At MK Media, we track traditional media like TV alongside digital. This means we can see if someone came to your site from a TV ad and then converted three weeks later from a Facebook ad.
Media attribution is the art of finding out what media channels have impacted your customer engagement and bottom line. It lets you make the most of all marketing spend by determining which content, promotion strategy, or platforms work best for you.
Media attribution is the process of tracking your brand’s path to discovery across multiple channels, pieces of content, and even different devices. The proliferation of media choices has made it more difficult for brands looking to stand out. Nonetheless, by finding opportunities in cross-channel campaign marketing strategies, you can be sure that every person who finds your product will find something they like about it too!
There are three basic media attribution models, each representing a different level of technical marketing maturity. While all levels have their benefits and drawbacks, what matters most is that you determine the best model for your business needs before investing time or resources into any strategy.
There’s no such thing as a standard media attribution model when running an advertising campaign: every plan will be unique depending on factors like complexity of strategy (For example, how many channels), length of project/campaign, etc. The three main types range in terms of sophistication – from not very complex to pretty darn sophisticated! The first type deals with impressions only and measures effectiveness based on whether someone saw an ad they were looking for.
Assisted Conversions: All of your customer interactions that happened before their conversion are tracked, and media channels before the final interaction for a sale will be reported. The model can help you identify which previously used channel is valuable in driving customers towards conversions.
Rule-Based Attribution: An intermediate attribution approach, this methodology is also called multi-touch attribution. It assigns a percentage of credit to each channel for attracting and winning customers based on rules you define but doesn’t offer as much insight into consumer behaviour across channels compared with last-click or first click models.
Algorithmic Data-Driven Attribution: The data-driven attribution model is the most advanced way of understanding what your marketing strategy has been doing and how you could improve it. By analysing information on media touchpoints that have converted versus those that did not, this algorithm can tell us which ones drive conversions to help plan out future changes.
We have worked with Leads RX to bring their best practice customer attribution model to Australia, building data capabilities to track customers broadcast media habits. Customising this down to local Australian media markets has enabled us to map traditional and digital media customer purchase cycles. We have exclusive insight into exactly how long the customer’s journey is, the crucial moments, and the type of advertisements consumers connect with.
Every business is different, and the attribution needs are too. We set up customised measuring and methodology systems to map your specific customer journey from brand exposure to purchase.
Attribution is truly a partnership between client and agency. The more data and insight we can share, the better the results will be. We understand some clients are unable to share a lot of customer data, in which case we use other marketing and website information to understand how people interact with your business.
How do you really know what is working in your marketing mix to contribute to your increase in profits?
How do you eliminate what is not working and inhibiting profit increases?
It’s our job to know those details and provide comprehensive campaign reporting and maintenance, as well as accurate media measurement and KPI reporting.
LeadsRx – Our Attribution Partner provides a marketing attribution platform to track your prospect-to-customer journey. Together, we provide impartial, multi-touch attribution (MTA) – read on to find out why it is important to us, and why it should be important to you.
Built For The Australian Market – We have further developed the software to work in the Australian media markets. Unlike many US based attribution products, we have mapped to every Australian media market across metro and regional. Want to track Radio in Ballarat? – Fine. Want to pull out the Wide Bay split on TV in Queensland? – Done. It is this level of Australian accuracy that allows us to build the best attribution models possible.
An Impartial, Cross-Channel View – Our job is to manage the marketing channel landscape for you via any online channel that advertises and markets your brand. Attribution provides an impartial, cross-channel view of the entire customer journey to see exactly where in the sales funnel people are acting, reacting and converting.
Identifying Touchpoints – Using attribution, we can identify the specific touchpoints that are influencing new customers. This helps us optimise your ad dollars and focus that ad spend in the right places at the right time.
Connecting the Dots – Attribution connects the dots between mass-scale marketing plans and customer acquisition, ultimately improving the bottom line. We look to attribution to provide the customer intelligence we need to make you successful. Impartial attribution empowers us to make intelligent pivots in the marketing strategy we are implementing on your behalf.
Bottom-of-Funnel Focus – We are able to focus on the bottom of the sales funnel, where conversions happen. By doing so, we are not reliant on reports that show only top-of-funnel activity. Knowing about leads at the top of the funnel is great, but identifying conversions coming out of the funnel is where the money is. With attribution, data on customers making purchases is influencing where future marketing dollars go. With those insights, we can rev up marketing campaigns and improve your top-line growth.
Imagine being able to dial in your radio, podcast, or OTT ads so they were driving more traffic to your website and/or physical traffic to your brick-and-mortar storefront. Now imagine having insights from data that shows how those channels – and all other marketing channels, including paid search ads, social media advertising, email campaigns, etcetera. are working together to promote your business and push conversions.
What if the data shows that your podcast ads are just not as effective as your radio ads, or vice versa? Because multi-touch attribution looks across all channels, without bias, we can make adjustments to your campaigns in real-time. Those podcast ads are not as effective, but radio ads are rocking the conversion charts? Move some podcast ad spend to radio. That Facebook ad campaign brought in 20% more revenue than your OTT ads? Push some OTT ad dollars to Facebook.
In two months, those trends could reverse. MTA allows us to keep your campaigns fluid, make updates and continually optimize your marketing budget.
Multi-touch attribution also helps B2B companies excel. Whether you are the final decision-maker or reporting into the C suite, having data and insights from MTA makes your job a lot easier. It’s powerful to be able to give your CFO a report that shows how particular marketing campaigns are improving ROAS, and what adjustments you’ll be making to further spend optimisation and revenue increases relative to that spend.
Marketing attribution models are nothing new. Google Analytics has tried to bridge the gap with a time decay and multi-touch model. Still, for the more sophisticated campaigns, marketers need the help of machine learning to go beyond first touch attribution and last-touch attribution metrics to find which different models can generate the lead or ROI. Social Media marketing efforts can often take credit for attribution as the first touchpoint when in reality, they can be the last touchpoint. TV or Radio may have established the value in the consumer’s mind, driving them to contact you via social media ads.
A linear view of attribution data can cost sales. Measure your media goals today and get started.
Keeping up to date with industry-standard systems, tools, and research is paramount to an agency’s success, and we’ve got it. We also use all the standard media agency tools in conjunction with our attribution to provide an exceptional level of customer understanding and insight.