Complex customer journeys and a multitude of data capture technologies create data silos which make it difficult to quantify and understand the value of each marketing channel. This difficulty is intensified when organisations also gauge the performance of these channels separately, often leading to duplication of sales figures in performance reporting and a blurred vision of how customers interact with their media on their way to conversion.
At Forward3D we believe in constructing a panoramic view of performance using all of the data at our disposal. This is why we have developed our own attribution modelling technology - to help our clients evaluate performance and spot opportunities within the context of all of their marketing activity.
On top of our model, we make it easy for you to access and use your attributed data to answer business questions through a tailored dashboard, simple data export to your internal systems or through targeted analysis by our team.
Most popular attribution models, such as first click or last click, use arbitrary weighting to allocate conversion credit. This leads to a simplistic view of performance which often undervalues the channels that are truly driving sales.
We've developed a model capable of allocating weight dynamically, based on the observed performance of a given channel in a given position. If a channel works well in a certain position it will receive a higher weighting than if it does not. This means each customer path to conversion has a distinct weight distribution, depending on the channel’s performance and their order of occurrence in the customer path. Our model reflects changes in marketing effectiveness driven by strategic and tactical decision-making, meaning that it provides a very accurate reflection of marketing effectiveness per day.
To achieve this level of sophistication, it is necessary to consider every customer journey, even those that don’t convert. In order to handle data of this complexity, scale and sophistication, we use our proprietary systems in conjunction with Hadoop. The underlying mathematics is executed using R, an open source statistical computing language.
Once the attribution weightings have been applied, we can start using this data to help you answer key business questions like:
We can also work with you to use this data to create more tailored analyses to analyse things such as:
In pursuit of these insights, our Data Scientists will work closely with you in order to produce the output that suits your business. This may be a customised version of our attribution dashboard to let you quickly and easily interrogate the data, a targeted presentation investigating a specific business question or access to the raw data so that your internal analytics team can get the most out of it.