You need a data solution that can grow with you, not a package you can’t afford
The typical relationship between attribution providers and clients is one-sided. More often than not, attribution providers require a hefty financial commitment up-front, and expect clients to wait several months before they are able to see the results of their investment… and whether it’s been a success. It is much wiser to start small, iterate and build from there, adapting the model as you receive real-time feedback. This ‘start small and grow’ approach is popular among the ‘digital first’ businesses that have been built online, scaling through data driven marketing.
Building early momentum and gaining insights to successful strategies is key, and as you scale, you can easily bring in more advanced techniques. It’s the getting started that can be most challenging.
The challenges in starting off your analytics journey with a “big” set up:
It’s essential that companies fully understand their marketing data and analytics; it’s invaluable in maximizing the efficiency and effectiveness of any marketing strategy. However, obtaining a clear picture of what data exists, and creating dashboards full of the metrics that really matter to a business can be challenging.
Often, businesses hold an overwhelming amount of data, within a number of different data sources. To have all information processed and analyzed can be extremely expensive and all too often, prohibitively expensive.
Moreover, the process of handling and assimilating this fragmented data from across a business can be very time-consuming. There can be lags of up to six months which is often far too long for smaller companies and startups that need to move fast to survive and thrive.
- In today’s data driven world, analytics built on data that’s six months old will often be either completely out of date or no longer relevant to a business. It’s useful for historical and trend analysis, however real time components, external data sources that impact on business performance, and marketing technology should all be integrated.
- When the investment is made up front, long before there are any results to share, it can starve smaller companies of vital cash flow. It’s a huge investment and a leap of faith for any marketing professional to commit such a spend against a solution that they can’t benefit from in the short to medium term. It’s therefore often deemed too big a risk.
Start “small” to get quick results:
The opportunity cost and the missed ROI from failing to move quickly can massively hinder a small company. Considering that in the UK, 8 out of 10 startups will fail in their first year, making your strategy successful from the beginning can be the difference between success and failure.
Businesses often feel that in order to successively deploy data analytics, they need a highly complex system, when in fact, it is far more profitable to start with the basics and go from there.
Creating momentum with your strategy starts small with basic due diligence. One example would be micro-wins, simple yet powerful analytics that can identify and leverage high value and low-cost keywords in just a few weeks. We recently worked with a client who saved £200,000 on AdWords with no detrimental impact on leads or revenue. Such significant savings can open up a host of new opportunities to test other channels, whether that be Facebook advertising, advanced SEO or TV.
Once the initial due diligence is done on the basics, we would typically recommend a Multi-Touch Attribution (MTA) system, which combines advanced data science alongside algorithmic modelling. This advanced insight will provide you with precise analysis of every single touchpoint and how every moment of a customer’s journey has impacted on revenue.
It’s important that any system implemented is designed to deliver the best positive result for your business. You need a data solution that can grow and evolve with your business, that connects with the technologies you work with, and provide clear and accessible insights to teams across your business.
The big reveal?… It no longer takes a huge cash out-lay early on to achieve this, good news for businesses everywhere.
Fospha provides its clients with an accessible, centralised, and actionable data platform. Our solution can seamlessly integrate disparate performance data siloes and present clients with a comprehensive – and most importantly – accurate picture of their marketing performance. By combining MTA with an extensive list of different datasets, Fospha provides a single interface where clients can understand how buyers are interacting with their brand, understand where they’re getting the best return on investment, and optimise their marketing strategy accordingly.
Interested in finding out more about our solution? Get in touch at firstname.lastname@example.org