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Spagnoletto explains, "So here's what I mean by that: Most advertisers, especially the smaller ones ... will do a very simplistic view and look at: 'Did this banner ad or this paid search link drive to a direct conversion?' And if it doesn't, they'll basically assume that it was not effective. What that does is ignore the fact that all of your media pieces actually work in concert. So while the last click may have come from a paid search link, it's really important to know that that same user may have clicked on a banner or an e-mail link or a social link, whatever it may be, before ultimately deciding to take an action. It's those multiple touchpoints that educate and ultimately drive to that purchase."
Quoted in the January 2010 issue of Target Marketing, Esco Strong, director of the Microsoft Advertising Institute, made a similar point about considering more than the last click in attribution.
4. Test and refine, test and refine, test and refine
"You have to go back and you have to be able to optimize across all of these pieces," Spagnoletto adds. "If a banner's not working, try out a new creative. If banners, in general, are not working, try a test where you have no banners in your media mix. Same with search and across the board. If your funnel has big leaks, move them around and see which works best. If you're seeing multiple assists from, say, banners before [leads] go to an e-mail link, try and push for that path across your entire media mix."
5. Pay attention to where consumers do their research
Social media contributes the most to conversions, Safko says, because consumers seek out other consumers' advice. So marketers should be listening on social media and participating, he says. There are plenty of ways to measure how this content contributes to conversions, he notes. For instance, a tweet with a bit.ly URL is perfect—just track the statistics for that bit.ly mention. (The bit.ly site lists the tweets and then the metrics, such as clicks.)
Blogging, microblogging and social networking create conversions because that's where consumers do their research, he says.
"Corporations are pretty stupid right now," he opines. "I mean, they're sticking their heads in the sand; they're hoping that social media goes away. They don't have the resources; they're afraid of losing control of the message; if legal is involved, they don't want the SEC to come down on them. There's more excuses I've heard from big corporations. Only very very few of them really get it. The question isn't: Where are corporations today? What you've got to ask is: Where are the corporations' customers today? They've moved from search ads, they've moved from homepages to social networks. So where [are] the corporations? ... They're in stupid places spending stupid money. They're making huge mistakes. Because, for the most part, they won't accept the fact that there's been this fundamental shift in power."
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Social Media ROI
Email Marketing that Works (2nd Edition)