Marketers have always wanted to be able to account for the value of every marketing channel and consumer touchpoint.
But it’s not an easy thing to do. You have to have the right technology, the right data, and expertise to overcome the barriers.
Today, cross-channel measurement and attribution is at the top of many marketers’ list of priorities. The interest in this practice also led to the greatest year-over-year jump of any mentioned tactic, reflected in the table below from eMarketer.
It is also one of the hardest pieces of data to capture.
One of the most common methods we see businesses use for tracking attribution is based on last click or last touch. That is the last channel buyers references as being used before they make their purchases.
This can be an incomplete picture and dangerously misleading for a business that is making marketing budget decisions based on that kind of data.
Bee Media is working with businesses to help them build multi-touch, multi-channel attribution models that enable the SMB to assign a more realistic value to each marketing channel. Instead of giving credit to only the last channel, all the channels we can tell the customer came in contact with before making a purchase are given credit.
The multi-touch model is harder to build, but it is what you want. That’s how marketing works. Ad impressions from various sources all help move the consumer along the path-to-purchase. Providing our business partners with this kind of data and marketing service is highly valuable for both of us.
With this kind of view and this kind of information, you can now have a different (and very valuable) kind of conversation.