Analytics is the discovery, interpretation, and communication of meaningful patterns in data; and the process of applying those patterns towards effective decision making.
Analytics, metrics, KPI ’s, & ROI. Are all acronyms that have been hyped to no end over the last decade. It’s all about the data we’ve been told. Sure, it’s important, but what is it telling you?
In many cases not much. Reams of data aren’t worth much if that data doesn’t tell you the whole story. I’ve always laughed at the frequency and necessity in which media buyers discuss ROI and I often thought doesn’t that go without saying, I mean what investor doesn’t want to know and get a great return on their investment? Apparently, there are more than I thought, seeing how many organizations are spending massive sums of money without understanding the outcomes.
With Omni-Channel marketing there is a new phrase in Multi-Channel Attribution (MCA) which looks to attribute or give credit to a specific marketing function in the marketing funnel that leads to a sale or particular outcome.
There are a number of different models as well as information to be found on this subject, and depending on the size and or budget of your organization you may have a number of different tools at your disposal to help you in this endeavor or very few. Depending on the marketing mix you have implemented and the results you are looking for, the question that needs to be asked is; “which type of MCA are you interested in?”
Avinash Kaushik sums up the issues and potential pitfalls, stating, “There are few things more complicated in analytics (all analytics, big data and huge data!) than multi-channel attribution modeling.”
Quantifying how marketing affects a company’s bottom line is crucial to its success and expanding its marketing budgets. Forrester found in 2014 that, among B2B marketing executives, “50% find it difficult to attribute marketing activity directly to revenue results as another means to justify budgets.”
A marketing attribution model’s goal is to give a business a better understanding of the impact of each marketing channel and how to adjust each channel to make overall marketing efforts more effective.
This question as Avinash Kaushik talks about is the fundament start to defining the problem. With the understanding that a solution is terms of figuring it all out is nearly impossible. We can say that attribution is an imperative with the rise of omnichannel marketing, and the ability to segment, track and understand the attribution path for the investments being made in advertising.
AMG uses modeling and proprietary technology to deliver these results in an easy to utilize and understand Dashboard that clients have access to through a secure link across all devices that allows you decipher and attribute the results across multiple channels to understand your ROI.