With the availability of data today, response attribution has tremendous benefits as well as certain challenges. Understanding the strengths and weaknesses or RA is especially helpful when it comes to implementation.
The benefit of response attribution is the simple fact that a company can see which marketing channels are most influential in driving a sale. Companies can gain a lot of insight to see which channels are working and which are not. They will also have the benefit of seeing which channels work well together and which are not commonly used together. Building the RA solution will allow a company to drill down and see what a customer’s digital journey looks like on his way to making a purchase.
At Quaero, we not only include all relevant digital channel footprints but also include campaign history to create a more holistic view into campaign communications a customer has. The Response
Attribution Solution is the top layer and basis into a media mix model which will then help a company understand the optimal mix of marketing spend to drive sales.
One of the biggest challenges when it comes to RA is simply understanding the data. Companies vary greatly when it comes to their services, customer base, capabilities, etc. It comes down to what the data is, where it is coming from, and how it is captured. The final step is integrating it all to create the customer timeline of events before a purchase.
Implementation processes vary, but the best way to implement a solution is to create an automated scoring procedure which scores orders on weekly, bi-weekly, or monthly basis. Scoring at this frequency will reduce run-time on the data aggregation and scoring process. After the data is scored, the results will be displayed in a report form for the company to see the allocations for the channels for specific time periods. The automated scoring routine will sit on top of the database and load scores to the DB to be leveraged by reporting.
What do you find especially challenging or beneficial about RA?
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