DDM - General & Digital

Optimizing Digital Marketing Spend in Financial Services

Segment your customers and prospects to optimize your marketing campaigns

Issue link: https://resources.datadrivenmarketing.equifax.com/i/1028888

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case study Executive Summary Marketers have been applying science, specifically statistics and econometric modeling, for many decades now to answer the key question all advertisers face — how to allocate media budgets across channels to maximize overall return on advertising spend (ROAS) with a limited budget. Unfortunately, when it came to digital marketing, the same rigor was not applied due to a lack of reliable data as well as focus from top executives. While the data has improved and digital is now an indispensable part of any marketer's channel mix, many brands still rely on inaccurate attribution methods. The most prevalent, last-click attribution, gives all conversion credit to the last campaign touchpoint in the purchase path thus ignoring the value of all other digital advertising that contributed to the conversion. Unchallenged for many years, it has led to an outdated and biased view of the digital landscape. This study seeks to understand the true impact of digital channels for financial services companies in Australia. Using a multi-touch attribution approach, the study summarizes the results of the analysis of 702 million media touchpoints across 104 million purchase paths and 75 thousand conversions across five months and seven brands. Compared to last click modeling methods, multi-touch attribution uses logistic regression to assign custom conversion credits to every campaign touchpoint along the purchase path depending on its relative importance in driving conversions thus not undervaluing any particular channels. Media Attribution: Optimizing Digital Marketing Spend in Financial Services A Multi-touch Attribution Study on the Role of Facebook, Display and Search Marketing in Financial Services

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