Solutions

Products

Resources

Compagny

White Paper Data Governance - Why is Data Governance so strategic in 2023 and how can a CDP support your program?

Month: November 2019

5 tips and tricks for your path towards attribute-supported optimisation of the customer journey

1) Determine your objectives and start off with simple models: What do you want to achieve with attribution? Are you focusing on budget allocation, reassessment of partners/campaigns, or options for automation (keyword: bid management)? Learn how to understand data, correlations, and processes within your company—and within your advertising partners and agencies. Classify your campaigns (branding, performance, upselling, lead generation, etc.) and channels. Complex and dynamic models can quickly turn into a black box full of pitfalls, and should only be used when you have a firm grasp of other topics. The initial focus should be on the objectives that you want to achieve with the help of attribution, such as budget allocation

2) Carry out a descriptive analysis of the customer journey and determine what data is available, and of what quality: Are all campaigns being tracked cleanly? Analyse the data that you have available: how great are the discrepancies between online and offline data in terms of products sold and revenue? You should take cancellations and returns into account when doing this. Before you can manage an attribution model, you need clean, cross-channel data tracked as a unit that combines off-page, on-page, and CRM views. Which channels typically play the role of “introducer”, and which ones play the role of “closer”? Which other channels between introducer and closer have the most influence on the customer journey, and in what ways? Can offline conversions (purchases in brick-and-mortar stores, from a distributor, on the telephone, etc.) also be taken into account?

3) Seek out and recognise potential quick wins: How many touchpoints per journey? How many journeys consist of just one channel? Is there any scope for optimisation based on reweighting touchpoints? Are there recognisable differences in terms of revenue when compared to multi-touch journeys? Are there touchpoint chains that don’t lead to conversions? Take into account usability aspects, such as funnel analyses. Eliminate errors and usability obstacles for website users via website optimisation (A/B testing), so that these don’t slam the brakes on your budget optimisation.

4) Lay the foundations for more complex models:
a) Organisationally: Launch an integrated marketing team approach (do away with the silo mentality and stop thinking in terms of channels/ areas of responsibility). For example, this could occur by changing the marketing targets into cross-team targets and KPIs. Ideally, online marketing, CRM, analytics, and business intelligence teams should all work together. Important: avoid creating a black box. Every model should maintain clarity and only be as complicated as necessary. In contrast to static models, even simple individualised models bring in a lot of added value!
b) Contractually: Look through performance marketing contracts. Discuss and agree on new models of compensation with partners, if required.
c) Technically: Generally, you want to have as perfect a budget allocation as possible for each channel. The aim of the game is to boost conversions by improving budget distribution. Analyse current data and start off by using a simulation to compare the possible impact that the various models could have on budget allocation and compensation. Then get your performance marketing partners or agencies and employees on board. Test the new attribution model on a clearly defined target group. What impact does it have? Is your hypothesis correct? Finally, roll out the new model to other campaigns and product categories, and compare to see if your assumptions play out.

5) Propose optimisation hypotheses to start with: Generally, you want to have as perfect a budget allocation as possible for each channel. The aim of the game is to boost conversions by improving budget distribution. Analyse current data and start off by using a simulation to compare the possible impact that the various models could have on budget allocation and compensation. Then get your performance marketing partners or agencies and employees on board. Test the new attribution model on a clearly defined target group. What impact does it have? Is your hypothesis correct? Finally, roll out the new model to other campaigns and product categories, and compare to see if your assumptions play out.

 


Learn more in the dedicated white paper: Customer Journey & Attribution


La CDP est-elle faite pour vous ?

Is a CDP made for you?

Is a CDP suited to your needs? Will the global investment – not only financial, but also the time and energy you will put in – be worth it? Here are a few questions to help you decide.

Are you looking to leverage your first-party data?

This is the CDP’s primary vocation: to help improve your customer and lead intelligence with information originating from your own channels (online and offline), databases (CRM, SAV, etc.) and campaigns. In other words, the CDP requires at least some commitment towards first-party data and, unquestionably, a global effort regarding organisational structure. While it may be formative in itself, a CDP project still requires strong investment in data matters from all the concerned parties, from marketing and IT to business and sales executives.

Are you looking to get a people-based view of your data?

Do you believe that you are operating too blindly? That your goal of being customer centric is being limited by data that is too approximative – and, more importantly, anonymous? The time has surely come to deploy a people-based data strategy, which involves matching your data across devices and channels. Firstly, by working with your own information. And, if needed, making use of third-party sources to better consolidate cookies and profiles stored in your CRM. Whatever your sources, the CDP serves to build a people-based view of your collected data.

Are you looking to refine your segments?

Despite the use of a marketing automation solution, are the results of your email campaigns stagnating or are your landing pages not converting as well as they should? You probably need to refine or revise your audience segments by utilising data that your marketing automation software or CRM cannot reach. While it may seem paradoxical, to refine segments you must see the ‘bigger picture’, and thus have a 360° view of your customer and lead data. A view that the CDP builds iteratively and cumulatively.

Are you looking to boost your activations’ ROI?

Are you aware that your POE (Paid-Owned-Earned) mix is far from being at its best, but are uncapable of identifying how to optimise your activations? Do you invest too much in SEA? Or not enough in display advertising? Which activations truly direct the journey through to the conversion or improve retention? Difficult questions to answer without taking advantage of the view that the CDP control tower offers

Generally speaking, do you want to improve your marketing efficiency?

Perhaps you’ve felt it for a while: the silos between your team’s services (loyalty, acquisition) and expertise (media buying, SEA, social media management, brand content, lead generation, etc.) are so strong that it borders on dysfunctional. Everyone views data through the lens of their own tools, KPIs and objectives. Consequently, your activities are inconsistent and overall performance suffers. While a tool like the CDP cannot break down these silos all alone, it can provide vital support in helping everyone better evaluate their contribution and…bring perspectives closer together.


Learn more in the dedicated white paper: Customer Data Platform


To not miss any of the latest news from Commanders Act, subscribe to our newsletter!  

© Commanders Act. All rights reserved 
Powered by CREAATION.