The effort to achieve digital marketing ROI can seem like trying to find a needle in a stack of needles. As a result, “last click” remains one of the most popular ways to evaluate digital marketing efforts. This approach however can significantly lengthen the time to ROI. To drive a great digital marketing ROI requires three essential components: a strong multi-channel funnel, accurate analytics and a clear-cut process.
The customer conversion journey is rarely direct. It often involves several interactions and today with the dominance of mobile device use, different devices. Digital marketing ROI depends on not only knowing the flow, but using the channels that produce and letting go those that don’t.
The flow of every multi-channel funnel can include introducers, assists and closers. As you might expect, introducers introduce the offer to a customer. Assists move the customer toward conversion while closers convert and generate that “last click.”
While digital marketing thrives on multi-channel funnels, they do pose a challenge. Users interact with the different channels differently so the more channels involved increases the number of potential conversion paths. Not all paths produce brand “gold,” but the ones that do should be advanced. To understand which channels deserve the biggest investment brings us to our next essential component…
Real-time analytics data delivers actionable information to capitalize on trends and understand campaigns. While platforms like Google Analytics provide a powerful (and free!) way to capture data, Google’s A360 suite offers the most complete data set along with powerful integrations. A360 makes it possible to clearly define channel attribution and which best flow represents customer behavior.
In addition to A360, other analytics tools include:
- Tag Manager 360. Enterprise level tag deployment and data capture.
- Optimize 360. This application allows marketers to do on-the-fly web editing without the need for IT involvement.
- BigQuery. This scalable web service platform makes granular examination of massive data sets possible.
- DoubleClick. This application goes beyond clicks and tells marketers whether their display ads were viewed.
Employ a Clear-cut Process
In addition to multi-channel funnels and the analytics needed to make sense of those funnels, digital marketing needs a clear-cut process to drive maximum results. A process sets goals, defines actions and establishes a plan for execution. At BFO, we employ a process we call BFO Engage.
This process begins with an assessment where we establish current benchmarks. Then we determine goals, plan and coordinate the execution. Finally, we analyze the data and review the results.
The success of the process depends on both project management and reporting. Project management acts like the captain of a ship, setting the course and keeping the project moving forward. To get the most from reporting, take the data beyond the numbers into what it means for the client.
How to Efficiently Drive Your Digital Marketing ROI
There are three ways to accomplish this. A company can invest in the necessary technology and staff. A company can partner with a digital marketing agency to handle some tasks or to leverage technology. Or, a company can hire an agency to handle all of it.
What makes the most sense for you? Not sure or would like more information to decide for yourself? Start a conversation!
If you’re looking for a powerful analytics tool to measure your results, check out our ebook, The Marketer’s Guide to Buying Google Analytics 360.
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The BFO Team
Here at BFO, we're always striving to bring you the latest and greatest in digital marketing insights and education. We're not ones to brag, but we've been lucky enough to be featured in all sorts of fancy publications and media outlets, strutting our stuff and showing off our industry expertise.
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