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Today, we highlight a tip from Jeremy Post, Search Marketing Lead at Modcloth, who details how attribution is an important part of an integrated marketing strategy as it shows where your performance lies.
One of the holy grails for digital marketers is to be able to calculate the effectiveness of each stage of a customer journey and to optimise it to increase sales.
While some would have hoped that the often-cited quote attributed to Lord Leverhulme would become a relic of the past, unfortunately companies are still struggling to measure their customer journeys.
Attribution modelling, multi-channel funnels, customer journey mapping... it's all very hot at the moment.
As part of my preparation for a talk I'm giving this Wednesday I had a look at Econsultancy.com's own data for how different digital marketing channels contributed to conversions.
I was interested by what I found so wanted to share it here to see what others are learning.
One of the hottest topics from Digital Cream London 2012 last month was attribution.
Though not neccessarily the sexiest of subjects, the potential to use this to directly measure which marketing activities are driving conversions is huge.
As DC Storm's Seth Richardson outlined for us, the real value is the long term campaign and budget optimisation benefits.
The customer journey isn't linear. It involves multiple sessions across diverse media and influenced by multiple marketing channels. Understanding how well they work means understanding how they work together. Econsultancy's new study highlights the promise and challenge of marketing attribution - the practice and technology that help marketers understand how their media truly performs.
Our latest report, Marketing Attribution: Valuing the Customer Journey, was conducted in association with Google Analytics, and it outlines the value in looking beyond channel specific measurement.
TUI Travel has revealed that one of its brands increased online revenue by 30% month-on-month after tracking customers across both online and offline channels.
Over 100 global businesses sit within its Specialist and Activity Sector, which creates bespoke adventure holidays and educational tours.
Due to the nature of these trips, they often involve complex travel itineraries and prolonged purchasing decisions.
As such, customers frequently call the TUI’s travel consultants as well as researching details online.
At Digital Cream London we hosted the attribution management roundtable where we were joined by marketers from some great brands.
The brief was to share experiences and to discuss the issues surrounding attribution and path to conversion analysis.
The day highlighted some consistent themes that are key to many industries and in the interest of continued learning and development among both brand peers and experts, it seemed like a useful idea to document the hot topics and to begin to answer them.
So with ‘Chatham House Rules’ firmly in mind, here we go...
If there was a theme to Econsultancy's session at the Online Marketing Summit in San Diego, it may have been marketer versus machine.
We looked at recent research studies that explore some of the major trends in marketing and technology and often, success has more to do with people and priorities than the technologies they use.
The proliferation of data is to marketers what the faster-than-light neutrino is to physicists. Scary and exciting in equal measure, shaking perceptions of what is possible and opening up new worlds of opportunity ... and pain.
While sadly we don't touch on time-travel, data is very much a topic which permeates our latest Quarterly Digital Intelligence Briefing, published this week in association with Adobe.
Below, I've outlined five key data-related themes covered in the report.
As advertisers and agencies begin to get a grasp of attribution and its role in multi channel marketing, a new kind of attribution is beginning to emerge in the social media space that measures the value of social media based on influence, actions and interactions.
The need to track, measure, and attribute away from last click metrics in search, display, and digital has gained massive momentum over the last year.
Social media has always been ‘behind the pack’ when looking at attribution and monetisation. However, the increasing demand to be able to monetise social media and gain insight and understanding is at the forefront of the social media mind.
After all, brands are always ready to invest in channels that can be measured.
While sound understanding of marketing technology is mandatory for marketers, riding every hyped tech wave is bound to spread you too thin. Selective participation is key to succeeding.
Technology has become an integral part of marketing, no doubt. And navigating the multitude of new technologies, the art of prioritisation is arguably the most important challenge to address. Data from Econsultancy’s Marketing Budgets 2011 Report gives food for thought.
Comments around the affiliate channel looking for a new solution to last click is completely fallacious as are many of the articles and panels I have seen around attribution modelling.