In today’s marketing environment, data is crucial. This is one of my favorite states: more data is generated in a 24-hour period in 2017, (2.5 quintillion bytes) than the rest of history combined. The companies that prosper in 2017 and beyond are the ones who utilize data effectively.
The challenge lies in harnessing this data to optimize business opportunities.
One of the channels for marketers to utilize this data is through paid search. Search is one of the most powerful digital marketing channels, with over 2.3 million searches occurring per day. Marketers are paying a premium to get their brand in front of search engine users, and that fact is reflected in the rising costs of pay-per-click advertising. Marketers bidding on lucrative terms are spending over $30 per click, regularly!
But, marketers can gain visibility on paid search and overcome the rising cost of customer acquisition and retention in this channel if they can take control and understand their customer data. The key challenge of the rise in multi-channel, or multi-device customer journeys is the fact that businesses store this multitude of data in separate silos that do not communicate with each other.
When that happens, you end up with a foggy view of the customer journey, and no understanding of how they are interacting with your marketing channels or campaigns. The key here is to integrate your data sources. In doing so, visits across numerous sessions, channels and devices are linked to one individual, so marketers can see who specific customers are, what channel they came from, what pages they went to, and how they interacted with marketing channels on their path to purchase.
When this view is in place, marketers are better equipped to understand the role of specific marketing channels – in this instance, paid search activities – in relation to customer purchasing habits.
When your customer data is integrated, it provides a clearer picture of what your customers are doing, marketers must then attribute the role of their paid search channels in goal completions, typically a purchase, or a form fill. In order to do this, a data-driven attribution model is key. With these insights, marketers can see where activity in a particular channel plays little to no role in driving goal completions. We can then drill down into the paid search channel and understand which keywords are leading to these goal completions.
When you’ve taken these steps to optimize your paid search channels, you can use your attribution model to tackle other priority channels, decrease wasted spend, increase goal completions by integrating that data and applying the a data-driven attribution model.