Can digital be used to create customers, rather than just marketing to the ones you already have?
Making potential intenders visible online is the key. Digital display can create customers, not just close them
Advertising on the internet and mobile has increased by 17.5% to £3.04bn in the first half of 2013 according to the IAB, an increase of £607m compared to 2011.
Analytics has played a key role in this growth by helping marketers accurately measure return-on-investment (ROI) and justify reallocating traditional media budget to digital marketing. However, with the amount of data now available to digital marketers via analytics, they’re in danger of becoming data squirrels that hoard data but do nothing with it.
There aren’t enough analysts in the world or hours in the day to manually analyse all the available data, and crucially, turn it into actions which optimise revenue outcomes.
The marketing potential of Advanced Attribution is huge, and many companies struggle to devise a strategy that’s suitable for them.
Everyone is talking about it, yet marketers find themselves confused, stuck, overwhelmed by the many options, model types, and data sets.
Although adoption is gaining momentum, with brands allocating more resources and budget to attribution modeling, only 26% of companies use advanced attribution that goes beyond last-click according to an Econsultancy Quarterly Digital Intelligence Briefing.
This is truly alarming, considering that companies spend sums of up to and more than £5m annually to drive customer acquisition in online marketing alone. This is huge investment that is not necessarily ROI proven.
So, how can you use the platform to turn data into insight and action?
Here are three ways marketers can approach it, without becoming stuck.
It's well known that the affiliate channel works on a cost per acquisition (CPA) model, meaning that when the desired action is completed, be it a sale, lead or quote, the affiliate is paid.
To be able to attribute the sale to an affiliate there needs to be an agreed metric by which a sale can be attributed.
Typically this is a 'last click wins' model: if the last click is attributed to a particular publisher then they receive the commission.
Over 100 senior marketers attended our inaugural roundtable event in Hong Kong last month.
They deftly explored and shared nimble ways to utilise the very latest digital marketing ideas and techniques in order to better equip themselves for their future endeavours.
Some were intent on making stronger inroads into mainland China, others were planning on taking full advantage of the small but also highly lucrative local Hong Kong marketplace (a jewel in the China crown), and for a fair number it was to better hone their abilities and skills to market across the whole APAC region.
On Tuesday, I posted a first half summary of the Econsultancy Hangout I participated in with Jim Sterne and Tom Cunniff (moderated by Econsultancy’s Stefan Tornquist) on Measurement, Analytics, and Attribution.
Rather than summarize the entire second half of the Hangout, I wanted to focus part two on a great discussion we had on changing incentive structures to create an organizational culture of integrated digital marketing and attribution.
Last week we wrapped the second of our Integrated Marketing Week (#IMW13) video expert series via a Google+ Hangout.
The hangout featured Tom Cunniff from ANA Digital Marketing Committee, Jim Sterne of eMetrics Marketing Optimization Summit, and Jon Baron of Tagman.
The guys had a lively debate curated by our VP of research in the States, Stefan Tornquist, with audience interaction and questions via Twitter and YouTube.
Here's a breakdown of what was discussed:
Dan Robinson is Attribution Manager at Havas Media, a digital media agency based in London. Here he gives us a glimpse into his role.
If you're looking for a new challenge, or want to break into the digital industry, then check out the hundreds of digital jobs listed on our recruitment site.
Econsultancy recently held a joint roundtable with Accenture in Singapore on April 4 covering Content, Marketing ROI/Attribution and social media.
The power of roundtable discussions lies both in the diversity of companies grouped around a single table, from B2B to B2C or from local minnow to global brand, as well as the transparency and range of the conversation.
The joint Accenture Interactive and Econsultancy roundtable was no exception, with over 25 companies represented from a mixture of multi-national, to local innovator and from B2C to government sector.
Having worked almost exclusively with retail websites for the last four years, I’ve spent a lot of time analysing data for different channels and trying to attribute value to specific marketing campaigns and projects.
Whilst doing this I’ve found a number of fairly obvious (only when you really think about it) potential threats to everyday attribution that I wanted to share.