Intelligent CIO Europe Issue 57 - Page 21

LATEST INTELLIGENCE

GUIDE TO MARKETING ATTRIBUTION IN RETAIL

rRetail journeys : How to optimize marketing spend with effective attribution

Customer journeys in retail are increasingly complex . With numerous touchpoints across platforms ( on and online ), devices , and channels , it can be difficult to gain an accurate understanding of how a customer has actually arrived at a purchase .
Without an all-encompassing view of your customer journey , you cannot attribute credit to the different marketing activities that contribute along the way ; ultimately , this means that you ’ re unable to optimize your marketing spend or increase conversion rates .
For retail organizations to succeed today , accurate , flexible , and customizable marketing attribution ( based on a single customer view ) is an absolute necessity .
In this piece , we ’ ll delve deeper into the why and provide a high level roadmap on how to implement marketing attribution to propel your company forward . or touchpoints in a customer ’ s journey , conversion or purchase decision .
It ’ s important because it allows you to better understand the effectiveness of different marketing activities in driving sales and conversions . It enables you to :
• Optimize your marketing spend to increase conversions
• Implement more advanced use cases , including marketing automation and personalization
• Gain a solid understanding of your customer journey , identifying common drop-off points
• Identify which marketing channels provide the greatest return-on-investment p
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What is marketing attribution and why is it important to retail companies ?
Marketing attribution is a process or framework that is used to assign or attribute credit to different channels
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