Attaching Value to Interaction
Marketing could easily be considered an art beyond measure, especially nowadays as businesses become increasingly multi-channel in how they interact with their customers. As audiences shift fluidly between these channels, it becomes only more challenging to accurately match marketing spend to income generated at a granular level.
This is especially true if a customer's path towards a successful purchase takes them through several marketing campaigns beforehand. If a customer has three interactions with a business before completing an order, which of the interactions was key in their decision making – the first? The last? Or maybe all three, equally?
Answering this question can directly influence marketing spend, helping organisations to save money where appropriate, whilst retaining a conversation rate. Unfortunately, there is no 'one size fits all' answer for marketing attribution, and to even consider the question, a detailed Single Customer View (SCV) is required. Such an approach generates large amounts of data, which requires storing and analysing.
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Fortunately, VLDB Solutions are data experts, with frontline experience of attribution for online marketing. By interrogating and aggregating the paths taken by your individual customers, we can build a profile of which customer interactions made the most difference between complete and abandoned business goals. This profile has the potential to identify marketing overspend, revealing unnecessary campaigns or promotions that have no real effect on your business' goal completion rate.