Is Your Attribution Model Appropriate?
Challenge? What’s hard about campaign attribution? You tag campaigns and web analytics tells you what works, right? You get pretty ROI graphs and click-reports and all that fun stuff? Campaign analytics is easy!
One of the best-kept secrets in online marketing is that most campaign attribution data is completely wrong and the models used to evaluate campaign performance are wholly inappropriate. The relative nascence of digital marketing practices, combined with conflicting measurement systems and poorly understood interaction between online marketing channels, likely means that hundreds of millions of dollars are wasted annually on marketing efforts that don’t produce their intended results.
Companies are increasingly responding to this observation by re-examining their marketing measurement systems. Even the most cursory analysis yields a great deal of information about the “campaign attribution problem.” Popularized recently by Microsoft with their “Engagement Mapping” efforts as well as analysis published by Forrester Research and others, it is clear that the most widely used online campaign attribution model is inherently flawed.
To correct these flaws and begin to improve both the accuracy of measurement and the general understanding of how marketing really works online, Analytics Demystified recommends a new approach to campaign analysis. Dubbed “Appropriate Attribution”, the approach leverages widely available but infrequently used data to triangulate towards the true value of online marketing efforts.
Given that the majority of online advertisers have direct response goals, and that most marketers are still generally unsatisfied with the campaign measurement tools at their disposal, Analytics Demystified believes that Appropriate Attribution is the first step towards improving companies’ collective understanding of their digital marketing efforts.
Eventually marketers will have access to robust warehouses of data detailing consumer interaction with online media and advertising, but the adage “you must walk before you can run” is as true in digital marketing as it is in life. Before business owners and marketers become fully equipped to benefit from complex marketing mix analysis of online and offline channels, they are well advised to address the campaign attribution problem to increase the return on their valuable dollars spent for online marketing efforts.
Thanks to the fine folks at Coremetrics you can read all about Appropriate Attribution and learn how you can start to get a better understanding of your online marketing efforts today.