The definition of customer touch points are evolving. Now more than ever, your digital marketing strategy needs to involve multi-channel media attribution.
In November 2012, Datalicious founder Christian Bartens gave a talk on why measuring the last click isn’t enough, which you can see here. It’s now twelve months later and this line of thinking is more important than ever.
Our goal at Datalicious is to help organisation succeed at all aspects of data driven marketing. We are a data analytics agency that has been successful in implementing and managing media attribution projects in large organisations such as Telstra, Kia, and Aussie Home Loans.
For many years organisations have used an antiquated method of last-click attribution – that is, all of the credit for customer engagement is given to the last recorded point of contact. We now know that this method is not only inefficient but also inaccurate.
It ignores how modern consumers are interacting with brands and shopping for products. In reality, many channels influence each other.
While a display ad may not be clicked on, research shows that viewers are aware and process the ad as part of their browsing. What we do in our multi-channel media attribution service is setup a platform that can measure this processing and develop an attribution model that will assign a value to its role in the final sale.
Marketers are then given a more accurate review of their marketing investments and have the supporting data to understand how the various channels are contributing to marketing ROI.
How do we do it?
We calculate the attribution model based on client purchase path data rather than from a pre-determined list. This is the preferred method of calculation for marketers.
The collected purchase path data includes a combination of successful paths with conversion points as well as unsuccessful paths without conversions. By comparing the composition of these two paths types using logistic regression we can identify media touch points that are more likely to to lead to a conversion than others.
These touch points then receive a higher weighting when it comes to the distribution of conversion credits which means they get more credits than touch points that participate less often in converting paths.
We encourage organisations to collect as much data as possible in the purchase path, offline and online, in order to generate a significant amount of data to include in the attribution model.
Digital marketing is in a constant state of evolution. The implementation of cross-channel media attribution models is essential for brands and marketing offices to understand the true value of the marketing investment.
And it’s not just about the financial aspect of digital marketing. It shows that your organisation understands how customers are engaging in the modern era.