With nearly nine in 10 retailers having increased their marketing budgets in 2018, according to RetailMeNot, merchants are strongly motivated to ensure the money is being spent effectively. But with the oversaturation of available data points changing how retailers view the shopper journey, the a question that should be on every retailer’s mind is: Am I measuring this spend accurately?
The RetailMeNot survey indicates that the top three ways brands measure the success of offers and promotions include:
- Increasing sales revenue (56%);
- Driving new customer growth (55%); and
- Increasing brand awareness and brand perceptions (50%).
EBay, Verizon Share Attribution Success Stories At Shop.org
Revenue and overall growth are obvious indicators of a retailer’s success across the board, but understanding and calculating attribution across channels is a major puzzle piece necessary for marketers to track their campaigns. In a session at Shop.org in Las Vegas, Tony Flanery-Rye, Senior Director of Growth Analytics for eBay, and Andrea Wasserman, VP of Retail experience at Verizon, gave a deep-dive look into their marketing spend and attribution strategies.
EBay’s attribution strategies still depend on the product sold and the length of the typical sales cycle, said Flanery-Rye. He noted that there is still no definitive answer as to whether the company should move entirely away from “last-touch attribution,” which credits the last channel to present an advertisement to a converting customer for the sale, to “multi-touch attribution,” which credits various channels throughout the customer journey for sales conversions.
“What I would advise people to do is to decide, what do we sell?” Flanery-Rye said. “What do our customers do? If…