Dissipating Smoke, Smashing Mirrors - Correct Attribution Increases ROI by 400%
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Ricky is the CEO of VYNE, a business growth company that has seen tremendous success in the last two years. He is a thought leader in marketing and has been invited to speak by leading publishers. VYNE works transparently and synergistically with partners, attributing its clients' results to this approach focused on ROI.
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Dissipating Smoke, Smashing Mirrors - Correct Attribution Increases ROI by 400%
- 2. RICKY JACK CEO, VYNE Ricky is the CEO of VYNE. He is a thought leader in the marketing space, having been invited to speak on behalf of leading publishers such as Google and Shopify. VYNE is a business growth company that has seen tremendous success in the last two years. With a relentless focus on ROI, the results achieved for its clients can be put down to the transparent, synergetic nature in which VYNE works with partners. #digiespresso
- 3. Dissipating Smoke, Smashing Mirrors - Correct Attribution Increases ROI by 400% #digiespresso
- 4. State of the Nation New Zealand Is Changing
- 5. State of the Nation Channel Focused Metric Driven Inhouse Departments %
- 6. State of the Nation Channel Focused Metric Driven Channel Agnostic ROI Focused % $ Inhouse Departments
- 7. State of the Nation Channel Focused Metric Driven Channel Agnostic ROI Focused % $ Inhouse Departments We are here
- 8. Dissipating Smoke & Smashing Mirrors
- 9. Step One The Basics ● Google AdWords ● Facebook ● SEO ● Conversion Optimisation ● Call Tracking ● Lead Reconciliation ● Sales Process Audit Step Two Leverage learnings ● Cross Platform (don’t limit yourself) ● Cross Channel ● Leverage 1st party data Step Three Post-Exit Marketing ● Abandoned Cart ● Abandoned Form ● Remarketing Step Four Automation ● Marketing Automation ● Mass Personalisation CATCH CHASE Get The Basics Right
- 10. The Good Ol’ Days
- 12. The Good Ol’ Days $100 $200 $100 Investment $200 Revenue 100% ROI
- 13. Omni-Channel + Omni-Device $100 $50 $40 $10 $40 $600 $50 $240 Investment $650 Revenue 270% ROI
- 14. Top Conversion Pathways - AUG 17
- 15. Last Interaction vs Linear Attribution - AUG17
- 16. Don’t forget about offline, it’s not dead it’s cheap… shhh
- 17. WHAT SHOULD I DO? 1. Define your goal 2. Know your numbers (Target, CLV, CPA) 3. Communicate the Goal 4. Measure ROI 5. Collaborate
- 18. #digiespresso
Editor's Notes
- New Zealand is changing. We are a weird country because we are pioneers of digital technology and innovation. Yet our consumers and business owners are so slow to adapt!
- VOLUME: We saw a mass exodus from your “volume acquisition, channel focused, metric driven” providers IN HOUSE: And a big shift into Inhouse Departments. This saw the age of big corporate suits type people recognise that digital is the future and also knowing that they had absolutely no idea what they were doing. There was a short period of time where we saw huge corporations putting hundreds of thousands of dollars in the hands of senior marketing managers that would hire a number of “digital marketers” to run digital. The problem here is that at the same time we were developing in house departments, digital marketing was becoming more and more competitive and more and more specialised. Companies were finding out very fast, that you couldn’t just hire a social media person, and adwords person and an SEO person. Now you needed a an on-page SEO specialist and off page specialist a Digital PR and inbound link specialist a paid advertising specialist, a social marketing specialist, a social listening service, marketing automation specialist, data analysts etc etc etc… oh an then the marketing manager had the nerve to ask for a click spend budget to make it all work!
- BOUTIQUE: meanwhile there were a few smaller agencies that were keeping up with trend, staying agnostic on channel and focused on dollars in the bank. The mentality had shifted away from producing good metrics to producing sales. Metrics became a means to help the marketer do their job better and $ in the bank became the measurement. Technology made it possible to track attribute a customer’s journey even offline.
- WE ARE HERE: and this is where we are. The New Zealand digital industry is going through it’s 3rd big shift in 3 years. Marketing companies are being forced to adopt new technologies and channels and In-house Departments can’t afford all of the specialists they require.
- First thing is first. Before we get to what is new and exciting. Let’s take a quick look at what we need to do right first.
- [[DON’T LINGER ON THIS SLIDE]] Get the Catch right, don’t miss out on the easiest opportunity. Make the most of the traffic you paid for chase them.
- Remember this was the customer journey
- Even this picture is a bit old, but when a journey looks like this, and the sale or the lead relies on multiple touchpoints to get the user across the line, this is where attribution becomes absolutely crucial. Because any missing link in this chain will lose the result. And that means that the cost along the journey is wasted.
- ROI here is shown by money in, money out.
- ROI here is shown by money in money out as well. But you can see here that attributing a value to the investment in each touchpoint is crucial to obtaining the higher ROI percentage. If you only look at the first interaction or the last interaction then you miss the volume of traffic that engages at different stages of the funnel and buying cycle.
- Here it is in action, this a screenshot of data from last month for one of our clients. Line 2 Line 4 Line 6
- Offline tracking, importing data into analytics as a custom dimension Call Data Radio TV The key to making attribution work for you is to have a single point of reference for data and making sure the data is clean and true.
- What do I do? Regardless of who your stakeholders are, whether it’s a Business Growth Company, Digital Marketing Company, Inhouse department or a new technology. The same business principles need to be applied. Define your goal - What are you really looking for, what is the end game. Make it one word make it obvious. I.e. Sales - Leads - Phone Calls Know your numbers (Target, CLV, CPA) - Because tracking and measurement is apart of life now in marketing we need to maximise our chances of getting ROI by really understanding our numbers. CLV … CPA... Communicate the Goal - Talk to your stakeholders, develop trust and autonomy. Hopefully your team, whether it is internal or not should be good at what they do. If you allow them to chase the goal within the parameters of their channel or piece of the puzzle, it should make step 5 easier. Measure ROI - simple percentage. What do you need to get out of this to make it work. Collaborate - It is highly unlikely that in month 1 your team will find the exact user, at the exact right moment, with the exact right message to sell to the user right then and there. Keep communication lines open with your team, feed back any data you have, and learnings that you have. Because the journey a user takes is so complex, it’s imperative that we are following hte journey and adjusting the experience to get a better yield from your investment.