartphone.
Today, Conversion Logic announced that it has secured $9 million in Series A funding to help solve these new analytics and attribution issues, thereby helping marketers spend their budgets wisely. This latest round brings Conversion Logic’s total funding to $14.1 million, and the company will use these funds to expand its sales and marketing, data science, and engineering efforts.
With tools and technologies that are powered by machine learning, Conversion Logic’s platform provides a SaaS analytics service that delivers cross-channel attribution and insights across the customer journey — something that has become quite convoluted in recent years. That cross-channel, media agnostic view of both offline and online marketing channels helps marketers and stakeholders understand their return on investment and where to focus future efforts.
The platform provides a view across every touchpoint, which is important for measuring effectiveness across channels that are anti-personal in nature.
“Platforms need to remain adaptable to changing customer behavior, as well as data availability as they move into new connected environments like the IoT of cars and home automation,” Brian Baumgart, cofounder and CEO at Conversion Logic, told me. “Attribution’s role as the intelligence layer that measures advertising exposure through the customer journey will not really change, it will simply continue to enrich what marketers can learn about their customer and ad effectiveness.”
With machine learning or AI marketing technology launching every week — and starting to take away high-waste, menial tasks — how does Baumgart see the role of the marketer changing?
“The future benefits of machine learning are very bright for marketers,” Baumgart said. “As the martech ‘stacks’ continue to become more integrated, a machine learning-based marketing intelligence [can] extract valuable insights from the ever-expanding fragmentation of data. This will empower marketers with better data with which to answer complex questions and provide automation for execution and optimization.”
Today’s $9 million round was led by Pelion Venture Partners, with participation from Rincon Venture Partners, Crosscut Ventures, Lerer Hippeau Ventures, Founder Collective, Revel Partners, and TenOneTen.