There is some great discussion coming out of Australia in the wake of ADMA Data Day. It’s always fun to see what other industry experts and professionals are saying about the marketing attribution space, but even better when it’s something I so wholeheartedly agree with.
“TV more switched on to attribution than online channels,” a debrief article on AdNews, shares several important observations and takeaways from last week’s event. These include:
• The rise of TV attribution – even over digital. “TV is more robust when measuring attribution than us as digital marketers,” panelist Chris Rivett stated. This is in complete alignment with what we’re seeing here at Conversion Logic. Attribution has a reputation for being all digital, but TV is providing opportunities for measurement and optimization that we don’t see anywhere else.
• Chasing the analytics “silver bullet”. Rivett is also quoted with a sentiment close to my own heart: “As digital marketers we’ve got to be prepared to make some assumptions, test those assumptions, put in play models that will validate those assumptions right or wrong, and use that as the basis for looking forward.” This sums up a core part of our marketing measurement philosophy: there is no silver bullet. Data doesn’t have all the answers. Quality data gives you the information you need to action-on and test hypotheses, and continue to get smarter. It’s the only way forward, especially given how fast the market and technology are evolving.
• The gap between valuing attribution and actually doing it. ADMA’s research showed that 92% of Australian marketers know the importance of attribution, but only 66% are measuring it. This isn’t surprising – the real question is why. In my opinion, many marketers are overwhelmed by the real or perceived complexity of attribution tools. They don’t know where to start, so they don’t. This is something that the whole industry needs to work toward: attribution solutions built for the people who actually use them.
• No more “one size fits all.” Another panelist, Corey Topp, stated that there are “a lot of mixed messages about which attribution model is right” and recommended that “marketers opt for custom models rather than model x or y.” This is the philosophy at the core of our Ensemble Model. One model will never be right for every business – or even for the same business from year to year. The ability to customize and evolve your measurement methodologies is critical. In fellow panelist Rivett’s words, “no two kids are the same… neither are any two marketers’ attribution requirements.” Hear, hear.