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Analytics/Data | 2 MIN READ
The path towards becoming very good at attribution may take time, but evidence points to the fact that marketers begin to see the benefits of attribution fairly quickly. In a recent study done by Forrester, marketers have cited improvements in digital media efficiencies from 15% to more than 30% in the first year, mostly due to finding and eliminating waste in media plans.
Today’s environment has become complex and challenging, and today we see a mindboggling number of routes a consumer can take towards making a purchase. Companies are interacting with customers in stores, on websites, via social media and search engines, TV, print, billboards, mobile, and email; the number of channels, devices, and touches can be intimidating – 40 to 70 for some Yes Marketing clients, and very rarely are any working in silos.
The amount and complexity of transactional information have increased dramatically over the past decade. Today’s technology allows for the storage and complex analysis of billions of pieces of customer activity. We have quicker, more accurate and deeper insights today than we had in the past. In addition, free attribution tools, such as Google Analytics’ Model Comparison tool, are bringing the ability to explore digital attribution to all businesses.
While improvements in technology have enabled increasing data and analysis, many marketers are still relying on simple forms of attribution, such as “last touch” (eConsultancy, Google). Such attribution could lead to an erroneous conclusion of what actually drove the revenue, rather than what acted as the facilitator to it. Marketing organizations require improved methodologies to more accurately understand which programs are revenue drivers and those that are not. They face the challenge of developing an approach that leverages the best available information, yet can be applied from a practical perspective.