A bespoke attribution model for retailers
Buying a big ticket item online is very different to buying clothes or small gifts.
Typically, the shopping journeys are myriad, and more complex. That’s where True’s bespoke attribution model proves invaluable.
Take furniture buying, for example. It’s estimated that you buy a sofa around once every 8 years. It’s a highly considered purchase, which tends to have a big impact on both your wallet and your home. Plus, you need to take the needs of others in consideration, which makes the purchase process tricky and lengthy. On average, the process of buying a sofa takes 3 months, but it can be as long as a year. To add to the complexity, the research and final purchase can take place in multiple environments: online, over the phone and in store. It’s very much a cross device purchase.
We set up a model to ensure we can track everything that contributes to a big purchase decision like this. It shows us the value of all digital channels, including search, display, social and affiliates.
There were lots of questions we wanted to answer:
Which media channels are undervalued, and by how much?
Where should high value retailers invest to drive incremental value?
To what extent do channels overlap?
Where do affiliates sit in the journey?
Where does generic PPC sit in the media mix?
Which channels feature at the start of journeys?
How long do people take to convert, and how many interactions are there across channels?
Fractional attribution modelling
How do we attribute sales? Last click? First click? A combination?
What impact is there on channel ROI and therefore budget allocation?
Alongside this, we also wanted to see what drives in store sales, as well as online sales.
Our bespoke model helps answer these questions, and make more informed decisions about how and where high value retailers should invest in order to drive incremental sales.
To find our more about our Attribution Modelling, please get in touch.