Fospha’s Commercial Director joined a panel of data and marketing experts from marketing agency Accelerate Digital and online learning company AVADO, for a webinar to discuss the key topics surrounding the advent of data-driven, multi-touch attribution.
Drawing on their experience, they gave their insights on both the theoretical and practical aspects of implementing data-driven, multi-touch attribution.
Key takeaways included:
The complexity of the customer journey is being driven by the recent changes in customer journeys
Customers now carry out multi-channel, multi-device journeys, and companies are having to keep up with these ever changing life-cycles. In line with this is the increased need for businesses to focus on attribution, to ensure that they are properly measuring the relative impact across these different channels.
Most companies are still using a last-click approach
In our poll of close to 100 marketers, it was found that 49% of respondents were still using a last-click approach to attribution. The next most popular model was first click – represented by 13% of the audience. These stats suggest that a large proportion of companies are still using rudimental, early models of attribution that may not provide the most accurate measure of which channels contribute to which conversions.
Basic is better than no attribution, so marketers should start simple and aim to build sophistication incrementally
An important point that was highlighted in light of these poll results was that models like last and first-click attribution are certainly better than nothing. Making sure you have an attribution model in place is the first step in effective data-driven marketing, and from here businesses can make incremental changes to move into a more sophisticated model.
A Customer Data Platform is key to integrating your data.
Before effective attribution can occur, data needs to be brought together in a holistic database. This need was recognised, with 51% of the webinar audience noting that it was a ‘high priority’ to have a fully integrated Customer Data Platform (CDP) and single customer view. A Customer Data Platform breaks down data silos to unify data from various channels and devices and is increasingly being recognised as the go-to standard for an effective data management database
Click here for more information on the key insights from the webinar.
Alternatively, click here, to download the live stream.
Find out more
Fospha – the Customer Data Platform specialists – integrates all your data sources into one centralised data platform, providing you with a granular, single customer view. From here, we provide you with the unique tools to understand, and act upon, your data to drive conversions, ROI and reduce dropouts.
To learn more about how Fospha can help you solve your data challenges, click here.