Cloud Computing Economics - There Is No Free Service

Cloudonomics Journal

Subscribe to Cloudonomics Journal: eMailAlertsEmail Alerts newslettersWeekly Newsletters
Get Cloudonomics Journal: homepageHomepage mobileMobile rssRSS facebookFacebook twitterTwitter linkedinLinkedIn

Cloudonomics Authors: Lori MacVittie, Skytap Blog, David H Deans, Shelly Palmer, Tim Crawford


Is Your CMO Keeping Up?

Elusive Marketing Attribution Trends

The marketing attribution space is evolving rapidly, particularly in regards to attribution modeling. The trends that are emerging in this space are the ones that will set successful enterprises apart. Forward-thinking CMOs who welcome innovation are poised to lead their companies to prominence.

Attribution modeling refers to how data is measured and analyzed for the purpose of marketing attribution: the way that consumer behavior is measured, what is measured, and how marketing tactics are moving targets for retailers and marketers.

Case in point, in a study completed last year by industry leader Collective Bias with marketing attribution data provider Yeti Data, the companies sought to understand the impact of social media, in this case liking a brand on Facebook, on consumer behavior and spending for a regional billion dollar grocer.

By the time the four-year marketing attribution case study was complete, the modeling methods used in the study to determine that Facebook fans of the regional grocer on average bought 125 more items than a typical customer (a 35 percent rise) were effectively outdated and obsolete. Today Yeti Data uses significantly more robust attribution models and data collection methods.

Attribution methodologies are evolving quickly because they represent the future of actionable marketing and impact modeling. The path a customer takes to the point of purchase and how retailers attribute that influence, and thus their budgets is of growing importance. The multitude of paths and mediums and our ability to monitor and evaluate them continues to become more and more complex.

If your knowledge of marketing attribution is murky, you're not alone. In a recent post on MarketingLand, Columnist Scott Rayden lays out seven key points every CMO should understand about marketing attribution:

1.    There's a Low Barrier to Entry

2.    You Can Accomplish a Lot for Free

3.    Communication is Key

4.    Attribution Requires an Alignment of Teams

5.    LTV is Crucial

6.    Nothing Replaces Testing

7.    Perfection is Not The Goal

These key points don't even get into the definition of attribution and its many tenets such as:

  • Touch points
  • Cross-channel
  • Mix modeling

The advancement of attribution is an exciting development and while there are still many limitations on model accuracy, perfection is not a realistic goal. The challenge is not only finding ways to track hard-to-measure channels but also how granular to get when defining them.

More Stories By Ryan Gerardi

Ryan Gerardi represents Yeti Data, a marketing attribution data provider and has been writing about data and marketing technologies since 2006. Ryan resides in Chicago and is a Regional Sales Director for 3Birds Marketing, a customer demand and retention marketing firm servicing the auto retail industry.