The evolution of digital marketing is driving smarter technology and methodologies to understand how successful the marketing efforts are. It’s no longer about knowing the last action of your customer prior to the conversion, but rather understanding each and every touch point through the funnel.
The best analogy I’ve heard was from Christoph Janz from Nine Point Capital who described Multi Channel Attribution analysis using a soccer game. It’s not about rewarding the player who scored the goal, but rather about crediting all the players that made passes prior to the goal. Giving 100% credit to the last touch point prior to the conversion negates the value of all other touch points. Understanding the importance of each channel and its contribution to the conversion allows digital marketers to optimize their marketing efforts and ultimately improve their marketing ROI.
Knowing all the touch points in the sales funnel is vital to understanding how the ball got into the scorer’s hands. Was it the first Facebook ad the customer saw? Or the retargeting display ad? Did the customer opt in but never purchase so they received an email, or was it the promoted tweet that lead them to click on the link and complete the purchase? How valuable is the Facebook ad compared to the last click of the promoted tweet? Did you think about this before? Do we know why this is important?
How do you reward the players if you don’t know how many players touched the ball? As a digital marketer, it’s all about having granular actionable data from the services you’re using either proprietary or third party. Does the service provide the details that allow you to know if a customer was exposed to that service? Understanding not only the data the services provide, but if the service provides you data that can ID the user in one capacity or another is now the priority.
When reviewing all the data it’s important to prevent the data from becoming noisy. This means having data with no similarities, which makes any type of analysis daunting and challenging. When you’re using multiple service providers getting continuity in the data can become a heralding task. There needs to be a commonality in the data, for example identifying users by IP address.
An analytics platform like ClickMeter can consolidate the reporting from multiple services easily by using tracking links and having reporting in one format. So on top of having the right data provided from each individual service, it’s also important that the data that can be aggregated with some commonality is the next challenge.
Why is the data so important? It’s the classic chicken or egg scenario; you can’t have smart results without smart data. This puts intense pressure on the reporting of the services and the cohesion of the data being reconciled and reported. It’s not just about the data, but the relevance of the data in regards to the ability to pair visitors and customers throughout the funnel.
ClickMeter is a great platform to not only consolidate digital marketing reporting across multiple platforms, but also provide consistent data reporting that can be easily incorporated to your Multi Channel Attribution analysis. To learn more please contact – multichannel [at] clickmeter.com.
Originally Posted: June 18th, 2015.
Post Updated: November 15th, 2017