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Brands: Why you need to know the customer path
As data collection becomes more sophisticated, brands are not only finding out how customers react on-site but how they are reaching ecommerce sites and what social media tosses into the mix. That is putting customer attribution models at the top of many brands' 'must have' list for 2014.
Customer attribution is fast becoming a needed metric in the online data wars, but contrary to popular belief, that attribution isn't only dependent on the last click a customer made prior to landing on a retailer site. For example, a customer may have clicked on a search ad prior to navigating to the site, but that is rarely the entire cycle.
"Real life is more complicated. Customer path attribution is a specific attribution model that leverages a much larger pool of data, unveiling real customer behavior and brand engagement as customers interact with a brand from first exposure to ultimate conversion, across multiple channels and devices. For example, a customer might see a television commercial for a brand, and then visit that brand's website on her smartphone, and then make a purchase from her laptop," said Jeff Zwelling, CEO, Convertro. "Customer path attribution takes each unique behavior into account giving marketers greater insight into which pieces of their campaign strategies are delivering the greatest return on investment, and ultimately resulting in the greatest impact. This allows marketers to optimize their ad spend and remove inefficient and ineffective touchpoints."
The Convertro platform helps brands determine what customers' paths to purchase look like so that the brand can then make better advertising decisions - pushing farther into social, for example, or drawing more on video content.
"Our software provides brands with actionable insights, every day. The dashboard displays the impact of each marketing asset that a company is leveraging in its marketing campaigns, along with recommendations on how to optimize its resources," said Zwelling. "These recommendations direct our clients to the most effective marketing options for their brands, right down to the granular level of playing TV commercials on ESPN2 instead of ESPN, for example. The platform also allows clients to track their third party links across social media, ensuring that even outside pages not directly associated with their sites (such as YouTube and social media links) will be credited with the role they played in a customer's path to purchase."
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