Making complementary media strategies work: The recipe for cross-channel attribution
Your marketing efforts across various channels will have a greater impact when they are aligned with one another, and columnist Kevin O'Reilly discusses how attribution is the key to achieving this alignment.
While much has been said about complementary media strategies, the secret to making it truly work is cross-channel attribution. And to make cross-channel attribution successful, marketers must think about two things: 1) the technology used to make it happen; and 2) the role of business-critical elements (media, marketing and so on) and how they work together.
First, let’s look at multi-touch attribution (MTA) and marketing mix modeling (MMM) and what they can tell marketers.
MTA vs. MMM: What about both?
Recently, there’s been a lot of noise around cross-channel attribution, with vendors launching new products or features — whether it’s marketing mix modeling (MMM) on top of a multi-touch attribution (MTA) platform or linear TV attribution based on traditional econometric modeling.
MTA and MMM models are critical components to making cross-channel attribution happen, but there are pros and cons to each.
An MTA model answers the question, “What is the true contribution of a measurable marketing action?” It can tell you whether a specific action changed the outcome of a customer conversion and, if so, by how much.
Where MTA is constrained is in providing a full view of the customer journey, especially in relation to how offline impacts online.
An MMM model provides a longer-term view of the online and offline impact of marketing actions. It does this by looking at the statistical relationship between spend/aggregate actions and business outcomes (typically sales). For MMMs to be successful, an extensive time-series of granular data is needed — usually two to three years’ worth.