The ‘must-knows’ on how to achieve a data-driven attribution model

The ‘must-knows’ on how to achieve a data-driven attribution model

http://ift.tt/2rMV835

With the increasing complexity of the customer journey, traditional single-touch attribution models are no longer sufficient. Customers now carry out multi-channel, multi-device journeys, and companies are having to keep up with these ever changing life-cycles.

In line with this is the increased need for businesses to focus on attribution, to ensure that they are properly measuring the relative impact across these different channels.

During a recent webinar on mastering the art of data-driven attribution, held by ClickZ in partnership with Fospha, close to 100 marketers were polled on their use of various attribution models.

49% of respondents were found to still be using a last-click approach to attribution, while the next most popular model was first click – represented by 13% of the audience. These stats suggest that a large proportion of companies are still using rudimental, early models of attribution that may not provide the most accurate measure of which channels contribute to which conversions.

In the previous two installments of this series, we looked at the challenges of attributing ROI to various channels and the top seven barriers to successful attribution. In this article, I’ll look at the ‘must-knows’ on how to achieve a data-driven attribution model and tailor it to the needs of your brand.

Content produced in association with Fospha.

mca graph.png

Marketing-channel attribution (MCA) is becoming increasingly prominent, with the customer journey now ‘nonline’: non-linear, online and offline and over multiple devices. This complex, multi-touch journey means there has never been a better time to take advantage of this rapidly-evolving marketing area.

The problem is that too many marketers either don’t know how to achieve data-driven attribution, or are de-prioritising it as a project for which they won’t be able to realise any revenue benefit ‘in-year’. As a result, most are are settling with easily available, ‘off the shelf’ models.

But with cost of acquisition rising, there is no better reason to focus on getting a data-driven model in place.

Build incrementally towards attribution

Basic attribution is better than no attribution, so marketers should start simple and aim to build sophistication incrementally.

An important point highlighted during the Mastering the Art of Data-Driven Attribution webinar, in light of the poll findings, was that models like last and first-click attribution are certainly better than nothing.

Making sure you have an attribution model in place is the first step in effective data-driven marketing, and from here businesses can make incremental changes to move into a more sophisticated model.

Step two: Using a Customer Data Platform

The next step towards integrating data in a manner that is conducive to sophisticated attribution is a Customer Data Platform (CDP). Gartner’s defines a CDP as:

“An integrated customer database managed by marketers that unifies a company’s customer data from marketing, sales and service channels” to enable them to drive conversion, increase lifetime value and manage costs vs revenue.

To build a tailor-made attribution model that is a perfect fit for their brand, customers and priorities, marketers need to use a Customer Data Platform as their attribution source, to gain a holistic view of how customers are progressing through their journey.

Models such as last-click fall short as they fail to accurately attribute value to marketing channels. For instance, if all the credit is placed on either the first or last click, there is no understanding of how other journey touchpoints have contributed to brand awareness or conversions.

This lack of visibility results in a limited understanding of multi-touch, cross-channel behavior, which in turn hinders brands from unlocking the full potential of their marketing spend. A CDP breaks down data silos to unify data from various channels and devices and is increasingly being recognized as the go-to standard for an effective data management database.

Using a custom attribution model provides flexibility, allowing marketers to apply personalized rules that are tailored to your business goals and strategies. If the resources to create this do not exist in-house, finding a company that can provide this service will prove incredibly valuable.

Attribution is not a one-time activity

The final point to remember is that as your business grows, your attribution model has to evolve alongside it.

This approach allows your business to obtain a model that evolves as your data improves, so you don’t end up with a model that you don’t understand, or which has failed to keep up with your business.

A data-driven approach also enables predictive modelling, allowing your brand to experiment quickly without real life impacts.

Although marketing-channel attribution may seem complicated, especially if your business lacks advanced analytics, the impact of not getting it right is too large to ignore. Controlling cost is becoming more challenging, and old attribution models will continuously undervalue the impact of many of your marketing channels.

There has never been a better time to start adopting data-driven attribution models.

If you’re interested in learning about how to use a Customer Data Platform for personalization, don’t miss our upcoming webinar, ‘The Personalization Masterclass: Maximising Your Customer Data‘ in partnership with Fospha.

 

This concludes our series on using data-driven attribution in your marketing campaigns. Read the previous installments in the series:

Content produced in association with Fospha. Click here to read our collaborative content guidelines. Views and opinions expressed in this article do not necessarily reflect those of ClickZ.





Advertising

via ClickZ https://www.clickz.com

June 19, 2017 at 02:08PM

Comments

Post a Comment

Popular posts from this blog

How to Create an SEO Strategy for 2018 [Template Included]

Image
How to Create an SEO Strategy for 2018 [Template Included] http://rplg.co/0ac96b60 Here's a cliche among digital marketers: Search engine optimization (SEO) isn't what it used to be. Here's a true statement you don't hear as often: Your SEO strategy for 2018 shouldn't focus on keywords. These days, most businesses understand the basic concepts of SEO and why it's important. However, when it comes to developing and executing a sound SEO strategy for your business, just creating content for the keywords your customers are searching for is both arduous and, well, wrong. What Is SEO Strategy? Modern SEO strategy is the process of organizing a website's content by topic, which helps search engines like Google understand a user's intent when searching. By optimizing a web page around topics first, you can rank well for long-tail keywords related to that topic. Here are eight steps you can take to make sure all of your SEO bases are covered in 201
Read more

6 Secret Marketing Tools

Image
Top goal for anybody with a business is growing traffic to your website. And at Digi Sparks we stay up to speed with the coolest marketing tools – so here’s 6 lesser known marketing tools to help drive more traffic to your site and better convert. Have you ever spied on your ex on Facebook or Instagram? Well the first tool let’s you do that for business. 1)  Albacross  - Uncover Who’s Visited your Site Really cool tool called Albacross. And it tells you the actual business that has visited your site. Not only that, but also how long they were there, what pages they saw. I use it to see what pages they’ve visited and for how long – then find them on LinkedIn. It's super easy to implement (just one line of code to add to your website), and boom instant leads. Best thing it’s free!  There is another paid level to uncover the contact details for the companies that have visited your site. But tool number 2 does that for you. 2)  Clearbit Connec t - Un
Read more

Marketing outside the box: How to optimize results with a limited budget

Image
Marketing on a budget can be a challenging task, but with a little creativity and strategy, it is possible to optimize results and reach your target audience effectively. However, some may argue that the traditional methods of marketing are not always the most effective, and that it is time to think outside of the box. Here are a few controversial tips to help you get started: Photo by MING Labs on Unsplash 1. Ditch the traditional marketing channels: Traditional marketing channels such as television and print ads can be costly and may not reach your target audience as effectively as alternative methods. Instead, consider investing in digital marketing and social media to reach your audience where they are most active. 2. Embrace the power of viral marketing: Viral marketing is a cost-effective way to reach a large audience quickly. By creating compelling and shareable content, you can tap into the power of social media to reach a wider audience and generate buzz around your brand. 3
Read more