New report shows most effective attribution methods according marketers
What should be the top 3 priorities for people working in analytics for marketing?
Attribution, Attribution, Attribution. Without attribution, what's the point of measuring anything? You might be able to say traffic is up, or traffic is down, but you won't have the slightest idea why, or what to do to change it.
But attribution isn't easy, it takes a lot of knowledge and some clever tech to get it right. For those looking at improving their existing attribution methods, it is helpful to know what top marketers find the most effective way of achieving accurate attribution.
A new report from AdRoll can go some way to providing the answers. By asking a mix of client-side marketing professionals and agency marketers (75% in-company, 25 % agency) in the UK, France, and Germany, they discovered what types of attribution marketers found the most effective.
Algorithmic came top of the pack, with a whopping 96% of marketers reporting that it is very or somewhat effective.
But was is algorithmic marketing? AdRoll's report is no help here, it just says 'algorithmic attribution requires rich data'. Well yeah, duh.
So here is a definition of algorithmic attribution:
"algorithmic attribution uses proprietary algorithms, to assign conversion credit across all touchpoints preceding the conversion, using automated computation to decide where credit is due. Algorithmic attribution starts at the event level and analyzes both converting and non-converting paths across all channels. Weights are then combined by grouping such as placement, site, or channel as reporting granularity is decreased, allowing the data to point out the hidden correlations and insights within marketing efforts".
No? Oh, what a shame. Okay let's simplify. Algorithmic attribution is using mathematical rules to achieve more accurate attribution than just measuring simple KPIs. The mathematical rules will vary, but are generally configured by whatever attribution technology provider you are using.
So algorithmic is the thing to aim for as marketers report it being the most effective possible attribution method. In the mean time it's handy to know that both post-click and first click are considered considerably more effective than last click, so if you are debating whether to go with first or last click attribution, first click seems like a better bet.