In our latest blog, we took you on a journey through the world of multi-touch marketing attribution - a tool that has completely transformed how businesses understand and evaluate their marketing efforts.
Today, we’re taking this exploration one step further, providing practical ways to use the insights from this ground-breaking tool.
This guide will walk you through how to compare the data from multi-touch models with that from first and last touch models, effectively shifting your spending across different channels, and thoroughly examining the performance of individual campaigns within each channel. With these steps, businesses can streamline their marketing efforts, paving the way for maximised growth. So, let's roll up our sleeves and delve into the nitty-gritty of how to tap into the full potential of multi-touch marketing attribution.
1. Embarking on Your Action Plan: Deep Dive into Multi-Touch Attribution Data
The initial stage of your action plan involves digging into the rich insights provided by the multi-touch attribution model. Your journey begins by examining the data from first and last touch points, and all the interactions in between. This step is vital as it helps identify specific channels along the customer's journey that could be either over-emphasised (over-credited) or not given enough importance (under-credited).
What sets the multi-touch model apart is its ability to provide a holistic view of the entire customer journey, not just the concluding stage. It empowers you to credit the mid-journey interactions that occur during the customer’s decision-making process and assess both the relative significance in influencing the final purchase decision, as well as any additional revenue these interactions contribute to.
The model takes into consideration every single interaction a customer has with your brand - from their initial encounter to the ultimate purchase. With this detailed perspective at your disposal, you're empowered to make well-informed decisions about which marketing channels to concentrate on and how best to allocate your budget.
This comprehensive approach allows you to see the bigger picture, revealing a better understanding of your marketing strategy's effectiveness. Rather than just scratching the surface, the multi-touch model enables you to delve deeper, ensuring you're investing your time and resources where they'll have the maximum impact.
Fig2. Channel Comparison – see how some channels are over- and under-represented in the simple models compared to their true performance.
2. Spot outperforming channels
One of the key benefits of your multi-touch marketing attribution dashboard is its ability to highlight which marketing channels are outperforming others. These high-performing channels are your gold mines - they're driving significant results and deserve extra attention and resources. So, it's a smart move to reassign more funds and efforts towards these channels to further amplify their impact.
How can you do this? It's all about optimising your marketing budget. By closely examining your dashboard, you can spot the channels that consistently play a major role in leading to conversions. Once these channels are identified, it's time to fuel them even more.
But where do the extra resources come from? That's where the underperforming channels come into the picture. Your dashboard also makes it easy to identify efforts that are not yielding the desired results. Instead of continuing to pump money into these less effective areas, you can shift some of their budget towards the high-performing channels. This way, you are not increasing your overall spend, but simply re-allocating it in a way that is likely to drive better results. This tactic allows you to refine your marketing strategy, ensuring your money is invested in the channels that really count.
Fig3. Recommendations – see how the dashboard calls attention to poor and strong channel performance
and makes recommendations.
3. Reallocating Spend to Best-Performing Channels
Equipped with the insights of where to funnel resources and from where to pull back funds, you're now in a position to identify which of your campaigns are bringing in positive results and require further investment, and which ones may need to be scaled down or not repeated. You can organise this data by revenue or return on ad spend, depending on whether you're aiming to maximise growth or efficiency.
The same knowledge can also help enhance the output of all your marketing channels. Pay attention to the particular campaigns within weak channels that are still producing good results, and think about applying their successful strategies to other campaigns. In the same vein, closely examine the campaigns within your stronger channels that aren't performing as well as they could be. Consider refining their messaging, targeting strategy, or timing to bolster their efficacy. This meticulous analysis enables you to refine your campaigns to reach peak performance, resulting in more efficient marketing outcomes overall.
Fig4. Campaign-level data –the dashboard shows all data for campaigns, filterable by channel to help you direct spend.
Conclusion
By acting on the in-depth insights furnished by a multi-touch marketing attribution dashboard, marketing teams can supercharge their strategies, shift resources to channels that are truly making an impact, and refine individual campaigns for the greatest possible returns. The key to unlocking unprecedented growth and achieving standout results in today's fiercely competitive marketing landscape lies in harnessing the power of data-driven decision-making.
Yet, understanding, building and acting on such a vast amount of data can be a daunting task. That's where we, at Kleene.ai, step in. We're committed to simplifying your data journey, making the building of marketing attribution data not just faster, but 10 times faster! We equip you with all the tools and support you need to effectively navigate through the wealth of data at your disposal.
Whether you're an analyst looking to build a multi-touch marketing attribution model, or you are in charge of building cross-departmental data models for your business, we're here to guide you. Reach out to us today and discover how we can transform your approach to data. Let's embark on this data journey together and propel your business to new heights.
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