Trendspotting: Attribution Measurement
There are so many touchpoints along the customer journey that impact conversion. Wouldn’t it be great to know which ones are really worth it? Efficiency is the name of the game and if brands can identify which exposures are moving the needle, budgets can be planned accordingly to support the most productive platforms. Technology has made it much easier to track performance metrics for digital platforms like search and display, but they are often viewed in isolation and don’t take into account the other platforms and messaging that impact the customer purchase decision along the way. When a brand can accurately and effectively determine how each touchpoint impacts a customer’s decision to purchase and then monitor those exposures across types in real-time, you will unequivocally improve ROI.
If only it were that straightforward and simple! Attribution Measurement relies on a complex infrastructure of advanced technology, attribution modeling, and strategic analysis. And, while marketers have been facing this challenge for years, the term “Attribution” continues to evolve and improve as more and more data is ingested for cross-platform analysis and industry standards are on the horizon.
Based on the complexity, most brands will rely on trusted partners that have the proprietary systems and skill sets to address and navigate the unprecedented level of consumer behavior available and translate it into actionable insights. As more and more channels become targetable for single audiences, traditional channels like OOH and television can finally be measured. Combine the digital and the traditional and this vast amount of data requires AI and ML to really understand each customer’s purchase journey. This valuable information allows marketers to identify their most effective channels and optimize marketing dollars.
How are you measuring your efforts across platform? IgnitionOne offers a highly consultative approach to determining the best attribution model for your brand based on the data available, your business model, platforms used, and more. For example, Unicef wanted to analyze the impact of campaigns across various channels in relation to volume of donations month over month. Through a series of informative reports and observations from IgnitionOne, Unicef was able to adjust their media mix to improve overall ROI. A detailed path analysis offered valuable insights across channels, tied exposures to conversions, and identified important break off points.
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