Attribution remains to be a subject of interest in the world of Search and Social Marketing. Having discussed this topic with our partners, the verdict is still out on which framework the industry should adapt when faced with this question.
Recently, the fine folks from the Google Analytics team introduced a new report called “The Customer Journey to Online Purchase”. You can find out more about their findings here.
The Google report presents a pretty clear perspective on how a series of interactions with your brand can lead to an online purchase. We all know for a fact that it’s out there – we just need the right lens.
Google Search ads disproportianately benefit from “last click” attribution. In a typical setting, advertisers give full credit to customer purchases from Google Search and PPC Ads. While this situation gives the most obvious (if not lazy) answer to attribution, even Google acknowledges that the actual purchase is actually a byproduct of a unique “Customer Journey”. Traditional marketing describes “Customer Journey” as a series of interactions people have with a campaign through different mediums like telemarketing, Internet, branch and other forms of marketing communication. By seeing this as more of a journey, it takes into consideration the context of the customer’s feelings in each and every interaction.
In online marketing, channels (such as email, display ads, paid search ads, social, and direct visits to your website) influence the customer at different points in the path to purchase. Now this is where it gets interesting, Google Analytics’ n
ew “Customer Journey” tool allows a company to assign fractional attribution to each of these channels.
We’re working with two major channel types here: ASSISTING channels build awareness, consideration, and intent earlier in the customer journey or “purchase funnel. LAST INTERACTION channels act as the last point of contact prior to a purchase.
Since it’s the NBA playoff season, think of these interactions as a series of steps (from the inbound pass) culminating in an objective (scoring a basket). When Chris Bosh rebounds and passes the ball to Shane Battier who passes to Lebron James who passes to Dwayne Wade for a layup-dunk, Lebron James gets the full assist in regular statistics. If there were fractional attribution, Shane Battier might get credit for a fractional assist.
I played around with this new tool for a few minutes and I was quite impressed. For example, in the CPG industry, I found out that Social Channels are closer to the actual purchase than an Email channel. Another surprise is that in the Auto industry, Display Channels are closer to the actual purchase than Email or Social channels. It’s not really a one-size-fits-all approach. It’s up to you, as marketer or advertiser to decipher your ideal mix.
By Mike Onghai, CFA
One of my pastimes is analyzing banks on Facebook. I analyzed banks when I ran a hedge fund in an earlier life. So why not apply that to social?
Hedge fund pros love Wells Fargo’s business model. They don’t engage in proprietary trading and they’re good at consumer cross-selling. How about on Facebook?
Let’s compare December 1-15th against November 1-15th of 2012. Chase’s engagement (using People Talking About as the proxy) number grew nine fold from 12,418 (0.32%) to 137,084 (3.5%). (See the green rectangle in Figure 1).
Figure 2 below shows how Chase did it—they’re simply giving away money to charities.
People talk about what they’re passionate about, not about what you want to talk about. Oh, and the money part doesn’t hurt either—especially since the more you talk about it, the more your favorite charity moves up in the rankings.
What’s the ROI of this? Hard to say, but there’s certainly power in getting people to mention your brand name in a positive light multiple times per day. Free checking and automatic overdraft protection might be pretty cool, but are you telling your friends about it?
Chase promoted the 12-12-12 Concert for Sandy. Big hit in engagement—a one-two punch of celebrity content and charity power. The only thing better would be to somehow work in bacon, kittens, and babies.
We’re not saying that blindly increasing engagement is best, nor that a business should take advantage of sensitive situations to promote themselves. We are saying that you need to connect what your fans are passionate about
in a way that still aligns with your brand message.
But what about Wells Fargo? They’re posting finance tips and saving advice for small business owners and consumers. See Figure 3 below.
Looking at the stats in terms of engagement, Chase’s achieved a 3.5% engagement rate on a fan base of 3.8 million whereas Wells achieved a less than 2% rate of engagement on a fan base of 470,000.
Generally, engagement is lower on larger bases but in this case, Chase's achieved a higher engagement on a larger base.
1. Your charitable causes activate passion, key to sharing. What are your fans passionate about?
2. Mixing celebrities and charitable causes can multiply your power. Do you sponsor a stadium or are active in the community? Amplify these connections. First Bank's page (https://www.facebook.com/efirstbank) has a few good examples of such amplification of content.
What do you think? Who is your favorite bank? Would you like to have a dashboard analysis drawn up for your bank? Tell us in the comments below.
Two Chop founder Mo Lam and AppAddictive CEO Mike Onghai were featured on an episode of Elevator Pitch, hosted
by Alan Meckler, pitching their gamification venture, Two Chop. If you run a blog or other content oriented website containing text, music or images, Two Chop can take that content and turn it into a game in minutes.
For companies looking to drive business online, lots of time and money is invested in lead generation. But what do you do when the leads start flowing in?
Though leads follow up may sometimes look daunting, successfully following up on a lead and starting the process that will take it to a sale doesn't have to be a trying and disappointing process.
Here are seven tips for following up on leads effectively.
1. Strike while the iron is hot.
In many cases, a lead is an asset that depreciates in value very, very quickly. Thus, it's worth trying to respond to qualified leads as soon as humanly possible. This is because your response time will often determine whether you close a sale or lose a sale you could have easily closed.
COMMON SENSE: it's important to read a lead so that you know who you're dealing with and what your opportunity may be. But the FACT: this doesn't always happen.
To avoid looking unprepared or taking things for granted, it is a tremendous help to create a checklist that your inbound marketers should use as part of the lead follow-up process.
3. Have the right (and preferably same) person respond and follow through from the get go to establish rapport.
To make the most of a lead, ensure that the person best capable of following up on it is the same person who responds. While new prospects may necessarily have to
deal with several people throughout the sales cycle, it is often desirable to ensure that their first point of contact is someone they can start to build a rapport, if not a relationship, with.
4. Don't be afraid to pick up the phone
Thanks to technology, phone calls are more and more infrequent for many individuals, especially to younger members of the workforce. However, the phone is still a powerful sales tool and, if your lead contains a phone number, make a habit of picking up the phone and dialing it.
5. Get on the same page
When speaking with a prospect, walk before you run. Even if your lead came with a lot of detail, it's important to confirm that you have a good understanding of what the prospect needs and haven't made any assumptions that could unnecessarily limit your opportunity, or ruin it altogether.
6. Set expectations and timeframes
In every aspect of sales and business cycles, expectations are everything and it's never too early to set them. If an initial conversation with a lead confirms that there's an opportunity, take control. Once you're on the same page with the customer and understand his/her needs, you should at a minimum lay out what you think the sales cycle will look like. This includes proposing dates for key milestones.
7. Always respond
Not all leads are created equal. Some, unfortunately, are less-than-desirable for a variety of reasons. Nevertheless, assuming that the individual who submitted the lead is a real person, a response should always be provided no matter what. Not only can this help maintain your reputation in the marketplace, it also ensures that you will be remembered for future opportunities that may be a better fit.