See your true customer journey and measure your marketing attribution successfully
Customers are engaging with more marketing and sales touchpoints than ever before. When it comes to working out the effectiveness of your marketing, each channel has its own analytics.
The information is often siloed and channel analytics can overlap, which artificially inflates results and performance. It can bring confusion and uncertainty for businesses on what actually is driving that sale.
Gain the clarity you need with WebFusion
Unlike other leading providers, WebFusion attribution software can connect to almost any marketing data source.
This enables it to capture and report on your whole customer journey, linking both your online and offline marketing data.
With access to this overview of all your marketing channels (including offline activity, affiliate activity and social media) you gain a deeper understanding of how people interact with your marketing and its true effectiveness. That vital management information can enable you to make improvements to your approach, reapportion budget to more successful areas and improve the return on investment overall.
Here’s how Webfusion benefits businesses and helps them improve marketing attribution
- It joins data from multiple channels into a practical single dashboard
- The data it collects is granular enough to analyse thoroughly and rely on the results
- Research and survey results can be connected to customer behaviour information to give a more holistic picture
- It can bring the integrated data into bespoke reports which cover the key KPIs and measures you want to track
- WebFusion data is a rich data set with information and can report on prospects and consumers alike
- It enables businesses to measure the return on investment of different activities, and adjust their efforts to create even greater results. See this example…
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Common marketing attribution measures and how WebFusion helps
In terms of an approach to attribution, there are numerous options in the market, and the emergence of digital channels has changed the landscape. Digital has made it so much easier to create a new channel or platform, and quickly gain a significant audience. This can influence the customer journey at different stages.
Typically there are two main approaches organisations use when measuring the effectiveness of their marketing and customer attribution:
This involves linking the channel directly to the sale within a given timeframe.
For FMCG, and brands that use tools like out of home, or TV advertising there are some ways of tracking “Micro” attribution. For example, you could look at the number of people that visit a website within 7 minutes of a TV campaign, or those that respond via a dedicated phone line.
See some examples on this page.
These compare what an expected sales level would be in a given time vs actual sales (which should be higher) through time series modelling.
Digital channel insights
Another common method for getting marketing insights for digital channels is via tools such as Google Analytics. Google Analytics looks at the tracked digital sources, such as social media vs affiliate sites vs search, and then assigns a conversion or sale to either…
- the first/last source, or
- by weighting it across the different channels that person used
The challenge and how WebFusion helps
With every new marketing channel, there is typically another “Micro” attribution approach to measure. Businesses also have to consider how this will fit into their overall marketing mix.
For totally new incremental business, the added value can be clear. In most cases, however, marketing channels work together in the customer journey and a customer may interact with many.
Without a clear idea of how groups of people are responding to a specific marketing mix, businesses are faced with wading through a series of disparate reports, making a series of assumptions or setting expected values.
It does not take too long for this type of disparate reporting to become unmanageable. Also, with so many assumptions the truth becomes diluted. From a practical perspective, it is not possible to tie the different approaches together as the data is not held at the individual level
Simplifying and harmonising data to deliver reliable results
WebFusion marketing attribution software draws on 4 key capabilities to select the best route for the attribution measures you want to track:
- Chain modelling: Looking at the sequence of events that lead to the sale
- Priority driven: Rules to allocate revenue to one channel over another
- Channel uplift modelled: Removing a channel to test and evaluate the impact
- Hierarchical: Process driven, looking at first/last touchpoints but for all channels
It can then:
- Provide a real-time marketing mix measurement dashboard including online and offline channels
- Take any given channel and review its “micro” reporting in the context of the overall marketing mix
- Take the data it has integrated and feed it into other reporting systems you rely on
Attribution is a complicated space with no silver bullets, however the more a business can understand each of its marketing channels, the better it can be in attributing its value. That starts with collecting the right data.