The customer journey is becoming increasingly complex and fast-paced with multiple devices and touch points. It’s essential that marketers understand the effectiveness of their campaigns and how each channel contributes to bringing customers to their businesses in order to effectively spend their budgets. To do this, attribution continues to be a top priority for marketers. AdRoll’s 2017 report shows almost four out of five organisations are using marketing yet 70% respondents still struggle to act on insights, citing defining the online customer journey as the most significant barrier to more effective usage.
Shane Murphy, AdRoll's vice president of marketing, said: “Attribution continues to be one of the hottest topics in the industry for a reason: it has huge consequences, such as lost revenue and wasted ad budget, if not done properly.
“The State of Marketing Attribution report gives a sense of how marketers are dealing with this challenging topic. Marketers are being held to higher standards of measurement and accountability than ever before, and attribution models have the ability to show the true impact our discipline has on the bottom line of a business.”
When asked about primary motivations of attribution, 70% of company respondents say better allocation of budget across channels was the No.1 benefit; followed by 64% citing a better understanding of how digital channels work together. With the added visibility into where marketing dollars are performing across specific channels, 32% have increased their spend on digital marketing channels.
Econsultancy’s head of commercial research services, Monica Savut said: “There's increased recognition of the role marketing attribution can play in helping companies to maximise their business outcomes, but knowledge and confidence surrounding the use of various methods could prove to be a stumbling block. This year's research shows that companies need to take a more holistic and nuanced approach to attribution, constantly adjusting and refining until the correct balance is achieved.”
By Jonathan Davies, editor, Digital Marketing Magazine
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