We all know the old John Wanamaker adage, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” Now, 100 years later, how is this STILL an issue? In the wake of the digital media explosion, how is it that we still don’t know what’s working? In many cases, this problem has evolved to one of proper attribution.
It is no longer enough to track – you have to track in a way that provides you with actionable insight. As our data systems evolve, this need for accurate measurement will only grow.
One of the most buzz-worthy terms in the marketing world today is attribution. If you aren’t beginning to think about this and how it impacts your bottom-line, you might as well set your ad dollars on fire. It’s time.
According to the Adroll 2017 State of Marketing Attribution report, 59% of companies cite lack of knowledge as the main obstacle preventing attribution usage. Creating a culture of measurement and accuracy is the most-cited skill gap (rated as a top-three issue by 80% of brands and 71% of agencies). And, 70% of businesses are now struggling to act on the insights they gain from attribution. What good is building a tracking system if you don’t know what it means?
The easiest way to get started is to adopt a last-click or first-click attribution model – the most common choices. But, relying solely on one or the other is wrong – especially for brands using a more integrated media mix or for those driving sales or conversions offline. Brands looking only at one model will tend to “optimize” the effectiveness right out of the mix. Consider this as it relates to a last-click model which will always favor direct-response channels like paid search:
Giving all the sales or conversion credit to paid search is like giving all the marketing credit to the person checking you out at the grocery store. Yes, they were there at the point-of-purchase. Yes, they took your money. But, they didn’t design that box of Cheerios. They didn’t run a television ad with mouth-watering cereal beauty shots. They didn’t send you that mobile coupon. Many consumer touchpoints contributed to your choice for that brand over the many, many others available to you.
The real story is that, when executed wisely, all elements of your marketing / media mix should contribute to your bottom-line results. There is no magic bullet and there will always be a section of the customer journey that is a bit of a black box. But, as consumers, exposure to thousands of messages throughout the day means, we need brands to connect with us in relevant ways across several channels. It takes more than one exposure to get us to the point-of-purchase. Test and learn – figure out which models are right for you. And, get helpful resources in your corner. You need a guide to help you sort through all the noise. This is a new frontier – one that is changing daily. There is absolutely a model and strategy for attribution and campaign optimization that will work for you. Contact us to get the conversation started.
