Does your attribution correctly value your channels? Does it give credit to channels that contribute to generating value in the path to conversion?
Here are some questions that the step of media trend will allow you to address.
Single-touch views (eg the last click) are a tool for assigning daily marketing performance to your campaigns, pairing one or more attribution views with KPIs. They constitute your Media Control, that is: daily monitoring of the performance of your marketing campaigns).
However, by only valuing a single interaction in the media path (giving 100% credit for a conversion to one interaction), this Media Control can be imperfect.
FROM LAST CLICK TO MTA
The temptation to push its Media Control towards the Multi-touch attribution (MTA) is big. The MTA would obviously spread the credit of a conversion on several channels involved in the path leading to the conversion.
However, jumping from a last-click attribution (or even last-click improved) to an MTA model is not happening a snap.
In order to make your Media Control evolve towards a fairer management (which better values the channels generating value in the customer journey), you must first master a key step of the attribution: The Media Trend. You must be able to understand your media path through Customer Journey reports.
Media Trend is a process of periodic analysis.
This is a set of analyzes, to be conducted bimonthly or quarterly, which should help you make strategic decisions about your attribution:
- Do I have to develop my attribution?
- Do I need to concretely upgrade channels?
- Do I have to change budgets?
The Media Trend will allow you to gradually release trends like:
- Does my customer journey tend to be complex?
- Should I consider the idea of moving towards an attribution that better values the Customer Journey?
- Can my single-touch attribution eventually be enough?
- Are there significant valuation differences between my Media Control (current attribution views) and the Customer Journey?
- Is the tendency to change things strong?
- What is the role of my channels: are they useful, autonomous, swift?
- Are their characters reflected in the assigned sales volume (with my current attribution)?
- What should I consider changing my attribution?
A METHODOLOGY OF ATTRIBUTION
This step is therefore essential in your attribution methodology.
It will allow you to think about the evolution of your Media Control but not only. Indeed, it will also give you Media Test tracks to launch.
The Media Test? These are actions to take on your campaigns thanks to insights from the attribution:
- Have you found undervalued channels or media?
- Are there others seeming useless?
So why not launch a test on your campaigns by moving a part of the misused budget on successful channels / partners?