Marketing measurement is becoming even more important as marketers are under increased pressure to justify the impact of their spending. But you can’t evaluate marketing touch points as standalone if you want to get a comprehensive picture of what is working or not. Effective marketing often requires multiple communications to move a customer to purchase.
To identify what works or not, marketers are now delving into the area of “multi-channel attribution.” The goal is to determine which combinations of marketing touch points and offers are the most successful at moving high-value customers towards the incremental purchase.
This recent Forbes article gives some background on the field of cross-channel attribution and the common misconceptions that marketers hold about this valuable type of analysis.
BTW — we are a consulting firm and we have experience in this area (despite what the author of the article claims!) 🙂
The heat is on for marketing organizations to demonstrate the value of their campaigns and show what worked or didn’t. This helps explain why brands plan to increase their spending on marketing analytics a stunning 73% over the next three years, according to the September 2014 edition of The CMO Survey published by Duke University’s Fuqua School of Business. For companies with $1 billion to $10 billion in revenue, the expected increase is even bigger at 86% – and for companies in the B2C services sector it’s nearly 100%.
The CMO Survey paints a clear picture of marketing organizations feeling more pressure to prove the value of what they do (65% say the pressure is increasing), but lacking the means to demonstrate impact in quantitative terms (about 65% say they can’t). For many brand marketers, attribution is the answer.
Done right, attribution can provide clear and accurate insights into how, when and where marketing influences customers across devices and channels. Marketers can then use those insights to spend smarter and define the optimal mix of customer interactions. In short, with cross-channel attribution, marketers can do more with less because they understand their customers better.
Read more from the source: Forbes