The first of a series of four articles.
The retail brokerage space has developed into a cutthroat industry. Forced to adapt to a dynamic playing field, and growing affiliate costs, brokers have been compelled to focus on increasing retention and conversion to keep a leg up on the competition.
This makes attribution or having a clear understanding of the effectiveness of any marketing efforts, a pivotal point for every organization. Brokers that have not already recognized the need to emphasize these costs are currently playing catchup.
In its simplest sense, attribution represents the identification of a set of user actions that contribute in some manner to a desired outcome. But why is it so important? Because you cannot fix or improve what you do not know about.
Unfortunately, this is not an easy challenge to overcome. In 2021, this could be one of the most crucial operations and integral steps towards improving and optimizing marketing efforts, customer engagements, and most importantly, increasing customer LTV.
The challenges of attribution
Indeed, most potential customers are flooded with hundreds of messages across multiple channels. Such varied touchpoints of a customer journey usually extend well beyond traditional sources such as emails, push messages, or SMS and can include call centers and other offline sources that are more difficult to measure.
This makes it incredibly difficult to identify or ascertain a specific event that has influenced a customer to take a desired action.
One such journey could be an online ad followed by a promotional email which the customer has opened yet has not clicked through. A few hours later, the said customer speaks with a sales rep at the call center, a day later goes back to the promotional email and only then takes the desired action.
This is a classic case of a disrupted funnel combining online and offline channels and distributed data sources with different unique identifiers.
Many marketers use control groups to measure the effectiveness of campaigns. However, this measure is extremely inaccurate and can even be misleading due to limited statistical significance of both percentage and absolute number of customers in the control group that took the desired action.
While not easy, overcoming the challenge of connecting all touchpoints that affect the behavior of a customer is key.
How to Overcome These Constraints
For brokers to correctly deal with the issues presented by attribution means recalibrating their approach.
End-to-end visibility across an entire spectrum of engagements with customers enables brokers to analyze the direct attribution and thus gain a clear perspective on what works optimally – leading to substantial revenue uplifts.
Furthermore, utilizing real-time data to create personalized customer engagements, based on historical data as well as what the customer is doing right now, to deliver the right contextual message, at the right time.
For example, you want to be able to recognize while a customer is logged in whether he needs help or a trading tip and raise a pop-up on the Metatrader app.
Based on what he does or does not do next, continue the journey to create a personalized experience and be able to get a clear understanding of how you are impacting your customers’ behavior and the revenue uplifts that you are generating.
One such company that has thrived in this role is Solitics. The company’s automation and personalization platform is equipped with advanced proprietary technology that easily connects directly to all distributed data sources, without a long, expensive data project.
This includes CRM, call centers, mobile apps, web, trading platforms, third party content providers, and more, and to send out varied communication in any channel – email, SMS, push notification, or a live pop-up to your web or mobile app.
By connecting all your data into one central hub with an intuitive UI, Solitics enables brokers to understand the impact their marketing efforts have, and to harness their data to create, manage and analyze the exact flow and impact of any marketing effort.
Solitics also offers market-validated best practices, to help set the right thresholds for smart analysis of any campaign across any channel.
See what Solitics can do for you and your brokerage today by accessing the following link and taking your marketing efforts to the next level.