LSA18: Agency Workshop - Advanced Attribution - Simple to Sophisticated (Location3)
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This document discusses attribution and how understanding attribution can help optimize a company's digital marketing portfolio. Attribution refers to identifying which marketing touchpoints contributed to a desired outcome like a purchase and assigning value to each touchpoint. Understanding attribution across channels can increase cost efficiency by 30% and revenue by 20%. While attribution provides benefits, defining the customer journey and gaining internal support for investment are challenges. The document provides tips for taking an actionable approach to attribution.
LSA18: Agency Workshop - Advanced Attribution - Simple to Sophisticated (Location3)
- 1. UNDERSTANDING ATTRIBUTION BALANCEYOUR DIGITAL MARKETING PORTFOLIOTO INCREASE COST EFFICIENCY AND REVENUE
- 2. WHAT IS ATTRIBUTION? Attribution:The process of identifying a set of user actions (“events” or “touchpoints”) that contribute in some way to a desired outcome, and then assigning a value to each of these events. Conversion:The action that you want visitors to perform. Ex. E-commerce purchases, form submissions, phone calls, video views, etc. Marketing Attribution Model:A model governed by a set of rules that determine how to assign campaign influence. Multi-Channel Attribution – Across Digital Channels: the attempt to understand which digital marketing channels (Social, Display, Email, etc.) contributed to a particular conversion.
- 3. WHO GETS CREDIT? HOW CAN WE OPTIMIZE OUR DIGITAL MARKETING PORTFOLIO?
- 4. MULTI-CHANNEL ATTRIBUTION – ACROSS DIGITAL CHANNELS MODELS: (Last Click) (First Click) *Insights are only as good as the model you use.
- 7. GOOGLE ATTRIBUTION – MAY 2017 Multi-channel attribution reporting and optimization. Largest industry shift away from “last click” model. Highlights Google’s use of machine learning in integrating AdWords, Google Analytics and DoubleClick Search data to properly assign credit to each step in the customer journey. Allows more seamless optimization of paid advertising campaigns using attribution data.
- 8. FACEBOOK Native Store Locator StoreVisits within Facebook Ads Reporting Offline Conversions API
- 9. WHY ATTRIBUTION MATTERS – DRIVE IN-STOREVISITS Quaker saw 9% increase in store sales viaYouTube videos. HP generated $5.30 in sales for every $1 spent on search media. SnapTo Store – Snapchat: When users post stories and use sponsored geofilters created by brands like McDonald’s, SnapTo Store now provides data on how many users viewed that story and ultimately visited one of the sponsor’s business locations. More than 90% of retail sales still occur within physical business locations.
- 10. WHY ATTRIBUTION MATTERS Understanding the value of multiple moments through a customer’s journey has demonstrated returns. HelloFresh – Google Attribution Case Study Increased overall conversions by 10% Overall CPA decreased by 6% 18% more conversion paths were influenced by upper-funnel keywords Influence of AdWords search ads on organic search increased by 45% above average
- 11. WHY ATTRIBUTION MATTERS Boston Consulting Group Study The 2% of businesses that successfully connected with consumers at multiple moments across purchase journey saw efficiency and ROI benefits: As much as 30% increase in cost efficiency. As much as 20% increase in revenue.
- 12. SUCCESS FACTORS Organizational Factors: Invested in specialist skills Strategic partnerships Agile teaming Fail-fast culture Technology Factors: Implementation is integrated and automated, using connected data and actionable measurement Boston Consulting Group identified these factors in businesses that are successfully connecting with consumers at multiple moments
- 13. ATTRIBUTION CHALLENGES 59% of companies cite lack of knowledge as the main obstacle to using attribution 35% say defining the online customer journey as the most significant barrier to more effective usage 77% say that they struggle to attract the right staff to take advantage of marketing attribution Creating a culture of measurement and accuracy (most cited skill gap)
- 14. 36% of companies are reducing their digital channel budgets due to attribution. 32% report an increase. 55% of agencies report budget has gone up. For brands, display advertising spending saw a 41% increase. Paid Search saw an increase of 38%. Content Marketing – channel most likely to see budget decreased, with 39% of orgs making cuts. IMPACT OF ATTRIBUTION
- 17. ACTIONABLE ATTRIBUTION TIPS Adapted from AdRoll’s “The State of Marketing Attribution 2017” Focus on physical as well as digital touchpoints. Focus on defining the customer journey. Build a strong case to make the necessary financial investment. Get internal buy-in for attribution. Start with a clear strategy and set of goals.
- 18. ACTIONABLE ATTRIBUTION TIPS Adapted from AdRoll’s “The State of Marketing Attribution 2017” Hire the right people. Use a test- and-learn approach. Try different models, depending on business goals. Invest in technology that allows continued optimization. Use data sets that are clean & accurate.
- 19. Q & A