We have recently discussed how important it is to have an overview and analyse the whole sequence of marketing channels leading to leads and transactions.
For example, if a channel mostly performs as the initiator of communication with potential customers, the use of hard calls-to-action asking a person to buy now might not work as effective as softer calls-to-action encouraging them to learn more about the products.
Different channels, different roles
Understanding which channels perform better as initiators, holders, or closers is essential for effective marketing strategy.
For example, landing pages for initiator channels should primarily focus on engagement activities, while holder channels would help to retain potential customers during their research stage.
Also, while the efficiency of closer channels is usually measured with a high-level quantitative KPI, such as the number of leads and their cost per action (CPA), the effectiveness of initiators and closers is measured with more granular qualitative KPI such as the intensity of engagement and the potential value of a lead.
Thus, if you have an understanding of which marketing channel more typically and effectively fulfils each role you could improve your overall digital marketing outcome with:
- Customized marketing messages
- Relevant landing pages
- On-page call-to-actions & navigation links
- Optimisation for the realistic KPIs
Adapting multi-channel strategy over time
Multi-channel attribution analysis in digital marketing on monthly / quarterly basis is essential for improving the strategic performance of your overall digital marketing for customers whose selling process usually takes longer than a one-off visit of the website.
For example, if you were selling software that helps customers with a particular part of their recruitment process, or perhaps a travel package if you are in the B2C sector, you would expect a prospect to do a fair amount of research before making a purchase decision. But the market may change in a few months’ time, changing the buying process.
Checking back regularly to see how each channel is performing can help you optimise and adapt to these changing market conditions.
Moreover, multi-channel analytics only starts with the understanding and initial tweaks of the strategy. At later stages the multi-channel framework is transformed to the more advanced model of interaction with customer during longer term as such successful cross-sells and up-sells.
Driving insight through Google Analytics
You can find multi-channel attribution data report in Google Analytics for all websites with correctly implemented tracking tags and conversions. However, the analysis reveals even more strategic insight when analysed through different channel segmentations available with “Custom Channel Grouping “.
For example, in the example below, basic channels were slightly customised to see the performance of different types of Paid Media such as Display, Non-branded PPC, and Branded PPC both separately and along with Direct and Organic Traffic.
Going forward, segmenting channels by the audience similarities could bring even more insight how to make the most of your digital marketing.
Growing your business
This data makes sense even at a higher level, comparing the market performance of the channels with benchmarked industry data.
For example, a customer journey tool from ‘Think with Google’ visualises what marketing channel sequences are the most typical for your business size, industry and location.
The use of benchmarking data can also help to craft a strategy to grow the business from a small to medium sized enterprise with the corresponded changes in the multi-channel marketing.
Improving multi-channel performance
Overall, multi-channel marketing research and analysis is highly beneficial for the markets with high competition on all product lifecycle stages.
If applied correctly, the insight into multi-channel marketing should significantly improve strategic performance of online businesses. At the same time, every business is unique and the same type of research should be customized to the industry, strategic business objectives, and segmentation of the channels.
Please feel free to talk to us about any particular business / client situation if you use more than one marketing channel and are seeking a more effective marketing strategy.
