|
Shomei, specialist attribution solution provider has helped Hiscox to innovate in its digital marketing activities through its complex attribution measurement analysis approach. The move away from de facto ‘Last-click’ wins standard has already delivered value, helping specialist insurer Hiscox identify 30% gains in their digital marketing performance.
Brief
Simon Wood, Online Marketing Manager at Hiscox explains: “Hiscox is always looking at new ways to be innovative in our digital marketing strategies and working with Shomei has allowed us to address two main challenges. Firstly we now better understand the relationships between our paid and organic marketing activities and secondly the absolute return on ad spend across all online media channels.’’
The attribution study was commissioned by Hiscox to deliver enhanced channel insight and in channel optimisation – all based on web analytics and ad-server platform data. Hiscox, like many advertisers, had access to data related to its audience and where and how they interacted with all Hiscox’s paid and organic online media.
Strategy
Shomei has a unique multi-model attribution approach, deploying both ‘correct partial value’ models in combination with binary models to identify both absolute return on investment and the context and role of media and messaging along the path to conversion. Complex algorithms are used to determine the effective journey length and to attribute value based on both a passive and active engagement basis as well as Recency and Frequency.
“We do not believe in single model approaches, they tend to be misleading, mainly because they are a compromise. We adopt an ‘absolute’ score approach and then surround that score with funnel based insight – one model just can’t do that as well,” explained Matthew Mills, CEO and Founder of Shomei.
The base data set for paid media activity data was from Google’s DoubleClick DFA platform and the natural search data was derived from Celebrus (formerly SpeedTrap), Hiscox’s website analytics solution. Shomei combined both data sets to produce a single view of the individual level conversion journeys across Hiscox’s home and business insurance audiences.
Execution
Shomei analysed converting and non-converting data for both Hiscox’s home and business insurance products and delivered a workshop based on insight and funnel context. It also delivered granular optimization reports at a creative, placement and keyword level.
1. Individual journey level data processed from multiple source files
2. Time Analysis Module calculates product level Attribution Parameters
3. Attribution Module ‘scores’ each and every exposure
4. Reporting Module generates selected Dimension level reports
Path Combinations, Model Volume and Value Reports & Customer Segmentation Reports
5. Analysis & Recommendations
Strategic Insight and Optimisation ReportingHiscox, a recent winner of two Econsultancy awards for innovation in digital advertising, wanted to understand their audience and the conversion journey so they could invest their online marketing budget effectively. This covered messaging, creative, channels and keywords.
1. What was Natural Search contributing – volumes have grown?
2. Could Paid Search be EVEN more efficient?
3. What does the optimal Customer Journey look like?
4. How is Display working, was it driving success elsewhere?
5. Where was the high ‘value’ coming from?
6. What about Investment in Brand build offline?
Simon continues: “Some of the findings we knew intuitively whereas others were quite revealing. It was helpful to have access to such detailed insight, for example we knew our display advertising would be driving some of our natural search, but how much or from what activity? We also found that the value of clicks resulting from natural search were higher than we had thought and as a result we have decided to continue investing in search engine optimisation.”
Results
Through adopting Shomei Attribution Management, the move away from de facto ‘Last-click’ wins standard has already delivered significant value, helping specialist insurer Hiscox identify 30% gains in their digital marketing performance.
• Considerable inaccurate ‘absolute’ attribution identified – (+50% to -100%)
• Paid Search optimisation delivering 32% efficiency gain identified
• Natural Search ROI and role within the mix identified
Ongoing investment strategy facilitated…
• Display based (placement and Ad creative) optimisation delivering c. 20% efficiency gains delivered
• Funnel Insight facilitates an enhanced media strategy and planning framework
|