Media Attribution: Matchbacks: The Next Generation
One solution is to engage customers through a loyalty program, a customer identification tool allowing you to track transactions on an ongoing basis. Retail loyalty programs work like doggy treats; they reward desired behavior. Their greatest value for retailers, though, is the ability to identify individual customers. By measuring, understanding and predicting individual behavior, retailers can be more targeted. They can provide the right offer for each person while creating more relevant messaging.
The point is to influence customer behavior, not just report it. Better understanding of cause and effect provides sophisticated marketers with much deeper insight that leads to dramatically more successful marketing and business strategies.
A Secret Formula?
In today’s marketplace, the path to purchase isn’t direct, and the consumer doesn’t necessarily leave footprints. With simultaneous campaigns across media channels on one side of the equation and multiple sales channels on the other, successful media attribution needs to include an intelligent assessment of which touchpoints have the strongest effect in generating the sale.
But do you attribute a transaction to the first touchpoint, the last or equally across all of them? Marketers are on a quest to find that magic formula for calculating the value of each media touchpoint. A catalog, for instance, has a long order curve. So if a customer who transacts with you received a catalog in the past 30 to 45 days, your catalog gets credit for playing a part in that transaction.
E-mail, on the other hand, has a short order curve, typically less than a couple weeks. If the order is placed within this time frame, your e-mail campaign gets a commendation as well. How compelling would it be to know, too, whether that customer is registered as a friend on your corporate Facebook page or follows you on Twitter? Very few retailers actually aggregate all that information at the customer or transactional level.