A recent article published by Jill Brittlebank states that attribution is a top priority for marketers in 2012 and that brands need to get data savvy quickly. She further discusses the importance of customer engagement across all channels and how attribution is necessary to create relevant marketing messages in the medium that the customer prefers to increase conversion.
We couldn’t agree more.
Many marketers focus on the path to purchase, but don’t consider those who haven’t recently purchased. Since the majority of marketing dollars are spent on those who don’t purchase, spending the time to understand this group is critical.
UpStream’s attribution work takes the activity of non-purchasers into account – no other methodology does so.
Since conversion is a ratio, you need to look at both parts of the equation – (buyers) / (buyers + nonbuyers). A powerful tool for understanding conversion is a customer level response model, which typically predicts who will respond to a marketing campaign. By definition, response models require both responder and non-responder data.
The response model is used to surface which marketing signals matter for conversion – how different combination of marketing treatments perform, which marketing treatments are not needed or effective, and optimal timing for each marketing treatment.
As the famous John Wanamaker adage goes, "Half the money I spend on advertising is wasted; the trouble is I don't know which half.”
Learn more about Revenue Attribution and Response Modeling.
