June 26, 2018 - By Ginna Hall, Senior Writer, Nielsen Visual IQ
Marketers are investigating multi-touch attribution -- and the media is paying attention. The term returns over 700,000 results in a recent Google search. This flurry of interest reveals that marketers are looking for answers to one of the biggest questions they face today: how to measure consumers’ path-to-purchase in the digital era.
Marketers are embracing digital’s addressable channels for good reason. Digital offers the ability to reach larger numbers of consumers with greater precision than traditional, non-addressable tactics. This investment pays off in results, engagement, and -- if done well -- loyalty.
As a consequence, brands are beginning to seek alternatives to legacy last-touch models as they realize that today’s addressable world requires multi-touch attribution.
Multi-touch attribution is a way to allocate credit to all of the marketing touchpoints that precede a conversion. It lets you take advantage of the unique set of data produced by addressable channels to understand effectiveness at granular levels, by audience, and at a much faster cadence than other attribution approaches.
This is a huge change. Instead of waiting several months to see how traditional channels (TV, out-of-home, print, radio) impacted sales, you can now learn which display ad (for example) worked best yesterday to drive in-store sales so you can boost ad spend for the winners while the campaign is still in-flight.
If you’re curious about multi-touch attribution and want to learn more, here’s a curated sample of recent articles about the challenges and opportunities of measuring today’s empowered consumer in the digital era.
“Marketing is essentially leveraging data to create insight that can deliver a better customer experience. The purpose is to feed this information to the right areas to help activate the insight,” says Martine Reardon, the CMO of Macy’s.
“Multi-touch attribution modeling lets marketers more accurately measure the collective impact of specific tactics... from split testing email subject lines to making different offers,” says Forbes contributor Paul Talbot.
Editor P.J. Bednarski writes that “ just as technological advances have created an almost infinite number of sources for information, other tech advances have developed to let marketers track what their customers are looking for and what they’re looking at.” Get stats about the enormity of the playing field.
“Analytics are the secret sauce that marketers have been searching for since before the Mad Men era. They offer the ability to target the right consumers, at the right times, in the right places, with the right messages,” says Randall Beard, President at Cardlytics.
Veerle De Lombaerde, COO North America, The Exchange Lab, writes, “holistic attribution is required to track interactions at every stage of the consumer journey” yet “there is a gap between intention and implementation, with a high proportion of marketers preferring to stick with outdated methods, like last-touch attribution.” See how marketers can overcome the barriers preventing them from adopting multi-touch attribution.
“More than half (57%) of marketers surveyed in 2017 said figuring out cross-channel measurement and attribution would occupy their time, and about four in 10 retailers said they planned to implement cross-channel attribution.’ writes Amy Loesch, Vice President of Digital Marketing at RetailMeNot.
According to an IBM survey of over 700 CMOs, one of the top four priorities this year is to “inject data-driven insights into every marketing decision.” Here are 18 statistics about the state of marketing data and analytics that author Amber Tiffany, content marketing manager at Invoca, hopes will motivate readers to overcome the challenges that keep marketers from using data to its fullest.
To learn more about how multi-touch attribution can help you be a better marketer in the digital era, download our ebook: Crossing the New Digital Divide: Your Guide to Marketing Effectiveness