March 22, 2018 - By Moira Freeman, Product Marketing Manager, Visual IQ
Today’s addressable world requires marketers to move beyond last touch metrics to embrace multi-touch attribution.
Multi-touch attribution (MTA) lets you take advantage of the unique set of data produced by addressable channels to understand your effectiveness at a granular level, by audience, at a rapid cadence.
Making the transition from last-touch metrics to a multi-touch, cross-channel view is an exciting step toward realizing the full potential of your marketing and advertising mix. To make it work, you have to ensure that the data you’re using yields the insights you need.
Successful data integration needs a taxonomy that can be applied across all inputs. Implementing a multi-touch attribution platform is the perfect time to review and improve your data quality management and standardization practices.
Taxonomies differ across organizations, and there is no right or wrong way to define your taxonomy.
Here are four steps to help you build a taxonomy that maps to your business’ unique terminology and needs.
Defining your business’ unique taxonomy will require the input of all your media channel (or region or product line) teams. An important part of building your taxonomy is developing a standard process to engage those teams effectively. This will ensure that your teams don’t define siloed nomenclature that is not consistent across channels, regions or product lines.
A good place to start is by gathering a wish list of dimensions from each channel/region/product line manager. The list can include the dimensions they need to analyze including factors such as media planning, KPIs and reporting requirements for each. You may choose to provide each manager with a template to encourage consistency.
>> Download our ebook Why You Need a Data Taxonomy for a Sample Channel Dimension Template.
Once you’ve gathered the taxonomy dimension wish list, you may want to group dimensions by objective for simplicity and focus. For example, if your paid search channel manager wants “keyword” as a dimension and a display channel manager wants “placement” as a dimension, you can consolidate them into a dimension called “placement/keyword.”
Once you have gathered and streamlined your list of dimensions, you can begin to build out each channel (or region or product line).
Here’s an example of a simple taxonomy for a brand that would like to compare the effectiveness of various paid search campaigns and ad groups. You might also want to analyze the performance of a campaign by keywords or by the placement of ads/creatives, but we’ve kept it to four categories here for simplicity.
>> Download our ebook Why You Need a Data Taxonomy for step-by-step instructions.
Brand Q has defined its taxonomy with the terms “Channel”, “Providers”, “Campaigns” and “Ad Groups”.
The brand now has a rudimentary taxonomy that standardizes how data about its campaigns is organized, so that the marketing team can easily compare results and optimize performance.
Configuring your taxonomy so that it maps to your business’ unique needs is critical to getting the most out of your attribution initiative. With a standardized way to access your data, you will be on your way to getting actionable, audience-driven marketing intelligence.
Download our newest ebook Why You Need a Data Taxonomy to learn how define a taxonomy that aligns with your organization’s unique structure and goals.