Optimizing Digital Marketing Spend in Financial Services

A Multi-touch Attribution Study on the Role of Facebook, Display and Search Marketing in Financial Services

Our multi-touch attribution approach uses semi-partial correlation to compare converting and non-converting paths in order to assign custom conversion credits to every campaign touchpoint along the purchase path depending on its relative importance in driving conversions.

Simply speaking, channels that appear more often in converting paths than to nonconverting paths receive a higher weight, which in turn allows them to claim more conversion credits and thus revenue. The higher revenue attributed to these channels then allows them to better offset the costs associated with the channel leading to a higher return on adverting spend (ROAS).

The figures presented in this study are based on hundreds of millions of observed data points and thus deliver a much more accurate and scientific measure of true attribution compared to the typical scenario or econometric modeling based approaches (which are usually based on significantly less data points).

However, the study results are an average across multiple clients in the financial services industry and may vary for your own company and vertical so we highly recommend you implement your own multi-touch attribution for the best possible results.

Furthermore, given there is hardly ever a single solution to a problem simply increasing Facebook or display advertising spend is not going to be enough. Like any other channel a successful campaign strategy does not only depend on overall budget but also requires a good offer, effective creative and an ongoing test and optimization program. Finally, even though paid search (SEM) is likely overvalued that does not mean it does not work and should be switched off. It simply means the overall spend is not necessarily justified by the returns so optimization and creative ways of reducing costs are required to again increase ROAS. The same goes for Facebook ads and display advertising that already have a positive ROAS - with a bit of optimization the overall ROAS can be boosted even further.

For more information about Multi-touch Attribution from Equifax, contact us.

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