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AttributionStudy_Travel

16.04.2019 This is how travel brands benefit from marketing attribution

Bookings via traditional travel agencies are declining nowadays. More and more consumers book their holidays online. The internet offers travelers far more opportunities for comparison and they usually aim for the cheapest offer. The vast variety of possibilities change consumers’ expectations and with that the requirements of the industry.
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Baseline

04.04.2019 Why is Baseline Modeling essential for efficient marketing optimization?

Which sales would have happened without any marketing efforts? To what extent does our competition influence our revenue? How can we explain fluctuations in product sales?
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More efficiency in marketing: 3 use cases for dynamic attribution

3_UseCases_Attribution-1
08. 02. 2019

Nowadays, digital marketing can be found in just about every advertising company. While about 10-15 years ago it was still unimaginable to do online banking, spontaneously book a flight using a smartphone or simply communicate anytime and anywhere, this is pure reality today.

As a result of digitalization, consumers are offered more and more opportunities and are inspired by a wide variety of channels and platforms. With so many opportunities and influences, advertisers face the challenge of keeping pace in order to grow their business success.

 

THE CHALLENGE OF DIGITALIZATION

Marketing departments often still work in silos and different teams use different data sources and optimize channels on different KPIs. There is no cross-channel communication and teams are not aligned.

Meanwhile, consumers are making smarter decisions and there is more data than ever before that marketers need to collect and evaluate. A holistic approach is needed to make profitable use of this data. Marketing needs to become more data-driven and all marketers need access to available information.

Data-driven attribution provides marketers with a holistic view of the customer journey and supports marketers in their decisions and actions. The following three use cases illustrate the challenges that marketers at different levels in a company have to face and how attribution can help.

 

1. CHIEF MARKETING OFFICER

Due to digitalization, companies are facing new markets, opportunities and challenges. New digital platforms, artificial intelligence, technological trends and increasingly sophisticated consumers are transforming the tasks in marketing and thus the role of the Chief Marketing Officer (CMO). He is the interface between companies and customers. Being responsible for the entire marketing within the company, CMOs determine the direction where marketing is headed and develop new strategies for the external communication. In doing so, they find themselves conflicted by technologies, data and user-friendly customer communication. At the same time, they have to justify marketing spends to the company and other stakeholders.

 Read more: The biggest challenges for CMOs and how to overcome them

 

2. HEAD OF DIGITAL MARKETING

The Head of Digital Marketing ensures the positioning and visibility of the company in digital media. In addition to developing online marketing campaigns, he determines in consultation with the CMO how existing budgets are distributed across various digital channels. However, the correct and most efficient budget distribution turns out to be one of the most difficult challenges in digital marketing. In addition, the channels have different objectives and no uniform KPIs are used to measure the success of the campaigns. The same conversion is assigned to different channels and teams. The existing data is therefore often contradictory because there is no single source of truth.

 

3. CHANNEL MANAGER

Channel managers are given targets and they try to optimize their channels and campaigns to hit these targets. They often optimize based on KPIs such as click-through rates or generated conversions. However, each channel is managed and evaluated using different tools, so that channel managers work in silos where everyone only knows their own channel. Without a unified tool, in which data from different channels and platforms is combined, channel managers cannot break out of this siloed environment.  

All you need to know about Marketing Attribution

 

CONCLUSION

Although all three personas have different tasks and areas of responsibility, they nevertheless work towards a common goal: more effective marketing. To achieve this, every employee, regardless of the level in the company, must have a holistic view of marketing. Data-driven attribution offers this holistic view. It takes into account every single touchpoint in the customer journey and analyses the value contribution that each contact had. Data from all digital channels converge in a central system and enable a holistic view of marketing. The advertising effect can be determined as precisely as possible.

The CMO can make much more efficient decisions and rely on effective marketing. With clear evaluations of all touchpoints of the customer journey, the Head of Digital Marketing can create a much more efficient budget planning. Channel managers also get a realistic view of the performance of their own channels and can use these insights to optimize campaigns.

 

Learn more about dynamic marketing attribution and get in touch with us!

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This is how travel brands benefit from marketing attribution

16. 04. 2019
Bookings via traditional travel agencies are declining nowadays. More and more consumers book their holidays online. The internet offers travelers far more opportunities for comparison and they[...]

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Which sales would have happened without any marketing efforts? To what extent does our competition influence our revenue? How can we explain fluctuations in product sales?

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