While attribution is not a new topic in the world of analytics, we have definitely heard many more conversations around it this past year. At Rise, almost everyone we talk to believes in the importance of advanced attribution to help understand the customer journey. Yet, adoption has been slow to follow.
In the past, there have been many hurdles to attribution on organizations’ analytics maturity roadmaps. Due to the sheer number of permutations of marketing communication sequences, some advanced methodologies were only feasible for those generating an extremely high number of touchpoints. Also, implementation was laborious and time consuming – it could take a while to see results or even know if your tracking was working properly. Many also had trouble buying into “black box” methodologies, as there was no way to prove to executive leadership how credit was assigned.
We’ve heard many refrains from marketers as to why they are not currently executing on their attribution ambitions. These include, “What do we do after our initial analysis and optimization?” and “How are we able to iterate?” And, perhaps the most common, is that their organization is not ready.
Over the last year, we have seen significant leaps forward in the marketplace and there are now several new technologies that can serve as your attribution solution and help you overcome these hurdles, no matter the level of sophistication of your analytics team. At Rise, we constantly vet new technologies to find the best fit for our clients’ needs. As a technology agnostic agency, we’ve worked with numerous analytics tools and are able to keep a pulse on the players within the industry.
We invited leaders from three different solutions providers to take part in our Technology Showcase at our analytics-focused Internet Marketing Leadership Series. These individuals explained their solutions, presented case studies, and participated in a panel discussion on the current state of attribution. Below are some of the key features and highlights of each of these technologies.
When we talk to marketers about attribution, one of the first pain points we often hear is, “We need to move beyond last touch.” Our response to that question is usually, “How confident are you that you are measuring last touch accurately?”
In comes Impact Radius. Its technology does a great job of helping practitioners understand every single touchpoint that leads to a conversion. By focusing on transparency and granularity, it provides users with the ability to understand complete transaction touchpoint sequencing for a full view of the customer journey. We have been able to use these features to help ensure all touchpoints are being captured, while also examining different attribution models and examining edge cases to understand some of the nuances of our media deployment.
Many of the aforementioned pain points of advanced attribution come from the fact that many of the big names in attribution were part of the first generation of tools. These are tools that were built before the industry understood the difficulties implementers face. Conversion Logic has the second-mover advantage, as its leadership team is composed of enterprise attribution solutions veterans. Conversion Logic has an algorithmic methodology that weights five different distinct models to provide the best credit assignment possible. It also has one of the fastest kick-off-to-results runways we have seen in the sector. We have experienced success with Conversion Logic for clients looking to implement algorithmic attribution with actionable results.
While Adobe might not be one of the first names you think of on the topic of attribution, it has improved its offering on this front in recent years. One of Adobe’s advantages in this regard is its integration with an entire marketing stack. We have used Adobe Analytics for clients who need to streamline their vendor management while still maintaining the advantages of an advanced attribution solution.
For those looking to truly integrate attribution into their marketing programs, these tools can provide a great advantage. However, it’s important to recognize that attribution is a process; you cannot achieve a sophisticated program overnight. It is important to take a methodical approach and start understanding the attribution landscape, as well as the benefits and potential limitations of the numerous solutions out there, to develop an attribution program that is right for your organization..
For any questions regarding these technologies or attribution in general, please feel free to reach out to Rise.