Last click attribution would never tell you the cross-channel effects

OVERVIEW
A leading online platform that lets people borrow cash and put up luxury watches, art and other fine goods as collateral, with $50+ million of lending in United States & UK, wanted to optimize its media budget to achieve business goals.

CHALLENGE
The Client partnered with Kvantum to measure the impact of its primary business drivers, including marketing and media tactics and how they interact. Client was using last click attribution and was not able to quantify offline marketing effects as well as the cross-channel effects of various marketing channels. Kvantum helped them in marketing attribution as well as in quantifying the lag effects of marketing tactic on a sales outcome.

KVANTUM’S ANALYTICS APPROACH
Kvantum modeled the effect of marketing spend on new applications from direct channels, and non-brand search channel for US & UK region. Marketing channels included:

  • Paid Search – brand & non-brand, Display banners, FB
  • Print (Newspaper & Magazine)
  • OOH - Public Transport
  • Radio

Through Kvantum Evolution (our Attribution platform), we used a top down (ie. econometric approach) and bottom up (using cookie level data on website) approach to identify causal relationships between outcomes (e.g. purchase funnel and revenues) and marketing, along with other drivers based on observed behaviors. This approach accounts for the influence of marketing on intermediate outcomes – such as organic search queries, applications, registrations, brand awareness, etc. – by uncovering the full impact of the different marketing tactics.

  • Captured the direct and cross channel effects of paid, owned and earned marketing media.
  • Leveraged both aggregate and highly granular data (e.g. channel specifics KPIs, audience details).

INSIGHTS DISCOVERED

#1 Attributed Visits
Earlier client was assigning all the visits to 4 marketing tactics based on the number of clicks. Kvantum attributed total number of visits to 15 different marketing tactics touched by customers during the assessment time period.
Click Based Attribution

#2 Attributed Memberships
Earlier client was assigning credit for “Product Memberships” to 3 marketing tactics. Kvantum attributed total memberships to 13 different marketing channels touched by customers during the assessment time period.
Attribution-Kvantum

#3 Direct Channel Applications Attribution
Kvantum provided detailed cross-channel interactions between non-Brand Search and rest of the marketing channels.
cross channel effects

Recommendation: Increasing current spending levels on Radio & Subway Ads will generate the greatest bottom-line impact leading to 20% + increase in loan applications.
In Cross-channel, Last click attribution, Media Mix