Marketing has been traditionally dominated by a trial and error, now it’s test and learn. As marketers, we find ourselves testing different tools and channels, trying to learn as much as possible from what happens next. Advances in data-driven and quantitative analysis, allows marketers to employ basic tools to streamline marketing, saving time and money while increasing customer acquisition and ROI.
Let’s take a look at the different tools that we implement with the businesses we work with.
Optimize Paid Search by removing spend on inefficient keywords
The simplest and quickest change is overhauling how you approach paid search. Average cost per click on the Google Search Network spiked 14% in Q4, it is important you are not wasting resources on those that fail to deliver results. Marketers often bid on keywords with little idea how effective they will be, due to the lack of data available to them.
At Fospha, we can help you identify those keywords which are delivering new customers and a higher ROI while showing you which to discard. Our business intelligence reports give you a detailed breakdown of how every keyword purchased resulted in impressions, click-throughs and most importantly, sales. Our product tells you precisely where to increase, decrease or completely eliminate keywords. By providing a dashboard, it gives you a great idea of how your improved keyword budget will perform.
Optimize Your Bid Management Platform by bidding on the best performing keywords
Optimizing your keywords will save resources, but to realize their full potential, they need to be fed into your bid management platform. This platform should then automatically execute bids on the best performing keywords. This saves marketing teams a huge amount of time that can be better spent elsewhere.
These optimal keywords are identified via data-driven attribution. We use data alone to determine the effectiveness of those keywords, removing guesswork and subjectivity from the decision-making process.
Understand true channel performance with Data-Driven Attribution
We, perhaps controversially, believe most attribution models are highly inaccurate. They typically assign credit arbitrarily to one point or apply a fixed distribution model where every part of the customer journey receives a predetermined percentage of credit regardless of impact. As a result, it is very difficult to get an accurate picture of which channels are performing best within your larger marketing campaign. You may discard mediums that are performing well but are not receiving credit, undermining your strategy further without realizing.
Just like identifying keywords, attribution has to be led by data. Fospha’s multi-touch attribution (MTA) product which is purely data-driven provides you with precise feedback on how every online and offline touchpoint effects customer conversion and acquisition. We are able to consolidate data from all your disparate silos into an integrated platform. This shows you exactly what channels and tools were responsible for conversions. By introducing the MTA product, you can find out exactly which channels are performing above average and which are doing little to acquire new customers, and use those learnings to increase ROI.
Identify High-Value Customers And Increase ROI
The Pareto principle shows businesses make a majority of their revenue from a minority of clients. These high-value customers are usually the backbone of a company’s commercial success. Holding onto them and finding more like them should be a top priority.
With intelligent quantitative analysis we can accurately forecast the cost of acquiring every customer and what they have delivered in revenue, so you can identify who your high-value customers are. You can then model this data and target your campaigns to similar people, while suppressing outreach to those identified as ‘low-value’. This allows you to save money, with budget being targeted more effectively, as it will deliver a much higher ROI with those high-value visitors.
Optimize Your Marketing Budget With Marketing Mix Modelling
It can be an infuriating process trying to determine exactly how much each channel contributes to sales and conversion. Determining the nature of the relationship between every channel and how they help or hinder each others’ success is often a near impossible task. Even more challenging is evaluating the impact of external events. How can you really measure the effect of a week of snow and blocked roads on your campaign?
Our Marketing Mix Modeling (MMM) algorithm can help you separate all this data and optimize future campaigns to increase performance. MMM will assemble your marketing data from every single channel. Multiple events data feed from weather data, politics, economics, such as GDP changes and much more, so you can understand how external events impact your campaign performance.
For you, this means you can have absolute clarity on what budget you need to increase the sales rate of your campaigns. MMM removes all guesswork and human subjectivity, instead offering a purely data-driven objective report on what to change for fast and effective results. By inserting algorithms into the deep analysis parts of your business, it frees up time for your team members to work on being creative and unlocking growth.
Time For You To Get In Control
For all too many marketers, their data is fragmented and tells them little. Real insights are blurred, and impact and effectiveness of campaigns are incredibly hard to decipher. By using data-driven products, this is no longer necessary. We have gone over five data-driven tools that you can start using to get a hold over your marketing data, identify and augment winning channels, discard losing ones and bolster your overall marketing strategy.
You can look forward to a far higher ROI, more time for your team to work on high-value tasks and greater confidence going forward in your campaigns.