Have you ever felt that you wanted to dump cost per click (CPC) as your measure of ROI but time pressures and lack of tools mean that you remain stuck with it?
We have just received an interesting report from LinkedIn Marketing Solutions which explains how a large proportion of digital marketers are still using CPC as their ROI measure for digital marketing.
But we all know that CPC, useful as it is, only describes one part of the customer journey.
Part of the problem is that, as the report explains, marketeers are under constant pressure to make decisions quickly; they have frequent budget allocation discussions and need to base decisions on something.
However, we suspect that a bigger issue is that digital marketers don’t have the tools to measure the true return, based on their overall contribution to sales achieved, from their different online and offline media.
There will often be multiple influences on the journey to a sale, and many of these can be offline, like things sent through the mail, or undetectable on your website, like opened but unclicked emails. It is only when you look at all the online and offline influences in combination that you can start to allocate the value of a sale back to its causes.
This capability is precisely what we have developed in UniFida, so that we can bring together everything that may have influenced each of your customers in the 90-day window before they placed an order.
When you can see for each order both its value, and all the events that led up to it, and then weight them according to how recent they were, you can then do the value attribution job properly.
If you would like to find out more about how we can help you solve this problem, do please send us an email, and we will arrange a call at a time convenient to you.
Read the full report ‘The Long and the Short of ROI’ from LinkedIn Marketing Solutions.
UniFida is the trading name of Marketing Planning Services Ltd, a London based technology and data science company set up in 2014. Our overall aim is to help organisations build more customer value at less marketing cost.
Our technology focus has been to develop UniFida. Our data science business comes both from existing users of UniFida, and from clients looking to us to solve their more complex data related marketing questions.
Marketing is changing at an explosive speed, and our ambition is to help our clients stay empowered and ahead in this challenging environment.