The Marketer's Funnel and Path to Conversion - A New Perspective at DAS, 10/20/14
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Peter O'Sullivan from Quantcast's presentation from Digiday Agency Summit on October 20, 2014.
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The Marketer's Funnel and Path to Conversion - A New Perspective at DAS, 10/20/14
- 1. 1 Rethink the Funnel: A New Perspective on Attribution Peter O’Sullivan, Senior Sales Director, Western Region, Quantcast Lauren Marks, Account Leader, iProspect | Copyright 2014 Quantcast | Confidential Know ahead. Act before. TM
- 2. 2 About Quantcast The most effective advertising from the people who really get audiences Quantcast Measure Quantcast Advertise | Copyright 2014 Quantcast | Confidential Knows your customer’s next move, so you can make yours first. Measures millions of customer behaviors in the moment. Directly measuring audiences spanning hundreds of millions of web destinations Advertising that acts on real-time audience behavior.
- 3. 3 Agenda The Consumer Journey Down The Funnel It’s Time To Evolve An Example By The Numbers | Copyright 2014 Quantcast | Confidential
- 4. 4 54% of marketers still use last touch attribution LAST TOUCH Conve rsion Source: Econsultancy, “Marketing attribution: Valuing the Customer Journey”, February 2012 | Copyright 2014 Quantcast | Confidential Challenges • Upper funnel is missed. • All partners on the plan “fight” to get last touch. • Creates the wrong incentives and a lose, lose, lose situation for consumers, marketers and media partners. • Easily manipulated and gamed.
- 5. 5 It’s Time To Evolve ….And It’s Not That Hard | Copyright 2014 Quantcast | Confidential
- 6. 6 A new perspective: Split Funnel Attribution | Copyright 2014 Quantcast | Confidential Benefits • Clean way to measure Prospecting and Retargeting. • Creates a partnership between upper and lower funnel tactics. • Aligns incentives for splitting credit and managing budget. • Enhances all methods of attribution modeling.
- 7. 7 Strike the right balance for splitting credit, not just budget. Align your incentives: | Copyright 2014 Quantcast | Confidential Split Credit for each Conversion 1 You Decide How to Divide Credit 2 Upper Funnel Credit Prospecting Phase Lower Funnel Credit Retargeting Phase
- 8. 8 Split Funnel In Action: iProspect Case Study, Lauren Marks | Copyright 2014 Quantcast | Copyright 2014 Quantcas t | | C Coonnfifdideenntitaial l
- 9. 9 Campaign Overview Client: Leading Niche Retailer Campaign Goal: 2:1 ROI (~$35 CPA) Budget: $12.5K Time Period: August 2014 Attribution Methodology: Last Touch Total number of partners: 6, including Quantcast Breakdown of tactics by partner: 5 Full-Funnel, 1 Retargeting-only | Copyright 2014 Quantcast | Confidential
- 10. 10 Partner Overview 15% 64% 44% | Copyright 2014 Quantcast | Confidential 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 Impression Mix by Partner 13% Partner 1 Partner 2 Partner 3 Quantcast Partner 5 Partner 6 40% Overall Retargeting % Retargeting Prospecting 88% 1% Partners 1, 3 and Quantcast are running full funnel targeting, with Partner 3 retargeting fairly heavily. Partner 6 is running prospecting only. Partner 2 and Partner 5 are running retargeting only.
- 11. 11 Prospecting Effectiveness | Copyright 2014 Quantcast | Confidential Quantcast and Partner 3 have the lowest prospecting cost per converter, while driving the highest conversion rates. Despite running mostly prospecting impressions, Partner 1 is not effective in prospecting Prospecting impression volume Prospecting cost per converter $70 $60 $50 $40 $30 $20 $10 $0 0.140% 0.120% 0.100% 0.080% 0.060% 0.040% 0.020% 0.000% Prospecting conversion rate
- 12. 12 Retargeting Effectiveness | Copyright 2014 Quantcast | Confidential Partner 5 is the most effective retargeting partner. Quantcast has the lowest cost per retargeted converter. Despite running high volume of retargeting impressions, Partner 2 is not retargeting $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 effectively. 2.00% 1.80% 1.60% 1.40% 1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% Retargeting conversion rate Retargeting impression volume Retargeting cost per converter
- 13. 13 Last Touch and Split-Funnel CPA (Low CPA is Good) Average CPA Last Touch CPA Split Funnel CPA $60 $50 $40 $30 $20 $10 *CPA calculated assuming all partners on the same CPM rate | Copyright 2014 Quantcast | Confidential Quantcast becomes the best performing partner once their Prospecting performance is taken into account. Partner 6, who is doing mostly prospecting looks better once their prospecting contribution is credited with Split Funnel Attribution, but still does not match other partner’s performances. Results will change with correct CPM Rates $-
- 14. 14 Key Takeaways Split funnel attribution makes this all possible 1. Know your funnel metrics - what is actually happening 2. Understand your funnel dynamics – what you want to happen 3. Set the right incentives to maximize your desired results – influence the outcome | Copyright 2014 Quantcast | Confidential
- 15. 15 Questions? | Copyright 2014 Quantcast | Copyright 2014 Quantcas t | | C Coonnfifdideenntitaial l
- 16. 16 Thank you. | Copyright 2014 Quantcast | Copyright 2014 Quantcas t | | C Coonnfifdideenntitaial l 16
Notes de l'éditeur
- I am very excited to be here today and help illuminate what I believe is fundamentally new way of looking at attribution What I will be sharing with you isn’t something unique just to quantcast It is an open source solution that we are actively using and sharing with attribution platforms, adservers and other vendors By openly discussing the methodologies and metrics around what we are calling Split funnel attribution we can hopefully, with everyones help, evolve the current attribution standards for the betterment of our entire industry as a whole But before we get started down that path I do want to remind people who Quantcast is incase there may be a few folks that are wondering why we are leading a discussion about attribution Quantcast is a digital advertising company specialized in audience measurement and real-time advertising. We were an early pioneer in online audience measurement back in 2006 and we continue to be today. We have insights on over 100 million web destinations and we are currently one of the top 5 largest processors of data in the world This unique digital footprint gives us one of the most in-depth understandings of digital audiences across the web and it is this understanding that has allowed us be an early pioneer in attribution as well So hopefully that gives you a little background on why the data I am going to share with you today is worth listening to… so lets jump into it…
- Today I am going to give you a conceptual overview of split funnel attribution Then dig a bit deeper into it via the consumers path to conversion After that we’ll discuss evolution of measurement and the new metrics and insights it gives you And at the end I’ll try to wrap it all up with a campaign example by the numbers to hopefully drive it all home.
- today’s targeting tools have become significantly more precise. In the last ten years, and really… the last 5 years, online targeting, with the advent of big data and RTB, have created precision surgical instruments that have outpaced the outdated last touch models in use today. To the point that it is now almost easier to manipulate and game these outdated models than it is to actually work within them. The most widely used model today is still the basic last touch model. The harsh reality is that last touch is outdated and very easily gamed. All upper funnel activity is missed and partners on the plan “fight” to get last touch. This ultimately creates the wrong incentive and a lose, lose, lose situation for all parties involved. The ad targeting vendors, the marketers, and the consumers all lose out. The consumer loses because they are over saturated with retargeting ads to the point of annoyance. (We have all likely experienced a pair of shoes or other product following us around the internet at some point) The marketer loses because their budgets are over allocated to those most likely to convert anyway. The ad targeting vendors lose because they are forced to optimize to an inferior attribution game and significantly dulls their targeting toolset and potential. By only rewarding the last ad it incentivizes everyone to focus on gaming rather than maximizing conversions as a team.
- It is time to evolve our outdated attribution measurement. Let’s take a closer look at how split funnel gives us new perspective on attribution.
- This is how we split the funnel. Now, I want to point out again that there is a difference between the first site visit and just any visit to your site. From an attribution perspective the first site visit only counts for those consumers that actually convert. If a prospecting partner brings a visitor to your site but they do not convert, it doesn’t count. It’s an interesting metric to know, how many total site visitors a prospecting partner is bringing to your site for the first time, but it only counts when that first time visitor also eventually converts. If all we were interested in from prospecting was only new visitors, then there are plenty of click farms out there that will be happy to sell you clicks all day long, I am sure but we know that doesn’t work. The goal here is to only reward for reaching qualified prospects that visit for the first time AND convert. Both events are required to count One of the most beneficial aspects of being able to distinguish between who contributed to a conversion from both the prospecting and retargeting phases is that now you’ve created a partnership between the two efforts. Now each phase is rooting for the other to do their job. The prospector brings a visitor to the site for the first time and if they don’t convert on that first visit they actively root for the retargeting partners to bring that lead across the finish line so that they can reap the rewards as well. Same goes for the retargeters. Now they are yelling up at the prospectors saying “ bring me more qualified leads”. You now have a holistic partnership where each leg of the race is rooting for the other. Even if a targeting partner is full funnel targeting on both phases, it removes the unnecessary competition between the the two legs of the race for everyone involved. This is how you properly balance your funnel and create an inclusive partnership between the two distinct marketing tactics.
- Implement your strategy by using measurement to set the right incentives through credit allocation to maximize your desired results. This is where the true power of the split funnel comes into play, this is where you gain even more control over the execution of your funnel mix. Allocating your budget inline with how you want your dollars to be spent is one part of the equation, but having a transparent way to set the right incentive to guide your targeting partners to align with your desired goals is just as important. And this is where the concept of a split credit comes into play. Let’s say your funnel metrics tell you that you should ideally have a 70/30 mix of prospecting to retargeting. So you choose your partners and allocate your budgets accordingly. How do you ensure that your targeting partners, especially those that might be full funnel targeting, are proactively carrying out your desired plan? With split funnel it’s Easy, you tell them from the beginning that 70% of the conversion credit will be given to the ad or ads that were responsible for getting converters to the site for the fist time and 30% will be allocated to the ad or ads that got the converter over the finish line. Whether you are using a last touch model, multi touch or regression, it works in every case. It doesn’t matter if your mix is 50/50, 90/10 or 10/90 the split credit approach is openly transparent and obvious to everyone what you want their focus to be. Simple and effective, it’s a Win, win win,
- Okay, so that was a lot of information in a short amount of time. Let’s take a look at some real numbers in action to help further illustrate and hopefully drive it all home.
- One, Know your funnel metrics – leverage the first site visit and know what is actually happening on your campaign for each leg of the race Two, Use those metrics to understand your ideal funnel dynamics– This is what you want to happen in an ideal scenario And three, Leverage the open transparency of split funnel to set the right incentives through measurement and credit allocation to maximize your desired results – Basically, try to load the deck as much as you can in your favor to influence the optimal outcome