Motivation for Attribution
In pursuit of growing their business, every organization – especially marketers – are eager to know which marketing channels are best at influencing customers’ conversions; this helps effectively optimize marketing budgets by allocating spend to high-value channels.
The question then becomes: how do we measure the amount of “credit” a channel receives for a conversion?
Attribution Modeling
Attribution is one of the more complicated topics in marketing.
One reason for this complexity is the list of channels and touchpoints that a customer interacts with is continuously growing, making it difficult to gauge the right amount of credit for a specific channel. Another reason is that there are a multitude of potential attribution models and selecting one that would be the most efficient and helpful to your organization can be a challenge.
Given the variety of channels that must be measured and analyzed, sometimes it can feel like throwing a dart at a target and seeing which model will stick.
Have you ever wondered if there was a better way?
Softcrylic’s Attribution Workshop takes the guess work out of identifying which attribution methods best suit your organization’s needs. At Softcrylic, we understand that you don’t need to limit yourself to one model and stick with it – a single attribution method won’t be ideal for every situation. Our goal is to highlight the important business cases for attribution throughout the marketing and sales funnels and develop a well-rounded measurement and attribution plan to fulfill them.
Let’s take a closer look at our simple four-step workshop process.
1. Define: Envision the Future
As with most goals, knowing the destination helps determine the path to get there, and that is where our process begins.
Through a series of questions, including—
—business goals and requirements become clearer, allowing us to understand where your organization strives to be and establish a roadmap that leads to solutions for the important business use cases. The key in this step is to clearly define exactly what needs to be achieved (your destination), removing any ambiguity. Once you have clearly defined your destination, we help construct a roadmap to get you there.
2. Determine: Understand the Present
It’s true what they say: “the output of your model is only as good as the input.”
The important decisions marketers make around spend are based on the underlying data. If the integrity and quality of that data are subpar, then the decisions made might be as well.
In this crucial step, we examine data collection and stitching processes to understand the current foundation and identify any potential challenges. Part of that examination includes properly mapping out all interactions across channels by evaluating the types of data available, the relationships between them, and their level of granularity. Then, insights can be developed accurately about the current customer journey, and the efficacy, efficiency, and performance of each marketing channel can be measured.
3. Discover: Find the Opportunities
Now, here is where the analysis comes together.
The purpose of this phase is to identify the differences between where your organization is today and where it strives to be tomorrow. We work with you on a gap analysis that determines whether core business requirements are met and provides a benchmark of the current attribution process and the value it provides. Our goal is to identify areas of opportunity for optimizing efficiency, performance, and quality.
The analysis covers a broad variety of areas, including…
4. Discuss: Introduce the Possibilities
Finally, it’s time to talk about your options.
At the end of the workshop, various models will be presented based on the requirements captured from our findings. A detailed demonstration is given of how each proposed model will work, how it should be interpreted, and the challenges its implementation can entail. The ideal approach is likely to be a combination of models, each model tailored to handle a specific use case – the approach could be strategic in nature or action-oriented – to achieve your desired marketing goals.
The last component of the recommendation is a deep dive into implementation details regarding how to best execute framework development with available off-the-shelf tools or by prescribing additional resources, if necessary.
Closing Remarks:
Choosing the right attribution model is a big decision. Ultimately, it can determine the relationship between your organization and your customers’ paths to engage or purchase. Selecting the correct approach can be complicated. There are numerous types of attribution models, so you want to pick an approach that best fits your needs.
Softcrylic’s Attribution Workshop simplifies the process of crafting an attribution approach that aligns well with your business and use cases. We have conducted this workshop with a variety of clients and found that it is optimal for handling a multitude of use cases, each of which are examined individually so that we may design a tailored approach for it. By implementing our recommendations, your marketing team can optimize their budget, save time, and streamline resources.
But it doesn’t stop there.
Softcrylic has the capability and technical expertise to not only provide the solution but also implement it. After the workshop is complete, you can choose to extend Softcrylic’s support in executing the recommended approaches.
If you want to learn more about how to engage us for a “Attribution Workshop,” please don’t hesitate to reach out through the form below.
The Journey
This blog was written by Softcrylic’s talented Data Science & Analytics consultants and analysts collectively.
Read more from our Data Science & Analytics practice here.
The Journey
This blog was written by Softcrylic’s talented Data Science & Analytics consultants and analysts collectively.
Read more from our Data Science & Analytics practice here.
