Marketers today are under more pressure than ever to do more with less – and not only that, but they are under increasing pressure to prove the value of their actions.
The days of faith-based decision making are over, and instead marketing managers now need solid statistics to get buy-in from senior teams and unlock marketing budgets.
With customers today becoming more demanding than ever before, consistent customer experience across all media channels has never been more important.
So, what’s the solution? Access to detailed data that enables you to not only understand every step of the customer journey, but also prove the value of marketing actions to senior leaders.
In a recent Salesforce poll of marketing leaders worldwide, 42% said they are using methods driven by data science to measure their marketing success, whilst measuring marketing attribution is their second biggest challenge.
The good news is that in today’s world, data is everywhere. But how can you filter out the noise and use the data that really matters to improve your marketing and achieve accurate attribution modelling? Well, that’s where data science companies come in.
Read on to learn more about how intelligent data can revolutionise your marketing, and how a specialist data science company like Edit can help you to unlock the power of your data to achieve accurate attribution modelling.
What is attribution modelling?
Marketing attribution is essentially the process of identifying and assigning value to various touchpoints or interactions that contribute to a conversion, with attribution modelling providing the framework for measuring it.
As a marketer, it can help you to better understand the customer journey and refine your marketing strategy, as well as answering questions such as which campaigns and channels are most effective, how customers react to and interact with different touchpoints, and where to allocate budget for maximum impact.
Why is it important?
In today’s omnichannel environment, customers interact with a brand across various touch points before deciding to purchase – and by using attribution modelling, marketers can measure the impact of each interaction to assess their effect on the bottom line.
This is especially important when you are running omni channel campaigns across multiple marketing channels and need to know the role each one plays in the customer journey and how they work together.
Accurate attribution modelling enables you to take your marketing strategy to the next level and deliver hyper-personalised engagement by unlocking real time insights around customer behaviour so you can create optimised campaigns.
It’s no wonder, then, that organisations which harness customer insights to inform their decisions outperform their competitors by a whopping 85% in sales growth and more than 25% in gross margin.
5 ways customer data science companies can help you achieve accurate attribution modelling
1. By implementing digital attribution
If you’re going to use your data to make crucial marketing decisions, you need to implement attribution and build an attribution model – which is where the specialist expertise of a data science company comes into its own.
From interrogating cross-channel data, implementing attribution, adding reporting and visualisation tools, building attribution models, and reviewing any other offline tools, a data science company will set up and implement your attribution model to ensure you get the results you need.
In addition to this, they will also help to implement reporting tools and an optimisation framework to generate actionable insights, as well as dedicating time to data-driven attribution and data analysis to uncover the customer journey and identify opportunities,
If you’d like to find out more about how this process works, check out our case study with Tesco Bank and discover how we used attribution modelling to increase ROI.
2. By gathering insights from your data to make informed decisions
By turning your data into insights, you can make data-driven decisions and streamline your path to value.
You may think you know your customers and that you have great intuition about what they want and need, but the truth is that guesswork has no place in marketing today.
Instead, by utilising your data, you can harness data-backed insights that empower you to make informed marketing decisions based on performance, enabling you to take your marketing to the next level.
3. By creating hyper-personalised journeys that optimise your marketing
Using the insights gathered from your data to see what your audience is interested in and identifying the campaigns and channels that they resonate means a data science company can help you personalise the customer experience and work out the best approach to marketing.
When you understand the customer journey better, you can create more personalised and targeted campaigns that resonate with your audience. By optimising your campaigns and delegating resources accordingly, you can improve efficiency and create hyper-personalised journeys.
4. By using attribution results to recreate campaigns
Data science companies use data analysis and attribution results to track the performance of your campaigns, as well as helping you to identify areas for improvement and constantly improving your campaigns.
Utilising performance metrics such as customer satisfaction, customer retention, and customer churn means you can clearly see which campaigns and touchpoints are working and which aren’t – and once you know which channels have delivered results, you can replicate them for future successes.
5. By improving ROI and planning for the future
Finally, with a more accurate view of how channels are performing, you will be able to better target marketing budgets and know where to optimise channels.
When you put customer insights at the centre, personalise campaigns, and deliver tailored and targeted communications in the most efficient way possible, you can improve all your marketing activity.
The result? A better ROI across your media spend and the ability to demonstrate the value of your marketing efforts across each step of your campaign so you can plan and budget better moving forward.
How Edit can help you achieve accurate attribution modelling
With over 25 years of marketing experience, our team of data science superstars bring together skills of technology, mathematics, and business acumen to provide data analytics and attribution modelling to transform your marketing strategy.
We believe the truth lies in data, which is why we put data at the heart of everything we do; collecting it, pulling it together, and making it valuable to help you unlock your potential.
To find out more about our approach to analytics and attribution modelling, or to learn about our Intelligent Data services, contact our data wizards today.
