Increase the True Return on your Marketing Investment
Today's customer journey is convoluted, to say the least. With more marketing channels than ever, brands expose customers to multiple touchpoints. This can make it difficult to determine the return on your marketing investment. Nowhere is this more evident than with online advertising. With substantial annual costs, online advertising is a critical marketing activity that simply must be worth the investment. Here’s one way to optimize your online ads to ensure you get the most out of your marketing dollars.
Identify Ads that Aren’t Driving Sales
Identify and consolidate the online and offline marketing touchpoints a consumer has with your brand before they buy. Did they receive a sales email? How about a seasonal catalogue or sales flyer? Did they view a television ad? Were they presented with an online Google ad? Did they visit your website? And did it present them with a promotional offer? Marketers call these touchpoints along the purchase path the ‘customer journey.’ From the customer journey, statistical modeling can:
- Determine exactly how much each touchpoint helped drive a sale
- Calculate the generated sales revenue attributed to each touchpoint
This can involve:
- Identity management, including the “stitching” of individual touchpoints and activity across platforms, devices and more. This helps you link offline sales back to online campaigns and match the physical address associated with the sale back to a household -- and then back to any online identifier(s).
- Measuring touchpoint quality since ads are often served to bots or consumers who use ad blockers across different channels, which can make your ads ineffective. You must be able to filter out these types of ads in order to show true channel ROI.
Cut Waste and Double Down on High Performers
Once you complete your model analysis, unify your measurements to cultivate the touchpoints and ads that are working. Additionally, eliminate those that aren’t driving sales. Then, repeat this strategy across all your marketing channels. When you remove ineffective ads, you may identify a sizable chunk of your marketing budget. Then, you can reinvest those dollars into higher-performing ads and channels.
While this may sound complicated, marketing measurement solutions are available to help. At Equifax, we offer a full suite of data-driven marketing solutions, including OptimaHub —a people-based marketing measurement and analytics platform. It helps brands grow and be more profitable by measuring the customer journey to optimize media spend allocation and identify barriers to conversion.
Try our free Marketing ROI calculator to see what your results could be: calculate now.