The American Marketing Association has defined marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” A huge part of it is understanding which marketing campaigns will be the most effective – not only does this inform a company where it should focus its limited resources to both acquire new customers and retain existing ones, but also plan for and anticipate future growth. For most of the 20th century, marketing lacked the measurement tools that allowed campaign managers to effectively calculate ROI. In the 21st century, digital marketing is all data driven and many tools have the impression and conversion costs inbuilt, making it easier to determine ROI.
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We live in a multi-device world today which requires a multi-pronged marketing attack strategy. Some of the attribution models used by campaign managers are last touch attribution, first touch attribution, and multi-touch attribution. The Multi-touch Attribution Market has tools which determine the worth of every customer touch point leading to a conversion. This helps understand the marketing campaign or channel that was most effective and worth allocating funds to for future customer generation. It is a set of rules giving “weight” to different marketing mediums. It can also be considered a mathematical equation where one side has the customer touch point as cost, and the other has the conversion value. The models primarily referred to in the Multi-touch Attribution Market are the linear model, time-decay model and custom model.
Multi-touch Attribution Market Drivers
The main drivers of the Multi-touch Attribution Market are-
- It is still preferable to last touch attribution marketing as it makes it easier to get one step closer to understanding the true marketing impact on a company’s top and bottom lines.
- Multi-touch Attribution is still the only reliable way to get visibility into a marketing campaign within the shortest time frame. With more of every organisation’s marketing budget being devoted to digital marketing and real-time monitoring, the requirement for marketing agility will make models that are immediately available preferred.
- The constant improvement of Multi-touch Attribution models will also play a part in boosting the profile of the Multi-touch Attribution Market.
Multi-touch Attribution Market Restraints
The Multi-touch Attribution Market has models which range from basic rule-based ones to advanced algorithmic ones. All of them share some persistent problems that can be difficult or even impossible to fix. Some of the Multi-touch Attribution Market restraints are-
- Attributed ROI is not true ROI. The whole idea behind multi-touch attribution is to divide credit between several touch points preceding it, so future investments in profitable areas can be decided accordingly. However, marketing in reality never works out to be so easy. Most businesses have acquired goodwill over a long time period with customers who are loyal patrons. Even brand equity might be responsible for their decision. Several marketing efforts which are offline might also not be accounted for.
- Attribution does not consider offline to online effect. Offline marketing on digital channels is frequently overlooked. For e.g. – Search engine queries are frequently driven by paid search. The volume of search queries for a specific brand or product depends on customer interest at that given time. Customer interest is in turn, influenced by the overall marketing effort. Thus, this means that paid search and clicks and spends are impossible to remove from an indirect influence of other forms of marketing and promotion.
- The Multi-touch Attribution Market does not consider other external factors that can greatly influence sales and marketing campaign effectiveness like pricing, promotions, economy and many others. They may seem to be peripheral concerns, but the impact they have on Multi-touch Attribution can be substantial.
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