The dynamically changing and more and more competitive market forces the search for new solutions and the implementation of innovations. One of the factors determining the level of sophistication of an organization’s marketing activities is the approach to attribution.
Attribution modeling requires an individual view of business, its specifics and the organization’s environment. It is not a shallow or trivial indicator based on basic formulas that are calculated in Excel. It is a complex procedure that requires close cooperation between business, the media agency and the Data Science unit.
One way to maximize the conversion rate is to choose the right attribution model so that its assumptions are in line with the company’s business goal. Multi-channel path analysis and attribution modeling can completely change the perception of the value and role of individual traffic sources, and can significantly increase campaign effectiveness, save advertising budgets and increase sales.
Understanding the differences between the models, their applications and the implications of choosing the right model is extremely important, as this is an essential factor in shaping the communication strategy for online activities that have a direct impact on the organization’s business and direction.
Going one step further, there are tools, processes and systems to measure online to offline conversion, which in itself is a huge step forward. The correct set up and process will allow an organization to break out of the box of standard activities and enter the field of innovation on a completely different level, which until now has been treated by many with distance and a bit of uncertainty.
Attribution models are not seen as good or bad. A model should be selected based on the organization’s own business model, advertising objectives and hypotheses to be tested. Attribution modeling is for checking, testing, and above all, it is a means, not an end. Whether we are talking about automated or tailor-made attribution models, it is important to remember that the results that are presented after the analysis are insights or guidelines for marketers on where to most effectively allocate media budgets or how to divide advertising budgets into specific channels. However, this is by no means a “golden mean” for business development.
In addition to mathematical calculations, there are various other factors in the environment that affect the market itself and the behavior of buyers. All models do not take soft factors into account and operate only on hard historical data, giving the possibility of a kind of prediction thanks to proper correlation detection and analysis.
Attribution is a rule or set of rules defining how to allocate a share of sales, sales and/or conversion defined differently for each channel in the user’s path. Attribution, as mentioned, is an end product in itself; however, before it can be fully demonstrated and applied, there are a number of steps that must be taken to properly apply attribution to online/offline activities. Attribution modeling is a continually updated process that conditions the overwriting of subsequent paths.
Modeling involves analyzing the interaction of different marketing channels in multi-channel paths and assigning them a value that most fairly reflects the contribution made to the total result, which is measured by the number of conversions or the value of sales. It provides a space for redefining consumer engagement in the digital age, including homocentric marketing, creating consumer conversations (prosumers), and multichannel strategies.
Attribution modeling tools are not new to the market, and Publicis Groupe, together with its Data Science division, offers tailor-made products. Additionally, consulting services and partnerships with Growth Team representatives are a guarantee of a job well done and modernization of processes in line with changes in the organization’s business environment.
