3 simple ways Data-Driven Attribution can add value to your marketing strategy
Attribution allows marketers to assess the performance of individual marketing channels – identifying user actions, or ‘touchpoints’, that contribute to a conversion. But with only 29% of marketers using attribution technology their digital marketing campaigns many still have a long way to go in understanding its benefits.
What’s more, most marketers who use attribution technology depend on outdated methods such as first or last-click (valuing touchpoints based solely on their place in the conversion chain). More modern, data-driven methods such as Multi-Touch Attribution (MTA) use machine learning to accurately assess the value of each individual touchpoint. However, only 9% of marketers believe that their organization has an ‘excellent’ understanding of MTA.
Here are 3 ways that MTA can enhance and add value to your marketing strategy:
1. Better understand your customers’ journey
As customer experiences continue to fragment, with an increasing number of touchpoints leading to conversion, it’s more important than ever for businesses to consolidate their consumer data. Using Fospha’s bespoke Customer Data Platform (CDP), which ingests data from a wide range of online and offline sources, marketers can easily visualize their entire customer journey. Our MTA model then utilises this entire customer journey (whether it’s two days or two months), using on average 56% more data to measure marketing performance than first or last-click. This is particularly useful for customers with longer sales cycles.
2. Accurately assess marketing channel performance
To develop an agile marketing strategy, capable of developing in step with the industry, marketers need to be able to accurately assess the performance of each marketing strategy quickly and effectively.
Instead of awarding most of the credit to either the first or last touchpoint in the conversion chain (which is a bit like only giving a gold medal to the first or last member of a relay team), Data-Driven Multi-Touch Attribution uses machine learning to accurately pinpoint the most important touchpoint on the way to conversion. Identifying low and high performing channels allows marketers to redistribute marketing spend to increase return on investment (ROI), or revenue.
Fospha client Liberis found that their traditional attribution methods were overvaluing paid search, and that free channels such as e-mail were being undervalued. Using our MTA tool, Liberis put more money into campaigns they had previously not focused on, leading to an additional 9 deals with small businesses and £88k of funding in 2018.
“Fospha have helped us to redistribute our paid search budget effectively and increase ROI.” Chloe Vaidya, Head of Marketing at Liberis
3. Identify under or over performing ads and keywords
With a 24% increase in keyword and Google adWord spending between 2016 to 2017, assessing the value of individual keywords is more important than ever.
Our zero-performance keyword report helps marketers to identify underperforming keywords so that they can reduce marketing spend, without impacting revenue.
Easily integrated with existing Martech platforms such as Kenshoo, our budget planner helps marketers to automate the keyword bidding process. This replaces human-led decision and leaves marketers with more time to search for and implement important insights.
Fospha client AVADO increase ROI by 30% and saved £200,000 in adWord spend by using MTA.
We’re passionate about data-science and only hire the best programming talent as their complex machine learning algorithms help our clients to make the most of their consumer data. Whether you are taking your first steps towards MTA or you want to enhance your existing attribution model get in touch at: email@example.com or visit our website www.fospha.com