A few short weeks ago we announced Ensighten Attribution, our omni-channel attribution solution integrated within Ensighten Manage that optimizes media spending, gives greater insight into cross-channel customer journeys, and improves marketing ROI.
As marketers become more sophisticated and demand more return from their investments, attribution has moved from a nice-to-have to a must-have solution. This is because attribution does two key things:
- Attribution stops wasteful advertising spending in its tracks, and
- Attribution drives high-impact advertising that yields greater revenue
Silos at every door
Marketers who focus on advertising live in a world of silos. Campaigns, vendors and agencies all collect and report on their own silos of conversion metrics. These separate data sets make it difficult for advertisers to understand the impact of the multiple, intertwined influences driving the effectiveness of their advertising spend. Add to this technology silos with additional layers of information about customers and their behavior, and its no wonder marketers struggle with understanding today’s complex customer journeys and where advertising is most impactful.
Losing money is bad business
If you don’t have a complete cross-channel and cross-campaign view into campaigns and their interplay, chances are advertising money is slipping through your fingers. Potentially lots of it. Here are the top three ways advertising-focused marketers can lose money all too easily:
- Sub-optimal mix. Without understanding which vendors truly contribute to sales, and which role vendors play as introducers, influencers or converters, advertisers can easily put together a non-effective marketing mix with low return on ad spend (ROAS). The mix can easily be overly expensive too. Without uncovering channels that are high-impact but low-cost, marketers can easily over-spend on high cost channels with only mediocre return.
- Duplicate vendor credit. When campaigns are limited to silos, multiple vendors can get 100% credit for a single conversion, and brands can overpay for a single conversion in multiples. By eliminating credit duplication, and correctly assigning a credit percentage, or no credit at all if that vendor didn’t actually influence the conversion, marketers gain a tremendous cost savings—making once-lost money available for high-impact advertising investments.
- Misinformed personalization. If you have only fragments of information about a customer’s journey, and these fragments are isolated in separate silos, it is impossible to deliver truly contextualized advertising. And poorly executed attempts (for example, advertising a product that the consumer has already purchased, or displaying an offer to the wrong audience) reflect negatively on the brand and create a disjointed experience for the consumer.
Ensighten Attribution stops marketing waste in its tracks. But that’s only half of the story. The flip side to eliminating waste is using the money you gain back to drive better investments. Ensighten Attribution helps with that too.
Improve media efficiency, sales and KPIs
In addition to eliminating waste, attribution gives marketers greater cost efficiency, more marketing ROI, and an improvement in sales. On average in the industry, attribution delivers at least a 30% reduction in cost per action (CPA). And according to Forrester, omni-channel attribution can drive ROI improvements by 50 – 100%.
Reduced CPA can come from many efforts—all of which are improved through use of attribution—including refining keywords and increasing relevance of landing pages.
Marketers using attribution tend to have better ROAS and customer satisfaction scores. These metrics support a healthy increase in sales revenue. Underscore this with the built-in waste elimination, and it’s hard to find an argument to NOT start attributing cross channel data as soon as humanly possible.
Click here to learn more about Ensighten Attribution.
Recommended next steps
You’ve reached the end of How Does Attribution Make You Money? Let Me Count the Ways, but this is only the beginning. If you’re wondering where to go from here, check out these recommended next steps:
- Visit the Ensighten Attribution page to learn more.
- Visit the resource library to see white papers, webinars, tools, product information and more.
- Request a demo. See the Ensighten open marketing platform for yourself.