Talent International hosted Christian Bartens, CEO and Founder of data analytics agency Datalicious, at its Sydney offices this morning, for a breakfast seminar on the challenging but critically important topic of how to use media attribution to maximise return on marketing investment.
Did you know that a recent study conducted by IAB in Australia noted that only one quarter of media buyers are using multi-touch attribution analysis? Perhaps because it’s put in the too hard basket – it’s so much easier to use last click or total clicks to get at an easy answer of what channels are working to drive conversion. But imagine if we know with some confidence the balance of channels needed to get the best ROI on our marketing spend and can then optimise campaigns based on that knowledge? We’d be every CFO’s dream!
In today’s breakfast seminar, attended by senior marketing leaders in the media industry, Christian discussed his recent study within the Finance industry which showed how a true multi-touch attribution model can help to drive optimisation of advertising spend. He maintains it’s critical to get the balance of channels right using multi-touch attribution, and drilling down and maximising each based on the data in order to be truly effective.
Accurate multi-touch measurement and the ability to exploit the resulting media optimisation opportunities at scale holds tremendous potential for advertisers to develop a strategic competitive edge, build market share and deliver incremental growth – in short, most marketers KPIs.
First, he discussed how display advertising is undervalued and contributes significantly more to conversion than was previously thought. Though this specific study was done with companies in the Finance industry, Christian maintains it holds true for all industry advertising.
His research also outlines that both Facebook and display advertising boost searches and subsequent conversions. While Facebook and display advertising do generate clicks, they are not typical direct response channels, but instead indirectly influence conversions and build awareness and captured further down the purchase path by other channels such as search.
And finally, by using multi-touch attribution, Christian maintains that marketers can improve their overall return on advertising spend as it assists in identifying more accurately the roles that different channels play in the path to purchase. It helps marketers develop an efficient, scalable and profitable media strategy based on data and robust analysis. Also every marketer’s dream!
Christian had the audience enthralled on what is commonly thought a difficult topic. Several attendees asked thoughtful follow-up questions in what turned out to be a lively exchange, clearly demonstrating that data is indeed sexy!
To see some more pics on the ‘Talk Data to Me’ Breakfast event visit our Facebook page.
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