Unlocking the truth: How to use unified cost data to gain a true picture of ROI measurement
Fospha are now in the unique position to automatically integrate a range of cost data sources into our existing consumer data platform (CDP), layering it on top of consumer data, providing a more holistic view of both return on investment (ROI) for marketing channels and consumer behavior.
“Adding this extra layer of cost data helps our clients make more informed marketing decisions.”
– Marie Elms Lester – Head of Customer Success
Having a more complete and accurate view of cost, channel and customer ROI in one place, with effective visualizations clarifying which marketing channels are performing the best, makes it simple for marketers to prioritize channels for optimal customer acquisition and retention.
Cost data: what’s the hype?
It is widely understood that a better view of the consumer journey allows for deeper understanding of performance. Therefore, integrating cost data against existing data sources allows for more accurate measurement and a unified view of ROI.
However, it’s clear that cost data from online sources won’t give a fully true picture – consumers are also influenced by offline sources in their path to purchase. Fospha’s agile measurement product makes it easy to factor in offline costs, such as agency fees, which contribute to the total cost per conversion, providing an even more granular view of ROI.
The nuts & bolts
Fospha’s ROI measurement tool uses API feeds to automatically assimilate multiple marketing cost data sources. This information is collected from a multitude of vendors (such as Bing, Google AdWords and Facebook) and compiled within a bespoke customer data platform (CDP).
This CDP is then able to connect specific visitor profiles with cost data, assessing the ROI of specific individual customer digital journeys. Tapping further into the benefits of Fospha’s CDP, clients can then use customer clustering techniques to target high value customers, as well as those with similar profiles (through simple integration with tools like Facebook Lookalikes). You can read more about our automated powered clustering algorithms here.
This is a time and money saving benefit – by automatically stitching cost data with individual customer data, our clients can stop targeting lower value customers.
Homogenizing the data gathering process through automatic ingestion also removes an element of human error. For example, when data is stored by a marketing team, the procedure of requesting, downloading and sending datasets (in accordance with GDPR), as well as being time consuming, often results in mistakes.
Fospha’s industry leading onboarding time of just 30 days means that clients can measure their marketing effectiveness quickly, and our bespoke CDP helps marketing teams to access and distribute these insights easily.