8 min read
Published On: 2023-05-29
In the ever-evolving realm of digital marketing, understanding the impact of each marketing effort is the Holy Grail of success. EnterAI in marketing attribution solutions - a game-changer for businesses seeking to unravel the complexities of attribution and unlock valuable insights. By leveraging the power of artificial intelligence, these cutting-edge solutions offer a glimmer of hope in the quest for accurate attribution.
If you’re looking to implement artificial intelligence marketing solutions for Ecommerce, this guide is for you. The topics we cover:
Before beginning the search for advanced marketing attribution tools, marketers need to understand their business needs and highlight the features that will help them scale their marketing efforts. Here are some key features you should consider while searching for the perfect tool.
Handling massive volumes of data is arguably the toughest challenge faced by marketers while conducting market attribution research. This hurdle can be broken down into three parts:
Data collection - The customer data collection process is becoming difficult in an increasingly cookie-less internet.
Processing - Similarly, even if you can collect the data, it is inconvenient to process the data from multiple touchpoints.
Storage - Lastly, marketers need to carefully navigate the GDPR and CCPA restrictions while handling valuable customer data.
Choose an AI marketing tool that tackles these problems with its robust data handling capabilities. To begin with, it needs to efficiently analyze data from multiple touchpoints while complying with the aforementioned government regulations.
The intelligent marketing tools’ effectiveness lies in their machine learning algorithm. Simply put, look for marketing attribution tools that employ advanced algorithms to detect interaction patterns and their correlation with the customer’s final decision.
A sophisticated algorithm enables marketers to analyze data from various touchpoints, like Google searches, promotional blogs, YouTube videos, third-party websites, product reviews, and more.
The artificial intelligence marketing solution should offer advanced predictive modeling, statistical analysis, and machine learning capabilities to get meaningful insights and deliver accurate attribution after sifting through the collected data.
The search for the right AI tools for fixing marketing attribution is futile if it isn’t compatible with your existing business and marketing software. It is essential to check for the compatibility of the intelligent marketing software with your CRM, ERP, analytics tool, advertising platform, and other marketing tech stack.
Moda has direct access to most of the commonly used DTC Ecommerce tools, such as Shopify, Yotpo, Recharge, and more.Moda’s compatibility with existing business tools helps the user to track the customer journey through email clicks, cart abandonment, repeat purchases, social media interactions, and website visits.
Check the list of integrations, APIs, and connectors to ensure a smooth connection with your other software. This helps the machine learning algorithm to capitalize on the smooth data flow and offer holistic customer attribution insights.
The customer journey is not the same for all businesses. In fact, the customer journey path can be different for the different products of the same company, which is why you need to look for customizable AI-driven marketing attribution tools.
Organizations leverage the tool’s customizability to tailor these attribution models and algorithms to align with their specific business needs. The artificial intelligence marketing software needs to be flexible enough to accommodate customer behavior weighing mechanisms, specific attribution rules, and attribution windows.
Higher customization options directly translate to greater adaptability when marketers need to tweak their marketing strategy based on new-found customer behavior and triggers.
After identifying the ideal AI marketing software, the next step is to start the integration process. Data collection, testing parameters, implementation, and metrics monitoring are the four key areas you need to focus on during this process.
Integrating AI into your Ecommerce marketing strategy starts with robust data collection. Ensure your artificial intelligence and marketing tools have the capability to collect and aggregate data from various sources, including website analytics, CRM systems, social media platforms, and customer interactions.
Comprehensive, accurate, and structured collected data fuels AI algorithms more effectively. With proper data collection, you can gain deeper insights into customer behavior, preferences, and trends, enabling more targeted and personalized marketing efforts.
Thorough testing is an indispensable part of implementing any intelligent solutions, and advanced marketing attribution software is no different. Conduct experiments and A/B tests to evaluate the effectiveness of different ML algorithms and models.
Test the AI tools with subsets of your data to assess their performance, accuracy, and predictive capabilities. This testing phase helps fine-tune the algorithms, validate their performance, and identify any necessary adjustments before scaling up to the full implementation.
The implementation process involves seamless integration with the existing Ecommerce marketing tech stack. This includes integrating with your customer database, marketing automation systems, campaign management platforms, ERPs, and CRMs. The AI tools can process and analyze data in real-time, providing timely insights to drive marketing decisions and actions.
The integration of this software is a continuous process. Consistent monitoring of the implemented systems is essential for success. Regularly evaluate the performance of the AI tools and monitor their impact on key metrics such as conversion rates, customer engagement, and revenue. Keep track of how the AI algorithms are attributing the impact of different marketing touchpoints and adjust them as needed.
Monitoring allows you to identify issues or opportunities for improvement, ensuring that your AI-driven Ecommerce marketing strategy remains effective and aligned with your business goals. The benefits of artificial intelligence in marketing can only be reaped through constant monitoring and fine-tuning.
The software’s successful integration requires continuous monitoring and measuring of key performance indicators. But, what are the key metrics used to measure the impact of AI in marketing? Well, here is a list to help you get a headstart.
The new marketing attribution software’s impact is most noticeable in your Return on Ad Spend (ROAS). AI-powered attribution models enable a more accurate and granular analysis of marketing investments by attributing revenue to specific touchpoints.
Assess the effectiveness and efficiency of your marketing campaigns by comparing the ROAS before and after implementing AI. This analysis provides insights into which channels and strategies deliver the highest return on investment, allowing you to optimize your marketing budget allocation for better overall performance.
Moda provides a single interface to track all your performance indicators. It also offers multiple attribution models and windows to help you make a more informed decision. Moda’s attribution interface enables you to -
Equipped with the new findings from ROAS analysis, an organization can revamp its marketing budget accordingly. These insights help marketers locate the marketing touchpoints with a high ROI and customer conversion rate. Focusing on these channels can help significantly cut down on marketing expenses by 20%.
Intelligent marketing attribution software analyzes historical marketing spending and provides real-time data about channel performance. This allows the marketing professional to adjust their marketing mix to achieve maximum effectiveness.
Moda’s marketing attribution tool highlights the touchpoints with a higher ROI and allows you to further optimize them. In doing so, you can reduce your CAC by about 40%and increase your profits.
AI-powered attribution provides valuable insights into the customer’s journey. It enables you to understand the sequence of touchpoints that lead to conversions and identify the most influential touchpoints along the customer journey. Artificial intelligence marketing automation can be set to target customers with ads depending on the customer's position in the sales funnel.
By analyzing customer behavior patterns and preferences, AI can uncover hidden correlations and identify the key moments that drive conversions. Use these insights to tailor your marketing strategies, personalize customer experiences, and optimize the customer journey for higher conversion rates and customer satisfaction.
Moda’s marketing attribution tool allows you to build custom journeys with a no-code flow builder and optimize them with AI inputs. Moda’s segments help locate where different user groups are in their journey.
Regardless of the complexity of the marketing attribution process, it is the future of AI in marketing Ecommerce brands. Any company that can understand the nuances of its customer journey will always have the upper hand. And, AI is the key that unlocks the true potential of marketing attribution. In short, data-driven marketing with artificial intelligence using tools like Moda enables businesses to stay competitive and achieve marketing success.
Join Moda’s marketing attribution waitlistand be one of the first to skyrocket your marketing success.