• Reports
  • Let's Talk

    Cart Abandonment Series Part 4: Multichannel Attribution

    by Dean Vegliante
    Posted in: Reports
    Last week, Part Three of our cart abandonment series addressed the importance of providing customers with incentive to complete a purchase, and using data to ensure that these messages are delivered on your most effective marketing channels. This week, we dive into how multichannel attribution can help marketers better understand their customers.
    Tip #4: Understand the Customer Journey
    Modern customers are multichannel shoppers: switching platforms and devices throughout the customer journey as convenience dictates. This behavior can be difficult to track, potentially risking the loss of valuable customer data. This is why multichannel attribution is more important than ever, giving marketers the ability to identify where customers are in the customer journey, which channels they engage with the most, which device they prefer, and so on.

    Multichannel attribution is the process of consolidating personal identifiers such as a customer’s device ID, cookies, and IP address across multiple channels and devices. This process helps marketers develop a clear understanding of each customer’s interests (search history, time spent on a site, product page views, and other unique data that qualify them as a potential customer). These insights allow marketers to deliver the most relevant messaging personalized to each individual customer.

    There are two main methods for attributing behavior and identifying a multichannel customer. The first is deterministic, in which the system performs comparisons based on given factors to determine a precise match with 100% accuracy. The second method is probabilistic matching, which identifies the likelihood of a match by taking into account the relative closeness of the data and the context of the data records.

    Utilizing both of these methods—something Netmining does through our Score-Powered Audiences—enables the feedback loop of data intake and the subsequent delivery of future interactions, all within the context of understanding where customers are in their journey so as to better engage with them.
    Use What You Know
    By knowing more about your customers and being able to attribute actions to outcomes, marketers can create personalized messaging to engage abandoning customers before they exit your site. Better yet, this messaging can be based on more than just their behavior on your site during that specific visit.

    For example, consider a customer who has browsed a retail site twice before: once on their mobile device and once on their laptop. Multichannel attribution allows marketers to track that cross-device behavior, so the next time the customer visits that site, their previously viewed items across multiple devices all appear. Armed with the knowledge of that customer’s behavior across devices and their physical location, marketers can deliver a personalized message reminding the customer of the item they abandoned, while offering a seasonal promotion or location-based incentive such as a sale in their region.
    The Perfect Combination
    Multichannel attribution, like that achieved through Netmining Score-Powered Audiences, can help inform a powerful strategy in winning back abandoning customers. The value is in showing your customers that not only do you know them on a 1:1 level, but that you also understand how to use that knowledge to provide a better customer experience, and ultimately encourage a purchase from a customer who might otherwise walk away.

    In the final part of this series next week, we’ll highlight just how important it is to provide a positive customer experience.

    Missed the first few posts in this series? Catch up:

    More insights from our team

    Let’s get started.

    Our team is excited to begin putting a plan together or just chatting so you can get to know us better. Fill out the form below and we’ll contact you within 24 hours.