Marketers need to stop being fixated with daily or weekly ROI reporting and pay more attention to the customer they are trying to reach, according to a new report.
The report, From talk to action: Improving customer journeys through attribution, was produced by The Drum in association with Rakuten Marketing.
Attributed reporting helps marketers understand the best way to reach customers. The data derived from attribution can be used to understand customer behaviours, deliver brand awareness, and to see precisely how money is being spent.
But as the report suggests, marketers are failing to put more effort in cross-channel measurement and attribution. Aside from those with experience in e-commerce, most CFOs and CEOs have little to no understanding of how the customer journey impacts the bottom line of their business.
In addition, most marketers are still using simple attribution models which cannot effectively track today’s multi-device and multi-channel customer. Adding to the challenge is the fact, that the convergence of multiple devices and communication channels has created a more complicated customer journey.
The report examines how brands can transition away from the out-dated last-click model and move towards gaining a fuller understanding of consumer behaviour. A panel of experts provide advice on convincing departments to invest in attributed reporting; setting goals; understanding customer behaviour; and overcoming data hurdles.
It contains contributions from Evgeniya Mynzhanova, digital marketing and media planning manager, Bally; James Collins, senior vice president, managing director, global attribution, Rakuten Marketing; Rob Burr, digital commerce manager, Pentland Brands, Boxfresh; and Steve Jones, head of B2C commercial, CarTrawler.
According to eMarketer, marketers are showing an increased interest in cross-channel measurement and attribution this year. A poll conducted by the Interactive Advertising Bureau (IAB) and Winterberry Group found almost 60% of US digital marketing and media practitioners say they expect to be engaged in cross-channel measurement and attribution this year. Another survey by AdRoll found that 75% of marketers find attribution “critical” or “very important” to their success, with nearly 60% saying they plan to taker definitive steps to changing their attribution model this year.