Volume 3, Issue 2 - February, 2013
Editor, IQ Advisor
Marketing attribution is rapidly becoming top of mind for many mid- to large-size marketing organizations. And why wouldn’t it be? With billions of dollars being poured into marketing and media channels, the promise that attribution offers is truly game changing.
And while each advertiser has their own set of circumstances, those who have yielded the greatest success from their attribution vendor partnerships have had the following characteristics in common:
Clear, unified goals
What is it that you expect to achieve from your marketing attribution solution? This may seem straight forward, but attribution is a relatively new and complex subject to most marketers, which in and of itself often leads to ambiguous expectations. When combined with the fact that there are often multiple stakeholders and decision makers, a clear purpose can quickly get muddied. The most successful partnerships – those that derive the expected value the quickest – have very clear goals that are set up front and managed consistently between the marketing organization and their attribution solution provider.
A measurement plan
Gaining consensus on the goals for your marketing attribution solution is a necessary first step, but projects still risk losing momentum and falling off track without predefined plans to gauge success. The most successful partnerships establish clear success metrics for each of their goals in advance of going to market, and have plans to collect, evaluate and socialize these metrics within their organizations. Attribution is a journey, and a measurement plan will keep you on the right path, as well as serve to quantify the success of your attribution engagement.
A willingness to dive into the data
Now that you know exactly what you want to achieve and how you want to measure it, what data is required and how will you access it? Like most other analytic endeavors, marketing attribution is highly dependent on data. While most companies have been spending time and money warehousing customer data, very few have integrated it; a critical step in cross channel attribution. This can be a huge barrier to successful implementation, since it requires marketers to get much more familiar with their data than they have likely ever been (or wanted to be) before. It’s also usually an eye opening experience, as more times than not the data isn’t as perfect as they’ve been lead to believe. Good attribution partners know this, and are prepared to help marketers and their agencies match their marketing measurement and attribution goals with the many internal and external data sources being collected so that it’s accessible to their attribution solutions. And the most successful marketers are willing to roll up their sleeves and dive in with them.
Attribution is the latest evolution in performance measurement, and organizations and agencies that have brought this technology and approach to bear have already seen a strong and competitive advantage. Following these three strategies will not only help maximize your marketing attribution partner relationship, but also enable you to realize its value much faster.
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