The power of real-time attribution in a multi-channel world
It’s more important than ever nowadays to understand your most effective channels. In a multi-channel world, attribution becomes harder and marketers want to know how to allocate their budget for increased success. Real-time attribution can be extremely helpful in understanding how conversions occur, especially when it’s combined with the right data to support your campaign optimization.
The rise of emerging technologies has changed consumers’ behavior. Artificial intelligence, augmented reality and voice assistants have pushed consumers into a new form of interaction with brands and their content. Marketers have been introduced to a new world where a campaign is not restricted to traditional channels, but they need to shift their strategy to speak to their target audience.
Moreover, the increased mobile usage has created a multi-channel world that goes beyond one single device. This brings out the challenge for marketers to create campaigns that overlap channels successfully. There comes the need to explore which channel has been more effective and which part of their campaign has been the best-performing.
The speed of access to new content has also turned consumers more demanding. They tend to be more impatient after being used to access everything through their phones in a matter of seconds.
How do marketers react to this change and how can they effectively measure their campaigns?
Making the most of attribution
Attribution aims to help marketers understand the success of their campaigns. It can help them explore the most effective touchpoints, or else, the elements of their strategy that led to the highest number of conversions.
The traditional idea of attribution had to do with the process of discovering the last touchpoint that led to a conversion. For example, if your campaign’s goal was to increase your number of email subscribers, the number of downloads of a gated ebook could be attributed as the reason of the increased subscribers. This measurement may be enough, but you may be missing further opportunities to understand your funnel.
This may involve a growth of subscribers that may have also occurred from an improved social presence and an optimized messaging in your paid ads.
By attributing the success to a particular ebook, you may be missing the chance to understand how your potential customers interact with you and what they like most from your online presence.
A modern approach to attribution is about analyzing the complete marketing funnel to spot all the touchpoints that played a key role in your ultimate goals.
It’s about focusing equally on all stages of a campaign to acknowledge how all of them can play a crucial role to your objectives.
That’s when the discussion about real-time attribution comes up among marketers who seek for improved success.
Embracing real-time attribution
As marketing becomes more sophisticated, it’s important to scale up your attribution strategy to analyze your results in the most detailed way.
Real-time attribution can help you extract the right insights to supercharge your campaign. The idea of real-time attribution requires the use of technology and the tools that will help you understand the performance of your campaign while it takes place.
It can be considered the revolution of marketing measurement, as it can have multiple benefits:
- Testing creatives
- Optimizing the message
- Adjusting the budget based on the current ad performance
- Understanding your audience’s reactions
- Gaining useful learnings for your next campaigns
- Maximising conversions
The power of real-time attribution comes from the fact that you’re adjusting to a new world where technology can leverage your campaigns to extract precise data.
There’s no need anymore to wait for the end of the campaign to explore the touchpoints and their results. The focus on data in real-time can improve your marketing skills and make your campaigns more effective.
Even if it’s not possible to analyze the data in real-time but in ‘almost real-time’, you can still extract great learnings that can help your campaign.
This, of course, requires a focus on data and knowing how to use it when analyzing your campaigns.
The importance of focusing on data
Real-time attribution data are crucial when trying to optimize your existing and also your future strategy.
It can help you adjust your focus on the right channels, learn more about your audience and gain a big competitive advantage.
The challenge comes when looking for the right technology to support your goals, but also the importance of measuring all your channels.
For example, if you launch a campaign for your brick and mortar business that blends online and offline channels, you want to find the best performing elements of your strategy. The use of real-time data can help you streamline your spend and explore how your audience reacts to your content. You can use mobile data to connect the online and the offline channels and increase the success of your campaign.
This is all about increasing the conversions, making the most of your budget and minimizing the cost per acquisition.
It’s a common argument that real-time attribution is not always useful, as not all channels can offer the right insights in real-time. It may be true that every channel works at a different pace when gathering results, but the use of real-time, or ‘almost real-time’ data can still provide a competitive advantage towards other businesses.
The future of real-time attribution
As marketing keeps evolving, there will be a greater need to understand data and find the ROI for each campaign.
Real-time attribution is expected to become even more important in the future when more marketers will search for the competitive advantage that will make their campaigns stand out.
Personalisation is becoming crucial and this means that the optimization of a campaign will turn into the key to success. It’s not enough to launch a campaign and wait for its end to measure the results.
That’s where the use of the right technology and data will make real-time attribution vital.
The most successful marketers will be the ones who are able to measure their data as frequently as possible.
In fact, real-time analysis can turn into a vital skill that can elevate your marketing skills.