Method; a particular form of procedure for accomplishing or approaching something, especially a systematic or established one.
The Volume-Conversion-Value was originally conceived to drive incremental sales and incremental behavior on 1st party customer data via micro triggered based digital stimulus.
The VCV method is exceptional at doing so however it historically required strategic objectives tied to measurable outcomes to be identified by a human marketer. While this dependency was solvable the side effect was; “how does the marketer compare and prioritize a list of strategic objectives tied to measurable outcomes”?
Thus, the VCV method evolved through iteration to drive two fundamental outcomes;
- Identify, compare and prioritize a list of strategic objectives tied to measurable outcomes
- Drive incremental performance (sales and or behaviors) aligned to strategic objectives
The VCV method sits in between important data attribution of each “use case”. Use case refers to a collection of data attribution that describes how incremental performance will be driven and how it might be compared to other use cases for prioritization. The following items are the data attribution associated with each VCV use case.
- Strategic objective
- Measurable outcome
The sequence in which these items are assembled are critical. This is because in order to assemble these items we must rely on input from several different roles within the organization. These roles are;
- Head Marketer
- Marketing Analysts
- Channel Operator
- Data Engineer
- Technical Architect
We have learned through iteration that it is acceptable for participation by role to be intermittent throughout the development of the use case. However, the sequence in which the use is assembled is critical and it must end with a cost analysis on the system and data integrations required. The VCV method ends with a final prioritization based on comparable data attribution against all other use cases.
This prioritization is a wonderful and exciting way to kick off marketing technology investment because clarifies scope and strengthens the business case thereby creating a high probability of ROI earlier than anyone thought possible. It is important to acknowledge that this kind of prioritization does and should occur regularly (perhaps quarterly) to reflect every changing strategic objectives of the organization.
Lastly, the VCV method depends upon some pretty advanced technology capabilities in the machine learning and decisioning space. Essentially, the marketers need to free up their time so they can be strategic and iterate on the VCV method. We refer to this as the “human labor problem” and it can only be solved by application of technology and data automation. This is a fundamental underlying aspect of the VCV method.