Tags Posts tagged with "Measurement"

Measurement

Although attribution modelling isn’t a new concept, in recent months it has been gaining a lot of traction in the world of multichannel digital marketing. However, while most marketers know they probably should be doing it, more than half (54% – Adobe) of all online businesses currently don’t.

With multiple popular attribution models including first click, positional, linear and time decay and countless more to investigate, its understandable that many marketers are still unsure about which model is right for them and how best to implement it.

As a result of limited knowledge, many marketers opt to stick with the familiar last click attribution as a logical choice. But within each model lies great opportunities to really maximise ROI – you just need to know which model is right.

So, if you’re still unsure of the value of attribution modelling or which model is right then here are things six things you need to know:

1.  Attribution modelling tells you what channel is working

With a myriad of digital and social media channels now available, finding a way to reach your target audience has never been easier.

However, unless you keep track of how exactly how each digital channel is performing, what return you are getting and what each channel is contributing in terms of conversion how will you know where to invest your digital marketing budget?

Attribution modelling provides the answer to this challenge; enabling you to analyse and streamline channel performance and prove how much of your allocated spend is actually delivering, and how much is wasted.

2.  There’s more to attribution than last-click

With limited knowledge of the pros and cons of each attribution model, it seems like the logical decision for any online business to start by focusing on the last-click model.

While last click certainly has its value in certain scenarios, more often than not it should only be treated as a stepping stone on the road to creating a much more useful, accurate and representative model for your business. Last click is the beginning of the journey, not the end. To continue reading, please click the below link;

Source: www.imediaconnection.com

The world demands accountability, so marketers feel compelled to measure everything. But measurement technology is dramatically imperfect. The result is that, more often than not, we measure what’s easy to measure instead of what’s right to measure.

Digital appears to be the “promised land” because its count-ability gives us the accountability we crave. The truth, however, is that digital leads many marketers to reverse-engineer their goals to fit their metrics. Goals are determined by what we can put a tracking pixel on, rather than by asking what needs to be done to move our businesses forward.

Putting the customer journey at the center of your planning can change this dynamic. It can help you be confident that the results you drive are results that are actually meaningful to your business.

Here are some best practices to help you do this:

1. Map the journey. Effective strategic planning connects the dots between what you’re going to do and why you’re going to do it. It’s the plumbing that sits between goals and tactics.

Your planning should start with mapping out the customer journey in relation to what you are selling. Do customers know you exist? Do you have unique obstacles to overcome? How much of a role does word-of-mouth play? Once you understand the path your customer takes, you will have a clear understanding of the business objectives that will drive long-term revenue growth, brand health and customer advocacy. Once you determine the right business goals, then you can make sure your tactical KPIs (key performance indicators) ladder up to them.

2. The funnel is not dead. There are 38,900 results for “funnel is dead” on Google. It’s not. The purchase funnel has evolved because of the proliferation of media channels, the ability to research anything at any time, and the increased weight of social endorsement, but it’s not dead by any means. You just need to customize it to meet the needs of your business. To continue reading, please click the below link;

Source: adage.com

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