Marketing Attribution | Kasasa Exchange

Episode 2: How to Take Back Banking

Podcast 6: Thinking outside the vault
Marketing attribution

Every marketer and CEO wants to know whether their marketing ROI is positive or not. That requires diving into the wild world of attribution and traceability. Kasasa's VP of B2C Marketing, CW Warwick talks about working with community financial institutions to provide the cutting edge technology and data analysis they need.

Show notes:
  • 1:00 CW is the Vice President of B2C Marketing and her team is responsible for running all the marketing programs on behalf of our financial institutions clients.
  • 1:30 We spend a lot of time with technology and data, trying to understand performance and how to make our programs run more effectively.
  • 2:15 The million dollar question: if somebody opens up an account with one of our community financial institutions, were they exposed to a marketing program we delivered?
  • 2:50 Is our marketing working hard to achieve what we need it to do.
  • 3:10 Even just a few years ago, we tried hard to measure channel performance, but it was extremely difficult to get a clear picture of where exactly those new accounts were coming from.
  • 4:15 We’ve been working really hard over the past few years to define that attribution and bring it to the forefront of our programs.
  • 4:45 Executive leadership wants to know what their marketing return on investment is, so in a very real sense, attribution IS a million dollar question.
  • 5:50 The easiest channel to get attribution in is a fully digital environment. Digital ecosystems make it very easy to trace consumer journeys.
  • 7:10 Paid search is a great example of “last touch” attribution, but it doesn’t give insight into what happened before.
  • 7:45 Traditional channels such as out-of-home and broadcast advertising are very difficult to attribute accurately.
  • 8:50 Anonymous attribution vs. known attribution.
  • 9:30 Is there a reason to stay away from last-touch attribution, or are there reasons why a marketer might misallocate funds based on trusting last-touch attribution too much.
  • 10:00 On average it takes a consumer 4-5 online engagements before they convert or make an online transaction.
  • 10:45 Paid search and organic search don’t give the full picture into the consumer’s journey
  • 11:15 Word-of-mouth marketing is seeing a resurgence on social media. Where does it fit into an attribution model?
  • 12:05 Social media is becoming increasingly important in today’s consumer journeys.
  • 13:15 Social media is only going to grow. It may even become the most important aspect of what motivates a consumer to take action.
  • 14:30 How do you evaluate your cost per acquisition across multiple channels with weighted variables in the advertising equation?
  • 15:35 We take a different approach to multi-channel attribution. First of all, we do a lot of testing to find the strategy that drives the best results. And now we’re working on an end-to-end understanding of individual consumer journey. Then we look at channel-level metrics once we’ve identified the best overall scenarios.
  • 17:45 Once we’ve identified the best channels, then we look for ways to optimize those channels.
  • 18:10 Hopefully as we’re able to analyze the next six to nine months-worth of data, that we can arrive at a more specific cost-per-acquisition value.
  • 19:15 We’ve spent a lot of time and energy talking to the big players in data and identity resolution, marketing automation, tracking, analytics. The technology is always changing and we’re staying on the forefront.
  • 20:05 It’s nearly impossible to tackle some of these attribution questions if you aren’t leveraging technology and analytics.
  • 20:45 For us, the next revolution is connecting the known pool of consumers that we target with the unknown pool of consumers. This allows us to achieve a much higher degree of resolution in our attribution model.
  • 22:10 The biggest misconception tends to be that some community financial institution executives assume that attribution is an easy thing to solve for. However, only a third of organizations in the US use any kind of attribution model at all.

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