How Marketers Can Generate More Returns With Attribution

How Marketers Can Generate More Returns With Attribution
SHARE
THIS



As attribution grows in importance in Australia, advertisers are looking for guidance on successful attribution models worldwide. But it is worth remembering that attribution models are only as good as the data that powers them, argues Lauren Evans, Regional Marketing Partner Asia Pacific & Japan at Kenshoo.

Local advertisers, therefore, need to make sure their data strategy is aligned to make attribution work for them. This is where technology can help.

Many advertisers in Australia and the broader APAC region still use the last-click model, as this is the standard when using any particular channel (such as Facebook or Google AdWords) directly. Marketers have been using this model for years, and have considered it a clear way to give credit to ads based on what happened just prior to purchase.

However, as the attribution conversation finds its way into the broader business context, it’s time to consider more holistic models to measure the monetary impact of each advert on business goals such as sales, customer retention, and revenue.

A Forrester Consulting report commissioned by Kenshoo indicates that a little experience can go a long way and, as a marketer, you can develop your understanding quickly. We have seen similar results in Australia, with many of our local clients moving to more sophisticated attribution models which apportion a percentage of the conversion credit to previous touch points in the customer’s journey, and not just the last click.

One of our regional insurance clients has been able to not only increase conversions but also boost sales revenue through applying the U-shaped model to its search and social campaigns. This model gives 40 per cent of the credit to the last click, 40 per cent to the first click and then splits up all the remaining credit evenly among all other ads clicked on the path to conversion.

Doing so allows our client to give credit more accurately to the two most valuable channels in its marketing strategy: the one that starts the opportunity and the one that closes it. This data is automatically actioned in Kenshoo at the ad level and bids are adjusted based on conversion data that now reflects a more accurate picture of the customer journey.

Other marketers in the region are implementing dynamic attribution. A hotel brand, for instance, is utilising this type of sophisticated attribution to become more adaptive. Dynamic models automatically adjust based on algorithmic calculations, creating a unique value allocation for each interaction in any given conversion path based on factors like causality and loyalty. In other words, the model answers the questions ‘Was this a repeat customer’ and ‘What was the likelihood the sale would have happened without each ad in the process’. This might sound daunting, but in reality it’s quite simple as you let the technology do all the work.

Despite growing awareness about attribution in Australia, many organisations are still finding themselves stuck with traditional and less-effective models. Increased pressure to understand the return on marketing spend has moved the attribution discussion higher in the priority list, but many times these discussions don’t move past just that — a discussion.

Often the problem with implementing new models lies in the fear of the unknown. This fact has been backed up in the Forrester report indicating that the biggest hurdle preventing marketers implementing attribution is the confidence of colleagues.

One of the ways we have found to overcome this is to take a test and learn approach. Technology providers can help you continually refine the model, potentially using the divide-equally attribution model until the true value of all interactions for your specific organisation can be accurately assessed. The good news is that marketers no longer have to rely on reports after the fact — you can now take action immediately, optimising based on current data.

Another major consideration when talking about attribution is cross-channel attribution. This is key with any customer-centric marketing strategy. Many local and global organisations turn to their existing relationships for guidance either directly or through their agency. This can be highly recommended but depending on the provider, the objectiveness of spending recommendations can be a challenge when the measurer is also a media provider.

“Firms may be avoiding bringing on an attribution technology because of onboarding costs or because they don’t want to manage another marketing technology, turning instead to existing relationships for guidance. Objectiveness of spending recommendations, however, is the challenge when the measurer is also a media provider,” explained a Forrester Consulting report commissioned by Kenshoo.

Getting started

One of the easiest ways to get started with attribution is to implement tracking tags. The Kenshoo tag will allow you to track all the major online channels — including search, social and display — in a privacy-compliant manner. Data collection can be done on an individual level and has tremendous advantages over traditionally aggregated data, allowing marketers the flexibly to assume not all consumers behave in the same way. The Forrester report indicates that marketers are tracking as many as 18 channels as part of their attribution efforts.

Marketers should be aware that getting attribution right is an ongoing process that will need constant tweaks, but the return is worthwhile for both the marketing organisation and the broader business goals. For one our clients in the travel sector, an increase in revenue of more than 80 per cent was achieved by using advanced attribution tied to automated bidding through Kenshoo.

Please login with linkedin to comment

Latest News

Why The “No” Campaign Is Just One Long Slippery Slope
  • Opinion

Why The “No” Campaign Is Just One Long Slippery Slope

Not exactly your typical marketing/media piece, but here playwright Ron Elisha (pictured below) explains the damage done by the “No” campaign and the now infamous skywriting on a recent blue-sky Sydney Sunday… My daughter is crying. It’s not that she’s fallen over and barked her knee. Nor is it the trauma of immunization, or the […]

Opinion

by B&T Magazine

B&T Magazine
QMS Goes West With ‘The Leeder’
  • Advertising
  • Media

QMS Goes West With ‘The Leeder’

QMS Media continues to expand its digital portfolio across Western Australia, switching on an iconic billboard in the heart of Perth. Following the launch of two new digital billboards in the major WA regional centres of Bunbury and Kalgoorlie in recent months, ‘The Leeder’ further delivers on QMS’ digital expansion strategy out west. Positioned at […]

PR Firm Text100 Wins NetApp Account For APAC
  • Marketing

PR Firm Text100 Wins NetApp Account For APAC

Global marketing communications agency Text100 has announced it been appointed by data management company NetApp to drive its brand transformation effort across the Asia-Pacific (APAC) region. Following local competitive pitches conducted across the region, Text100 has been appointed as the APAC lead agency out of Singapore, and as the local agency of record in Australia, […]

MFA Awards 2017 Winners Revealed!
  • Advertising
  • Marketing
  • Media

MFA Awards 2017 Winners Revealed!

B&T once again donned the tux, applied the Brut, and primed the liver for last night's MFA Awards in Sydney.

Concrete Playground Launches Voice-activated Nightlife Guide With Google Assistant
  • Media
  • Technology

Concrete Playground Launches Voice-activated Nightlife Guide With Google Assistant

Digital publisher Concrete Playground has unveiled a new app that helps Millennials plan their night out using voice control – the first of its kind to become available in Australia. Concrete Playground’s Guide to Tonight now works with Google Assistant, making it available on a range of Google devices and helping people to decide what […]

Digital Agency Inlight Secures Two Key Client Wins
  • Marketing
  • Technology

Digital Agency Inlight Secures Two Key Client Wins

Independent agency Inlight has announced it has won the digital account for Benetas, a not-for-profit aged care provider in Victoria. Following a competitive pitch process, Inlight was chosen to handle Benetas’ new website design, build and ongoing optimisation. Richard Barker, marketing manager at Benetas, said: “We wanted an agency that could be our true digital […]

AMI Awards 2017 Winners Revealed!
  • Marketing

AMI Awards 2017 Winners Revealed!

With almost 30 awards handed out, B&T predicts plenty of numb bottoms at last night's AMI Awards in Melbourne.

Clems Sydney CEO Andy Pontin Quits
  • Advertising

Clems Sydney CEO Andy Pontin Quits

Sure, B&T flashed the news of Andy Pontin quitting this morning. White lies aside, he's actually still got six months.

by B&T Magazine

B&T Magazine
Adobe MAXes Most Creatives In A Room Record
  • Advertising
  • Media

Adobe MAXes Most Creatives In A Room Record

B&T's journo is reporting live from the annual Adobe Summit in Vegas. Although, "reporting" is somewhat of a stretch.

Opinion

by David Hovenden

David Hovenden
Digital Women’s Network & The Australian College Of Marketing Unveil Latest Short Courses
  • Marketing

Digital Women’s Network & The Australian College Of Marketing Unveil Latest Short Courses

The Australian College of Marketing is collaborating with the Digital Women’s Network to bring new short courses aimed to provide the latest skills across all aspects of the Digital landscape, kicking off in Melbourne and Sydney in 2018. Course content will focus around various topics related to the digital marketing landscape. All courses will run […]

Man working at office desk, looking at computer and scratching head
  • Technology

Where Are Digital & Tech Skills & Salaries Headed?

The rapid pace of technological change in the digital sector is seeing demand for those with the right skill sets outstrip availability, both locally and globally. The individuals who have kept their skills up to date are being well-rewarded financially. Now, Digital + Technology Collective’s expanded annual Skills and Salary Survey will put some numbers and context […]

Disney & ESPN Unify Sales & Partnerships Teams
  • Advertising
  • Marketing
  • Media

Disney & ESPN Unify Sales & Partnerships Teams

Disney and ESPN have formed an even closer bond, announcing a new alignment of the two properties through their media sales and partnerships teams. Instead of entering through three doors, Disney ESPN Media Sales & Partnerships will give media buyers and marketers a refined, singular point of entry for Disney, ESPN Digital and Maker. Nik […]

by B&T Magazine

B&T Magazine
Sydney Start-up Muzaara Partners With Commission Factory To Turbocharge Digital Ad Spends
  • Advertising
  • Marketing

Sydney Start-up Muzaara Partners With Commission Factory To Turbocharge Digital Ad Spends

Sydney-based adtech start-up Muzaara has announced a new strategic partnership with performance marketing platform Commission Factory. Together, Muzaara and Commision Factory are providing SMEs with a secret weapon to skyrocket their online brand visibility and effectively manage and maximise their online advertising campaigns. This partnership will allow both online marketing companies and their impressive roster […]

Kellogg’s Creates AR Halloween Trick Or Treat Experience Via Shazam & Orchard
  • Campaigns
  • Marketing
  • Technology

Kellogg’s Creates AR Halloween Trick Or Treat Experience Via Shazam & Orchard

Breakfast cereal manufacturer Kellogg’s has joined forces with Shazam and digital agency Orchard to deliver a first-of-its-kind augmented reality (AR) Halloween Trick or Treat experience for families. The campaign, which leverages Shazam’s visual recognition platform and recently-launched AR platform, sees Kellogg’s pilot the replacement of physical gifts in cereal packs with a digital experience that […]

Kraft Heinz Appoints Cummins&Partners As New Creative Agency
  • Advertising

Kraft Heinz Appoints Cummins&Partners As New Creative Agency

Kraft Heinz today confirmed the appointment of Cummins&Partners as its new Creative agency after an extensive pitch process. They will be responsible for brand strategy and integrated creative across the expanding Kraft Heinz portfolio including Kraft, Heinz and Golden Circle. A Kraft Heinz spokesperson said: “After an exhaustive search involving a competitive pitch, we have made […]