How much are online influencers worth to your brand?
Omnichannel marketing is on every CMO’s radar. Based on our network data, almost 50 per cent of online consumer purchase journeys are mutli-channel and 20 to 40 per cent involve multiple websites. It’s more important than ever to have a joined up approach and an understanding of how your customers interact with your brand across channels, while bearing in mind they aren’t differentiating between channels during the experience. The digital marketer’s job is to understand this behaviour and optimise marketing activities to increase sales.
One of the keys to understanding what online channels and individual websites are driving your sales is attribution modelling. The most common model is last click and the one we’re all familiar with in the performance marketing sector. It’s also the most accurate way to measure success and works by attributing 100 per cent of the revenue generated by a sale to the last touch point in the customer’s journey.
As marketers the question we all want answered is: what makes my customers convert and how can I encourage more of that behaviour to drive additional sales?
The opacity of online purchase journeys is a challenge, even those marketers with the data accessible are struggling to digest information about thousands of sales and use these insights to drive their marketing strategies. Without visibility of your customers’ online behaviour, you are basing marketing strategy and budget allocation decisions on a snapshot (the last click). You need to understand how your customers arrived at that point of purchase so you can optimise the journey and increase sales, revenue, click through rates, etc.
First click is another measure and attributes the result with the first touch point in the journey, which can differ dramatically between sectors, products and types of customer.
Using ADAPT, our business intelligence tool, to crunch the data into digestible pie charts and graphs provides you with visibility so you can better understand your customers. For instance, you can find out what channels and specific websites typically initiate your customers’ purchases and delve deeper to see every touch point on every journey, not just first and last click.
In practice, a good place to start is the last click — understand what channels and individual websites are converting your customers — then identify the ones that initiate the journey and drive intent to buy, perhaps these channels or websites never close sales and are unrewarded. By identifying the value they add to the purchase journey you can optimise them by shifting budget or incentivising publishers on a CPC or percentage of CPA deal. Yes could end up spending more, but you know the saying: you’ve got to spend money to make money, well that’s true for performance marketing. By using insights into what’s influencing your customers’ online purchases you can optimise your budget and increase your sales and revenue by up to 10 per cent — on a monthly basis that really adds up — kerching!
We are working with clients, including eBookers, to optimise their performance marketing activities in this way and better understand their customers at the same time. ADAPT simply sits on top on top of all the data you’re already collecting across all or some of you channels and visualises insights in a way that you can digest and action. Find out more.