Pavel Sima, CEO, ROIVENUE™
There are different ways to measure your marketing ROI, but the best one so far is multi-touch data-driven attribution. This attribution approach allows marketers to identify the channels or ads that are making the biggest contribution to sales, and those that are cannibalising the efforts of others. Having a better handle on which advertisement channel is performing the best is the key to achieving your optimal sales performance. This is only possible by integrating the right marketing data into a marketing intelligence platform such as ROIVENUE™.
There are usually tens of thousands of different customer journeys within a single company’s data set. However, there is no way a human can accurately analyse all this data and come up with valuable insights. Combining machine learning with marketing data can help us find the best possible combination of marketing channels to increase sales and maximise marketing ROI.
Using a data attribution tool can give marketers not only the best combination of channels to increase single purchases but also go beyond that by presenting the best channel combination to maximise customer lifetime value. For example, a typical retail campaign will have over 15 different channels, with hundreds of different versions of the same ad spread throughout the marketing mix.
Marketing attribution employs machine learning to help marketers make sense of their data and choose the right channels or ads that are converting the most. In one case study, Orange Telecom reshuffled its ad spend to the best-performing publisher and saw an increase in marketing ROI without needing to increase its overall budget. By adopting a marketing attribution tool, marketers can finally stop flushing billions of pounds down the toilet and maximise their marketing ROI.