SAScon 2011: Credit Where Credit's Due – Conversion Attribution
Speakers: Lewis Lensenn (DC Storm) & Adrian Hands (@Tagman)
About a 50/50 split between agency and client side in the room today.
Lewis Lensenn (DC Storm) will kick off proceedings with a short talk about attribution and a bit beyond.
“The devil is very much in the detail” but there are a number of higher level value points that we will cover today. Lewis has a history in travel, search and also has experience in social media and online PR.
What is attribution?
- Is about understanding where the consumer is interacting with your site and attributing this to which business unit was responsible for this sale
- “Actions are rarely driven by a single visit” – we must consider multiple marketing channels
- Map out the customer journey (yes, we’re going back to textbook stuff…) and see at what points your marketing activity, or the customer’s actions have lead up to a transaction
One attribution model does not fit all
- “Flexible allocation of sales across all or a subset of the visits”
- How far back do you look to find out what attributed to the sale? – This will vary depending on the product, CDs = short, holidays = long
- Discover your rules for ‘weighting’: channel weighting, brand weighting, chain position weighting (where in the customer journey is most important for you?). Also consider it specifics in your marketing activity – is your email marketing particularly successful? etc
- “visit related to a brand is quite different than a product or service search”
- “Directly attributing sale value can be very misleading” – consider the margins involved in individual sales
Attributed Sales, unanswered questions:
- Length of path to conversion?
- How many sales did a channel or keyword contribute to?
- Where in the path to conversion does a channel contribute?
- When does a channel or keyword contribute in the path to conversion?
- Are there any combinations of channels at work?
“There is huge value in developing an attribution model” – But it must be specific to your brand
It’s not all about sales, think about engagement attribution
Adrian Hands (Tagman) is now going to dig a little deeper into ‘tagging’ on websites
- “Allows you to see everything from when a user comes into your site, what they’re doing there and when/where they are leaving it”
- TagMan tracks over £1bn in conversions every month
- Most people are only awarding on their paid terms, nothing is being considered for earned media (social, branding and PR activity)
- Try to avoid duplication in awarding affiliates, TagMan saved 15% for brands like Laura Ashley and Boden using this
- Very important to report the sale in realtime, to avoid de-duplication at a later time
Assisted Conversion – Tracks everything that happens in the channel that drives a conversion
Last Click – Amount converting on the final click
Attributed Conversion – The assisted conversion across all the channels, helps you see more than what has happened simply at last click (this can be misleading)
Now Conversion Rate Experts are taking over to wrap things up…
- How much of the pertinent information is in the clickstream?
- “To grow your business, you need to know what’s working & amplify it”
- Use the ‘other’ field in your favour – but force the user to input a reason, avoid selecting from a drop down – the data is often meaningless
DO research to…
- Identify your persuasive assets – It’s REALLY easy
- Understand the highly persuasive elements your prospects never saw (often not on your landing page…
- Create a wish list of persuasive elements that you need to acquire
Good Tip: Use Wordle to see the most used words in your customer feedback
Q & A’s: