You've read about attribution modeling, and you're ready to begin seeing the true value of media performance. You want to get the most out of your digital budget, but the problem is you're stuck. You want to get moving fast, so now what?
The first step is always to define your attribution goals, and understand what attribution can do. Attribution allows marketers to better understand upstream user-actions (ad views and clicks) and their impact on the final goal action (download, sale, lead form etc.). Attribution alone won't make your media perform better, and it won't improve your conversion rates. What it will do is illustrate where your dollars are used most effectively, so that through media allocation optimization, your digital spend becomes more effective. Attribution is the key to unlocking successful cross-channel optimizations of media spend in order to increase back-end performance. It's not the last step to performance improvement, it's the first step.
The second step in building out attribution is to ensure that all digital channels are centrally managed through a single platform. There are three primary types of platforms:
- Analytics Platforms such as Omniture or Coremetrics
- Ad Servers such as DoubleClick, Atlas, and Mediaplex
- Attribution Platforms such as ClearSaleing, Encore Metrics, and C3 Metrics.
The third step, once you have centralized management of your online media channels, is to begin tracking the touches prior to each conversion. This step is often where marketers get bogged down, because there are many models from which to choose, including first or last click, even distribution, or "time decay." However, to get moving faster, first begin by determining how many conversions receive multiple touches, and the percentage of total conversions which are single touch, dual touch, tri-touch and so-forth. From there, you can sort by number of touches. The 80/20 rule applies here, and you will find that a majority of your conversions come from a specific number of touches. For example, you may find that 70 percent of your conversions have either two, three or four touches. It is these buckets where you want to dig deeper into media placements, as this is where the bulk of your media optimization opportunity lies.
Last, remembering the goal is optimizing your media allocations, review the placements which are appearing in each of the two, three and four touch conversions, and ask yourself the following questions:
- Which placements appear most frequently?
- Which placements have the most touches per impression?
- Which placements have the lowest cost per touch?
With these steps, you will begin to see media placements rise to the top of the list. These become your "performing placements" and you should expand the usage of these instead of the other placements which do not appear as touches. Now you've begun to use attribution to further your media allocation optimization without the added pain of determining the exact share per placement.
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