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Forrester’s Jim Nail Answers Your Top 5 Marketing Attribution Questions

January 05, 2018 - By Ginna Hall, Senior Writer, Visual IQ

Forrester’s Jim Nail Answers Your Top 5 Marketing Attribution Questions

Marketing has grown increasingly complex. You’re using more channels than ever before to reach, engage and convert your target consumers, and they expect a relevant, coordinated experience.

Yet many marketers are still using siloed, outdated and inaccurate techniques to measure their efforts. To optimize experiences and results, you need an actionable understanding of what’s influencing consumers across the entire consumer journey.

Consider these statistics about consumer behavior today:

  • Forrester data shows that 39 percent of U.S. retail sales are “web-influenced,” i.e., the consumer researches the product online but buys in a store.
  • In 2010, the average buyer checked five sources before making a purchase. By 2013, that number had grown to twelve.
  • Today’s consumers average nearly three hours a day on mobile; 25 percent use three devices daily; and more than 79 percent of consumers switch devices mid-activity.

These changes have overwhelmed even the most savvy digital marketers at times, and have created a number of issues for brands of all sizes. Keeping up with the pace of change is mission critical if you want to take advantage of the benefits of digital marketing.

Understanding Every Touchpoint

Knowing what touches are important and how they work together is the foundation of multi-touch attribution (MTA). Multi-touch attribution is a way to allocate fractional credit to the marketing touchpoints along the consumer journey that influenced a lead, conversion or other desired outcome.

We asked Forrester Senior Analyst Jim Nail for his take on the top five questions marketers have about attribution:

  • Why are many marketers still focused on individual channel performance and last touch attribution?
  • Why does the importance of multi-touch attribution only seem to get greater?
  • How can marketers choose the best multi-touch attribution models for their business?
  • What are some of the most common mistakes marketers make when transitioning to a multi-touch attribution approach?
  • Is real-time attribution a realistic option?

Get Attribution Advice from Forrester Analyst Jim Nail | Download Understanding Every Touchpoint

The growth of digital has given rise to a new category of addressable channels – where individual, user-level data is available to track touchpoints in the consumer journey. Estimates of how many people might have seen your message have given way to knowing the location, device, time, browser, and action of every consumer touchpoint online.

With greater access to data about consumer behavior, marketing has transformed from an art to a science. We’ve moved from “spray and pray” to targeting with the precision of a surgeon.

To truly understand the value of each consumer interaction with your brand, it’s not enough to count impressions, eyeballs or measure the effectiveness of your digital marketing using the consumer’s last interaction with your brand (i.e. last-touch metrics). You need to know the effectiveness of each marketing touchpoint in every consumer journey regardless of where those touchpoints occur.

Download our newest ebrief "Understanding Every Touchpoint" to learn more about advanced measurement solutions and the steps marketers can take to meet their attribution goals.

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