Media Attribution: Matchbacks: The Next Generation
While marketers have become sophisticated at collecting data, connecting those dots is the new challenge. Marketers ultimately want to get more out of media attribution than static statistics. They want and need to understand the relationships between marketing channels and retail transactions to gain the insight to optimize contact strategies. Always knowing exactly which media played a part is an elusive goal.
Nevertheless, it’s important to at least understand the various touchpoints that occurred within an applicable time frame so you can better allocate your marketing dollars and maximize your investment in all selling channels. You’ll seldom have any type of transaction attributable to just one media. Whatever the exact equation is to calculate the value of each media touchpoint, having the insight is invaluable to marketers. Without it, you overinvest in one channel and underinvest in another.
You don’t want to overinvest in direct mail to a segment of customers who are very engaged online, for example. These customers might rely on blogs or Facebook or affiliate partnerships to transact with a retailer. Unless you have that insight, you can’t develop an appropriate marketing strategy; you can’t segment your customer file appropriately and drive a better return on every marketing dollar.
Media attribution is just another step toward understanding how customers want to engage with retailers, and what’s the optimal mix of media to generate that engagement at the most effective cost. There’s a lot of media to measure. But don’t just collect the data; integrate it. Even the latest technologies can’t attribute every transaction to all the relevant media touchpoints.
It’s about harvesting insights to create the business rules that lead to understanding the path to purchase. Yes, you need sophisticated technology to integrate all your data into one source and get a full view of the responsiveness of each customer across various media channels. But it’s you who’ll eventually leverage that data and make better marketing decisions. Sophisticated marketers understand that media attribution is a critical business strategy, not a technical detail. ROI