Attribution is not just a buzzword. Dissecting the data quickly to discern what marketing strategies and mediums are hitting pay dirt is the new golden nugget advertisers seek.
Now marketing attribution is getting a boost from a new batch of state-of-the-art software.
“Algorithmic attribution, a more software-driven approach to marketing attribution, is leaving behind traditional “last-touch” and “first-touch” attribution models in favor of sophisticated computer-generated statistical models that help companies better optimize media spending and consumer targeting,” reports eMarketer this week.
That’s backed up by June, 2016 research by Forrester Consulting and Visual IQ. Their data shows that marketers are using the attribution-informed insights from this algorithmic approach to develop more precise strategies for targeting and adjusting media spends.
“Three-quarters of U.S. and UK marketing decision-makers in Forrester and Visual IQ’s study said they used attribution-informed insights to develop more precise reach strategies, while 71 percent used them to target more effectively. Another 67 percent said they used attribution-informed insights to better allocate media spends,” notes eMarketer.
In short, better and better algorithms are making it possible for marketers to quickly adjust their media spending, “allowing them to react faster to an increasingly dynamic market environment and ever-nimbler competitors.”