Marketing attribution is a powerful tool for evaluating ad tech vendors. Attribution helps you compare which vendors contributed to a conversion, and in what way: how many touchpoints did it take for a user to convert? How many impressions were garnered over how long a time period? How many net conversions did each vendor generate?
TV remains notoriously hard for advertisers to accurately attribute value to online conversions, mobile downloads and other digital actions. It has been predominantly considered an upper funnel or brand awareness channel. Unlike digital channels, often there is no traceable journey to conversion. That means that one of the most expensive channels is also the toughest to measure and quantify ROI.
Your media team negotiated a great deal for prime time spots in major channels. But you are not a direct response marketer with a “1800 number, order now” call to action, nor can you just include it in your branding efforts with less stringent ROI expectations. It would be great to have numbers to share with the SEM team to demonstrate that TV is also responsible for the spike in search. Those numbers don’t exist within your BI tool, website analytics tool, marketing automation/analytics tool or within silo-ed channel performance tools. The question your left with is how do I create accountability for my TV spend, understand channel lift and TV’s short and longer term impact on my business?
Digital marketers have always been under scrutiny for media efficiency. Marketers’ measurement approach is anywhere on the spectrum from last click to advanced predictive algorithmic measurement. Given the indisputably wrong metrics last click produces, many marketers have graduated to algorithmic measurement.
We’ve all been there. You’re interested in a product. You go to their website, check it out. You like it, but you’re not ready to buy, or you get distracted. A few days later, an email reminds you that “you forgot something,” and a day after that, an ad pops up on your favorite blog for the exact item you were considering.
When marketing attribution hit the mainstream five years ago, it seemed like an answer to marketers’ prayers. Finally: a data-driven way to go beyond last-click models and truly give credit where credit is due across the cross-channel landscape. Attribution complements MMM (marketing mix modeling) with the power of big data and real-time analysis, providing insight into each touch of the conversion funnel in seconds instead of weeks. For direct response marketers, this is a slam dunk: in the post-800 number days, understanding purchase path to conversion is critical.
My fellow marketers, we’ve come a long way. The days of crossing our fingers, spray-and-pray, throw it on the wall and see what sticks are over. Digital technologies have not only given us new channels in which to market, but new ways to measure our success.