February 07, 2019 - By Ginna Hall, Senior Content Writer, Nielsen Visual IQ
Brands turn to agencies for expertise, innovative work and a fresh perspective. They rely on these partnerships to develop strategy and to help assemble the correct mix of tactics to meet their goals.
An agency’s ability to measure these tactics once creative is in market is critical to generating results that will keep a client on board for years. Many agencies have turned to multi-touch attribution to help them deliver results and prove their value.
< Download our ebrief How Multi-Touch Attribution Helps Agencies Prove Their Value to learn more. >
As stewards of your clients’ investments, you need to know which tactics are driving response at a granular level—by creative, keyword, placement, and more—and how to amplify those. You also need to know which things aren’t working right away, so you can quickly move spend into more effective campaigns.
But because consumers travel a tangled digital path, measurement has never been more complex. In today’s digital/addressable world, agencies need tools that allow them to measure results in real time, accurately understand effectiveness, and prove their value.
When agencies use multi-touch attribution, they gain a granular understanding of how channels, tactics and budgets are performing on a daily basis so they can make faster, more effective optimizations.
Many agencies use a “last touch” model that neglects to measure the contribution of supporting marketing channels and tactics earlier in the consumer journey that play a role in influencing a desired action. Multi-touch attribution is a giant leap beyond this approach.
You can build trust and deliver value by providing your clients with a clear picture of the channels and tactics that are most effective for each audience demographic they target. This insight allows you to adjust a client’s marketing and media investments quickly to drive the online and offline success metrics they care about most.
Embracing analytics helps you innovate and scale your agency. When you can bolster your creative ideas and messages with measurable data, you can optimize media and improve results. Plus, when you always know what’s going on, your business is transparent and you’re ready for any client question. This is the foundation that will help your agency thrive today and in the future.
Using multi-touch attribution reveals actual conversions and prevents reporting errors. In the example below, we visit two agencies. Agency A uses last-touch attribution and Agency B uses multi-touch attribution.
Agency A reports campaign results in silos. This week, the Social Media team claims 80 conversions (20%) after last week’s ad campaign. The Display team claims 320 conversions (80%) from the same time period. The client seems happy with 400 total conversions.
But it didn’t actually get those results. Agency B measures performance across channels. This agency’s analytics team also saw that Social Media drove 80 conversions and Display drove 320. But it also knows that 60 of these are duplicates — both channels claim credit.
The model automatically assigns these conversions to the proper channel and reveals that in fact, Social Media actually influenced 108 (30%) of these conversions, while Display only drove 252 (70%).
Agency B sees that Social Media is performing better than expected and, because the results are in near-real time, can quickly reallocate budget away from low-performing ads into higher-performing media. The client is even happier knowing that its money isn’t going to waste.
This example shows the advantage of using a multi-touch attribution platform to get access to all results from all channels at the most granular level. Although conversion volume appeared to decrease from 400 to 360, it’s actually being reported more accurately. This greater transparency into results prevents giving 100% of the conversion credit to a channel that may have influenced the customer with only a single impression.
At a minimum, agencies using multi-touch attribution avoid counting single conversions multiple times and assigning credit to the wrong channels. They can dramatically improve their client reporting. And when agencies act on these reports, they can optimize creative and reallocate spend quickly for even better results.
Marketing attribution provides the granular insights and recommendations agencies need to optimize marketing and media performance, by audience, in near real-time, so you can drive meaningful results for your clients.
With the ability to understand performance within and across channels, accurately, your agency gains the power and speed to reallocate budget to high-performing efforts to boost revenue, deliver results to your clients, and stay competitive.
Download our ebrief How Multi-Touch Attribution Helps Agencies Prove Their Value to learn more.