Our CEO John Readman has recently featured on the ‘Real Marketers Podcast’ by app developers, Lumavate, discussing attribution modelling and how to accurately spend your marketing budgets.
Hosted by Stephanie Cox, the podcast series interviews guests who she believes are ‘real’ marketers in the industry, who move fast, ask for forgiveness not permission, obsess about driving results, and actually get stuff done.
If we’ve learnt anything during the pandemic, it’s highlighted the paucity of information on retailers’ advertising spend returns. During the peak of the crisis, retailers ramped up spend with the big sales generating platforms to stay afloat, and are seeing that Google, Facebook, Amazon are perpetually suggesting the answer is more spend with them.
Retailers can feel stuck in an ongoing circle, as there isn’t currently a marketing tool or service to analyse profitability and forecast strategies to adapt and adjust their spend to a recommended channel. That’s where BOSCO™ comes in, the Digital Marketing Intelligence Platform.
John began by introducing Modo25, BOSCO™ and our brand purpose. He explained that Modo is the name of a 10-year-old girl who lives in a Ugandan orphanage called 1moreChild, and Bosco is the name of the gentleman who runs and provides the vision for the orphanage. We want to create a bigger purpose than just generating revenue for the business and its stakeholders.
Digital transformation is a key topic at the moment and John explained how the market has changed. During the 30-minute-deep dive, John explained how digital marketing can propel a business and why attribution needs to be at the heart of a digital strategy. Customer experience has never been more important and it’s crucial to engage potential customers from the very first touch point to the aftercare. This can be difficult with multiple data sources and the saturated ad market; John explains how BOSCO™ Connect can help.
- Digital transformation should flow through the entire business, not just the marketing team. (7:50)
- Assess your market, who are your competitors and how can you digitally engage with those audiences in the right place, at the right time. (10:50)
- The key challenge is to get allyour data in one place. This is important, so you can organise your data into one central, deduped dashboard. This is the first part of the puzzle when solving an attribution model. (13:30)
- Get the senior leadership team on board with attribution, do they understand the multiple touch points for a sale. Using a last click attribution model is a disadvantage to a business as it’s not opening up the entire marketing funnel. (14:05)
- Analyse a month’s worth of transactions, how many touch points are there? If there’s more than 3, you should consider a new attribution model as you could be missing out on potential customers. (17:56)
- Having the CFO on board really helps tailor the question of attribution and advertising spend, because ultimately, they’re the ones who hold the purse strings for the budgets. (25:53)
Not sure where to start with attribution? Our team can accurately analyse your data to find out which is the right model for you. We can then connect your data and attribution model into BOSCO™ Connect, our advertising spend and forecasting tool for retailers. Book a demo to find out more.