There is still a feeling of ambiguity surrounding attribution, with much of the discussion focusing solely on which attribution algorithm is best.
While the technology and the algorithm for sharing value across touchpoints is important, we want to widen the lens to look at the three stages of attribution that are crucial to success.
2. There is still a feeling of ambiguity surrounding
attribution, with much of the discussion focusing
solely on which attribution algorithm is best.
While the technology and the algorithm for sharing value
across touchpoints is important, we want to widen the
lens to look at the three stages of attribution that are
crucial to success:
“Attribution is still a difficult
topic for many companies because
there isn’t one set way to attribute,
which can be an extremely unsettling
discussion point for any business.”
SOPHIA EVGENIOU, HOUSE OF FRASER
Introduction
3. 1. BUILD
Collect data from multiple touchpoints
across all devices to create user journeys.
2. MODEL
The algorithm and technology will now
apply weightings and share sale value
between touchpoints.
3. DO
Visualise results with refined reporting
outputs and automate optimisation.
5. Just like with construction, you first need to collect
the raw materials and build the foundations for your
attribution model to ensure the project’s success.
Without accurate and representative consumer
journey data your algorithm will be useless, no
matter how good it is.
First collect as much touchpoint data as possible:
• All online channels
• All devices
• All offline touchpoints
This data is then linked to a single consumer to create
their omnichannel user journey. An accurate view of all
user journeys and how consumers interact with your
brand is the fundamental basis of everything we
do next.
Don’t just look at consumers who
convert, analysis of all the consumer
journeys that don’t end with a purchase is
crucial to value the influence of channels.
7. The sharing algorithm’s purpose is to share
sale value between touchpoints based on
their contribution, and while there are
many ways of doing this and several layers
of complexity that can be added, there are
two common ways of evaluating influence:
• Propensity: The impact each touchpoint has on conversion rate
• Engagement: Valuing touchpoints based on consumer engagement
As the number of devices shoppers use continues to
grow, it becomes more essential to have an accurate
attribution model to help make sense of activity.
Once we understand the impact of the touchpoints,
weightings are applied to attribute value across the
consumer journey leading us on to the next step . . .
9. The final, and probably most important, step
– taking action on your attributed data.
The way attribution data is stored and
accessed means you can use the insights to
support your business goals and drill down
to product specific insights or analyse the
way consumers interact with your brand.
This will enable you to not only better understand your
customers, but also better understand consumers who
are not buying from you. The insights will allow you to:
• Answerpressingquestionsonchanneleffectiveness
• Refine reporting outputs to meet your objectives
• Automate optimisation to improve performance
10. Summary Answer Pressing Questions
You will be able to answer questions
such as:
• Whatcanwedotoinfluence
customerjourneyYinthefuture?
• Howdoesmydigitalmarketing
impact in-storesales?
•Whichmarketingchannelsattract
newcustomers?
•Doesmytopperformingchannel
createlongtermcustomers?Or
shortterm?
Questions
13. Automate Optimisation
To create more efficiencies your
attributed sales information can be fed
directly into third party tools, such as
PPC bid optimisers and DMPs or DSPs
for programmatic display buying, to
automate channel optimisation.
Automation will save valuable time and resource
and ensure channels are more accurately
optimised, using data measured in the context
of the full consumer journey.
14. It’s what you do with the data that counts!
If you buy a brand new television, it doesn’t matter how ‘smart’,
how big or how high its resolution, you still need a network to
provide entertaining content, and someone to watch and enjoy
that content, in order to gain real value and justify the spend.
The same goes for attribution – any technology is
redundant without a quality input and an output that
delivers value.
Summary
15. While there
are many other factors to
consider unique to each business, using
this “build, model, do” methodology to view the
complete process of attribution, will leave you well on
your way to achieving your ultimate goal.
That goal could be automating the optimisation of your
marketing channels, validating spend to stakeholders, feeding
specific business goals or delivering a relevant and contextual
omnichannel experience to your customers.
16. Rakuten Attribution
(formerly DC Storm) arms
digital businesses with performance
measurement tools, analysis and reporting,
powering great decisions and driving success.
rakutenmarketing.uk/attribution
rm-salesuk@mail.rakuten.com
+44 (0)1273 807272
Are you ready to
build, model and do
with attribution?