The client is a Fortune 500 e-learning solutions provider based out of Belgium. Being a leading provider of digital e-learning solutions, the client has established a strong presence in different parts of Europe including Denmark and Finland by offering custom e-learning software solutions for both educational as well as corporate training purposes.
The Business Challenge
Multi touch attribution analysis is an approach used to measure the impact of different touchpoints in driving conversions and sales. Based on the contributions of individual channels, multi touch attribution helps businesses to assign the credit of conversions to multiple touchpoints. However, one should note that multi touch attribution analysis is one of the most crucial challenges faced by businesses today, especially when they employ several touchpoints for conversions and interactions.
Due to the lack of a statistical framework and a viable modeling approach, businesses in the e-learning service market fail to realize the true potential of a data-driven methodology. While predictive modeling has been gaining prominence in recent years, multi touch attribution analysis focuses more on the accurate and stable interpretation of the influence of each user interaction to the final user decision. Moreover, the use of multiple marketing platforms has given rise to the generation of troves of business data which can be linked to different data sources/individuals, giving rise to issues around authenticity and data management.
However, if done right multi touch attribution is more than just an approach used to identify and credit the addressable channels or touchpoints that precede a conversion. In reality, it’s a way to gauge performance, measure MROI, and guide marketing budget allocations. Our client faced several attribution challenges that curtailed their marketing efforts, resulting in unnecessary investments. This is when they approached Quantzig to leverage its analytics expertise and devise a robust multi touch attribution model to drive marketing efficiency.
The e-learning services provider faced several challenges, including:
- Significant marketing measurement problems
- Reliance on last-touch methodologies
- Spiralling cost of customer acquisition
The Solution Offered
To account for all of the above factors, Quantzig adopted a holistic multi-step approach that leveraged multi-touch attribution models to address their attribution challenges. The initial stage of this engagement revolved around building a flexible multi touch attribution model that generated faster, more relevant insights and recommendations. Quantzig’s end-to-end multi touch attribution solutions enabled the client to capture each customer journey, by offering granular details on key marketing touchpoints that were responsible for driving revenue.
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The offered multi touch attribution solutions comprised of the following five main aspects:
- A data science rooted, multi touch attribution approach that helped ensure the delivery of accurate and unbiased results
- A flexible multi touch attribution model with a quick turnaround time that ensured model accuracy
- Systematic and objective methods that incorporated offline effects and non-addressable marketing treatments into the multi touch attribution model
- Event-level multi touch attribution model that offered the ability to analyze results across any dimension
- True and comprehensive customer response models that can be used beyond multi-touch attribution
Our data-driven multi-touch attribution solution leveraged advanced data science and algorithmic multi touch attribution models which helped the client to assign accurate values to each touchpoint based on its role in driving revenue. The use of a robust multi touch attribution model further helped the client to improve the effectiveness of their addressable digital channels to drive conversions and ROI by a whopping 25%.