In today’s data-driven business environment, it’s critical to understand which marketing channels are driving customer engagement and ultimately delivering the highest ROI. However, traditional last-click attribution models often do not provide the full picture of a customer’s journey. This is where multi-channel attribution comes in, allowing businesses to attribute value to all touchpoints along the customer journey. Maximizing ROI with multi-channel attribution for enterprise businesses involves 3 key steps. Here is what they are:
1. Data unification
The unification of data from various digital marketing and advertising channels and offline data is essential for maximizing ROI. The various channels such as email, social media, search, display, and others need to be integrated to provide a 360-degree view of the customer’s journey. Offline data, such as sales data and customer service data, also needs to be integrated to provide a complete view of customer interactions. By combining all these data sources, businesses can gain insights into which channels are driving the most engagement, where customers are dropping off, and what touchpoints are delivering the most value.
2. Data analysis of customer journey
Mapping the whole customer journey for data analysis is crucial for effective multi-channel attribution. A customer journey is not linear, and a customer may interact with a business through various channels before converting. It’s essential to track all these interactions and understand how they are contributing to the conversion.
3. Leveraging the right attribution models
There are various attribution models that can be used to attribute value to each touchpoint along the customer journey. Traditional last-click attribution models only attribute value to the final touchpoint before conversion. However, this approach does not consider the value delivered by other touch points along the journey. By using various attribution models such as first-interaction, linear, time-decay, position-based, and even custom models.
Discover the worth and return on advertising spending (ROAS) of each marketing interaction with ReBid’s Multi-channel attribution
Finally, technology like ReBid’s can help unify data across advertising, marketing, sales, and offline data. ReBid is an enterprise-level platform that helps businesses build a 360 view of their customers by integrating data from various sources. ReBid helps businesses track customer interactions across all channels, including digital marketing and advertising channels and offline channels such as sales and customer service. This unified data can then be used to leverage advanced attribution models for the effective attribution of campaigns.
With ReBid, you can move beyond basic attribution models such as Last click or touch and consider sophisticated attribution models based on the entire customer journey. This way, you can accurately measure the return on all your marketing investments. ReBid also provides valuable insights and recommendations, allowing you to focus your efforts where they will have the greatest impact, leading to increased ROAS.
In conclusion, maximizing ROI with multi-channel attribution for enterprise businesses involves unifying data from digital marketing and advertising channels and offline data, mapping the whole customer journey for data analysis, using various attribution models, and utilizing technology like ReBid to unify data across advertising, marketing, sales, and offline data. By implementing these steps, businesses can gain a more comprehensive understanding of their customers, track their interactions across all touchpoints, and attribute value to all touchpoints along the customer journey. This understanding can then be used to optimize marketing strategies, increase engagement, and ultimately drive higher ROI.
Understand the impact of each touchpoint, allocate resources, and optimize your advertising & marketing strategies with ReBid. Book a Personalized demo to boost the ROAS of your digital campaigns!