Performance marketing: How can marketers use cross-channel attribution insights to drive ROI?
In the latest of a series dissecting performance marketing trends, The Drum speaks to a cross-section of the performance industry to discuss the importance of a cross-channel approach when it comes to attribution insights.
How can marketers use cross-channel attribution insights to drive ROI?
Ellie Edwards-Scott, managing director, Quisma UK We know that looking at one channel in silo gives a skewed view of your marketing channel success, and that the cornerstone of a successful performance campaign is being able to take a holistic view of all marketing channels.
Marketers need an easy way to do this, as there are so many channels to take into account in today’s new marketing environment, including search, social and mobile. Multichannel attribution figures out the respective channel efficiency, the type of interactions (view or click), and the touch point position (introducer, influencer, or closer). Comparing the individual channel’s sales shares, based on these parameters, and compared with sales shares of the last-cookie- wins method is rather insightful for any marketer.
Jo Thomas, assistant head of performance marketing, LBi Marketers can drive increased ROI by analysing the whole customer journey and the impact of multiple digital channel touch points on a sale conversion path. Historically ‘last click’ has always been the model that digital channels are reported and analysed on. With this cross-channel approach, advertisers can ascertain the true value of their digital marketing activity as a whole, then make decisions on where their budget spend should be allocated. Budget can be therefore assigned intelligently, ensuring that the ROI is optimised for all activity.
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Florian Gramshammer, UK country manager, Commission Junction
It’s worth remembering that there is much more to cross-channel attribution than just driving ROI. In fact successful ROI may be created much more effectively if attribution insights are first applied to refine marketing plans, influence consumer journeys and understand promotional dynamics. Many different aspects influence consumer decision making so a considered A/B testing approach over a period of time can help generate the longest lasting results.
Effective cross-channel attribution modelling will allow for measuring these effects over time to increase ROI and any resulting changes in customer behaviour.
Helen Southgate, managing director, affilinet UK It is only truly possible to understand your ROI and how to maximise your marketing budget if you are looking at all the touch points within the customer journey. Most advertisers work on a last click basis to attribute a sale to a specific digital channel, but there can be many other factors that influence the purchase. Measuring your marketing activity on a last click basis means you’re likely to be missing opportunities but also be less efficient with your spend than if you were to take a higher level view.
Mary Keane-Dawson, digital media lead consultant and board advisor What a question! When cross-channel attribution insights are robust, believable and have gotten beyond the ghetto/silo mentality and reporting structures we are currently struggling with. I believe we will get there, but currently, we are going through a massive learning curve about how all these channels, types of media and most importantly how the elements effect consumer behaviour, and thus the end game. I think it's work in progress and marketers need to be prepared to see their ROI models redesigned as we learn more about what influences, rather than just what was clicked on. Let us not forget this is complex.
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