Are All Digital Things Created Equal?
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Presentation delivered by Simon Prince, Head of Customer Marketing for Powwownow at the Digital Marketing Show Refresh on the 30th September 2015.
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Are All Digital Things Created Equal?
- 1. Are all digital things created equal? An attributed view Simon Prince – Head of Customer Marketing at Powwownow @SimonJPrince
- 2. “Half the money I spend on advertising is wasted; the trouble is I don't know which half.” John Wannamaker – US retailer and marketing pioneer
- 3. So what is attribution?
- 4. “The practice of attributing credit to all marketing exposures that led to a website conversion event, rather than attributing all credit to the exposure immediately preceding the conversion.” As defined by Forrester
- 7. Attribution is not new, it’s been around for over a decade. Penetration is still low – estimations at around 25%
- 8. The common last click approach
- 11. Multi steps in most conversion paths Advertisers assign the value to the last touch point before conversion CPA as a result guides people to invest at a point where most purchase decisions have been made By only rewarding the goal scorer we’re going to create a team of biased one-sided players
- 14. • Justifying digital spend • Building understanding of purchase decision • Optimising media mix • Measure cross channel and intra channel interaction and impact • Tighter control over budgeting and improved ROI • Ability to measure spend on prospects that don’t convert
- 15. Looking at those that don’t convert
- 17. Last click First click Position-based Time Decay Linear
- 18. Evolving a model can give you what you want A discount on brand as customer already aware of you. More weighting on Generic as you compete with others in market place
- 20. Evolution - Splitting the funnel
- 21. A current view of Attribution
- 24. Considerations
- 25. • Is your company culture or data ready • Channel leaders must buy in • Avoid focusing on single channel reviews • Models can get complex and implementation can be tricky • Campaigns should evolve in parallel to insight and learning – models must adapt •Be wary of the way you incentivise the providers
- 26. There’s never one source or truth or one way of ‘doing it’
- 27. In summary
- 28. • Attribution will improve your digital landscape – shines a light on the dark funnel • There is no one-size-fits-all solution – test, refine, test etc • Not be viewed in isolation, it forms a piece of the puzzle when analysing data • Be careful with implementation and rewarding • Split your funnel to help with targeting
- 29. Are all digital things created equal?
- 30. Of course not
- 31. But, by assigning value to all touchpoints through split funnel path, a brand will be better equipped to serve the right ad to the right person at the right time an ultimately improve ROI
Notes de l'éditeur
- Intro about me – working in marketing for 13 years, mainly focused in digital in last 8
- His world was print, coupons and so on Nowadays I know my Out Of Home Ads have an effect, but only digital – through attribution - gives me a full view of where my marketing pounds are best spent
- A dry slide that makes sense but doesn’t really bring to life the solution
- 2015 Champions league winners Gerard Piqué - Andrés Iniesta - Jordi Alba - Lionel Messi Talk about Messi being the conversion machine. A true great whose sole job is to put the ball in the net Others play a part in the goal – midfield pass. Defenders stop attacks
- Putting the pitch into a lovely marketing funnel
- So if penetration is still rather low what is the view most companies still take…
- If we only assign credit to the last interaction we will naturally always favour, and therefore prioritise, that action
- Messi is 5ft 6 and I’m sure he’d be better than me in Goal but probably not as good as Stegen (Barca keeper) Who wants to watch a bunch of goal hangers scrap to kick the ball across the line
- So if we understand a little but more about what it is what are the key benefits?
- Justifying digital spend Building understanding of purchase decision Optimising media mix Measure cross channel and intra channel interaction and impact Tighter control over budgeting and improved ROI Ability to measure spend on prospects that don’t convert
- Discuss the improvements PWN have seen in ROI from media. Been able to make efficiencies and drive increased registrations I can now justify the mainly brand/pushed based display as I know the effect on other channels
- Last click does not help you understand the full path to purchase You’re focusing your attention on the 2% of customers who actually convert Think of all the data points along the infinite journey. If only looking at conversion you are using 0.00000?. That’s not a lot
- Last click – credit to the last click before purchase First click – attribution of credit to first click in customer journey First touch – credit to first touch point which initiated the journey Recency – attributing a weighted value based on impact of touch a recency on a time decay model Engagement - attributing a weighted value based on Recency and, for example, time on site Linear – all the value assigned evenly across path
- Taking a model and making it fit for your own purpose.
- All the key models leverage the last touch so generally what ever the model you’ll see… Clicks are worth more than impressions A click today is worth more than a click yesterday An impression today is worth more than an impression yesterday For every day before an ‘conversion’ event both a click and an impression had less and less influence over that event
- A new way to view attribution – moving away from the single funnel approach
- All the key models leverage the last touch. Creates a proximity bias which tend to over weight the end of the funnel. People retargeting when they should be prospecting. People serving huge volumes via high frequency caps etc
- Segregate buys, retargeting versus prospecting etc Adding another data point helps to give perspective. Splitting at first point of landing on site. Prospecting vs retargeting Moving from 3rd to 1st party data All online converters do one thing other than converting… they all visit the site at least once.
- All online converters do one thing other than converting… they all visit the site at least once Reward people for wanting to drive customers to your site Move away from last touch conversion and think about the type of buy
- Is your company culture or data ready – siloes groups not thinking holistically will struggle Channel leaders must buy in. Attribution can effect bonuses due to changes in credit. Need buy in to avoid in fighting between channels Avoid focusing on single channel reviews – works best looking at channel through channel Models can get complex and implementation can be tricky Campaigns should evolve in parallel to insight and learning – models must adapt Be wary of the way you incentivise the providers – been known to game the system
- Multiple models Multiple partners to help Your data will determine what rules are used
- Attribution will improve your digital landscape – we’ve seen as much as a 30% improvement in efficiency of certain channels