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What Is The Benefit And Challenges In Moving From Single Last Click Attribution To Multi Channel Attribution Modelling

7741 words - 31 pages

 

Applied Strategic Marketing Report 2013-2014

"The Benefits and Challenges of Multichannel Attribution in Marketing Analytics"

by Alan K H Hsu 00849147

Word count: 4990 A report submitted in partial requirements of the MSc in Strategic Marketing degree


 

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24th August 2014

Table of Contents
Executive summary .................................................................................................. 1 Introduction .............................................................................................................. 2 Literature review ....................................................................................................... 4 The ...view middle of the document...

......................... 18 Challenges: multi-device – simultaneous usage .................................................. 19 Challenges: holistic view on online and offline media .......................................... 19 Trends .................................................................................................................. 21 Recommendation to marketers and further studies ........................................... 23 Define the metric in a multi-screens multi-channels world ................................... 23 Make sure data is accurate .................................................................................. 23 Invest time on creating your best model ............................................................... 24 Keep testing failing campaign MCAM .................................................................. 25 Further studies ..................................................................................................... 25 References .............................................................................................................. 27 Appendix ................................................................................................................. 34


 

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Executive summary
The emergence of Big Data benefits marketers in analysing the effectiveness of campaigns and communications. Under the backdrop of marketing analytics, measuring the attribution of communication channels employed is crucial in 21st Century marketing. A single last-click attribution model is no longer enough to fairly and scientifically to monitor modern and complex marketing. The trend is moving towards Multi-Channel Attribution Modelling/ Models (MCAM). It is important for marketers to understand the benefits in switching to MCAM and to identify and overcome the challenges.

On one hand, the benefits mainly consists of obtaining a better understanding on how channels interact and further justifying the attribution of each channels in order to optimise budget allocation, so that the transaction volume can be improved. On the other, accurate data collection and management skills are required, especially when customers switch across multi-devices and simultaneously looking at multiscreens. Moreover, the linkage and interactions between offline and online channels provoke another challenge that it is difficult to obtain a holistic view in a multichannels world.

To overcome these challenges, marketers have to be specific in defining the metric that they want to measure in MCAM. Besides, working closely with data agencies or third-party attribution software is recommended to ensure that data collected is accurate and clean. Furthermore, invest time to test and develop the most suitable MCAM as market environment and consumer behaviour are always changing.

Organisational

examples:

PETCO,

Zendesk,

Lenovo,

Tesco,

Convertro,

ResponseTap™, Coca Cola, Spotify, IBM

...

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