For marketers, the right way to measure campaigns is by using a multi-touch attribution model to understand the incremental impact of each touchpoint in a customer journey. In this post, you’ll learn that most platforms will measure the impact of campaigns using a last-touch attribution model. Optimove takes it one step further.
With Optimove Stream Analysis, you can see our multi-touch attribution measurement in action with a breakdown of each campaign in customers’ journeys. You can see exactly which campaigns within the Stream are helping you achieve your goals and others are not.
The Big Picture:
Multi-touch attribution is the model you should use to gauge the true impact of each touchpoint and the effectiveness of each campaign in your customer journeys.
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Single vs. Multi-touch Attribution
Measuring the impact of your marketing strategy has become more important than ever to maximize marketing ROI. Many marketers use the traditional approach known as the last-touch attribution model, crediting 100% of the success of a journey to the final touchpoint before the customer converts.
But when building a journey, each campaign adds a new step to the customer’s journey and will impact how a customer behaves. Therefore, this traditional approach often falls short, leaving a huge gap in understanding the influence of each touchpoint that leads to the final conversion.
The right way to measure campaigns is by using a multi-touch attribution model to understand the incremental impact of each touchpoint in a customer journey.
Optimove uses control groups in every campaign to calculate how much revenue customers generate if they haven’t received the campaign. By comparing this to the revenue generated from customers who did receive the campaign, marketers can understand its true impact.
How to treat every campaign like a marketing experiment
Marketers are familiar with the common industry terms for building customer journeys – for example, a Welcome Series. Some marketers call them flows or journeys. Optimove calls them Streams.
And while most platforms will measure the impact of the overall stream, using a multi-touch attribution model takes it one step further.
Using Optimove’s Stream Analysis, marketers can see our multi-touch attribution measurement in action with a breakdown of each campaign in a journey.
The above shows exactly which campaigns help achieve goals and others that do not perform as well. For example, one campaign may have contributed to the overall uplift by 10%, while another campaign contributed to the uplift by 30%.
Turning Insight to Action
By knowing the additional revenue each campaign brings, a marketer can be informed to act.
It’s important to know what went well – was it one of the first campaigns in a Stream, or was it later? If earlier on, this tells marketers which customers are most engaged at the beginning of their journey, and it is where marketers should focus most of their spending.
Or a marketer may find a pattern amongst the top-performing campaigns, such as discovering a certain channel that significantly impacts a customer’s likelihood of converting. Or they can even take the most impactful moment within the Stream and place it in a marketing plan as a standalone campaign.
On the flip side, to optimize a Stream, marketers need to focus on where there is underperformance. That means identifying campaigns with a lower multi-touch attribution and evaluating how they can be tweaked to improve the overall revenue of the stream.
Marketers don’t need to leave it up to guesswork. Instead, use Self-Optimizing Campaigns to do the work. For example, if one campaign has a lower attribution impact, come up with a new variation of the campaign and a/b test it to see if it performs better. Perhaps compare a 25% discount to a free shipping campaign, or test varying marketing copy in templates. Then, leave it to the self-optimizing algorithms to make sure each customer is receiving the marketing action that they respond the best to.
The Guide to Control Groups in Marketing
Optimize your marketing efforts with our guide and gain access to a free uplift calculator.
Using Optimove’s Streams, you can ensure every touchpoint of your customer journey is set up for success. No guesswork, no complex calculations. Everything is there for you on our Stream Analysis, so you can optimize your customer journeys like a pro.
Natalie Samuels is a Product Marketing Specialist at Optimove, focusing on Customer Data & Reporting, Campaign Management, and Orchestration. Natalie holds a BSc in Politics and International Relations from the University of Bristol.
