Using Data to Understand Cross-Channel Behaviors
Action steps for improving marketing ROI
In preparation to make a purchase, consumers often engage in cross-channel research. They might visit the company’s Facebook page, click over to the company’s website, read reviews on third-party websites, or start a live chat with a customer service representative.
This digital journey tells a lot about the consumer, and about the path to purchase. Data can show marketers key points in a consumer’s cross-channel behaviors, which can be used to expand and improve cross-channel marketing.
The Denim platform has aggregated more than 1 billion data points on consumer engagement with mobile and social media ads powered for insurance and financial services companies.
Although that’s a ton of data, it only scratches the surface on the amount of cross-channel behavioral data available. How does an insurance or financial services company’s marketing team start to distill that much information into actionable tasks that improve ROI on cross-channel marketing? Let’s take a look at four key findings from Denim’s data and possible action steps:
Finding 1: Millennial consumers ages 25 to 34 are more likely to see social media ads than any other age group, and this generation represents a lower cost per click than Gen Z and Gen X.
Action Step: Focus marketing efforts for Millennials to social media, and consider other channels, like email, print ads, direct mail campaigns, and billboards, for Gen Z and Gen X.
Finding 2: Ads viewed by consumers between midnight and 7:00 a.m. local time are 29 percent more likely to be clicked on than ads viewed at any other time.
Action Step: Rely on the data, not assumptions. You might assume evenings are the best time for social media advertising, but so do many other companies. By getting your message out in the middle of the night, you might have less competition and catch people when they’re more likely to click.
Finding 3: Android smartphone users are 410 percent more likely to click on ads than iPhone users.
Action Step: Test your social media ad on an Android device prior to launch to ensure it’s optimized for Android smartphone users.
Finding 4: Men are 12 percent more likely to click on ads than women. The only age group in which women are more likely to click is 18 to 24.
Action Step: While it’s important to consider all audiences, knowing that males are more likely to click on your ad may help you hone your marketing message ever so slightly to get better results.
Put these findings to the test during your next social media advertising campaign, and continue to look for ways to turn high-level data into actionable tasks to improve ROI.