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How to make multi-channel attribution work for you
Multi-channel attribution is a fairly new buzzword in the online space; it refers to the channels that push shoppers into making a purchase. Many brands are focused on the last channel that impacted a shopper pre-purchase, but one experts says it is the full channel experience that brands need to be aware of - and that they need to understand.
"In general, the industry is starting to appreciate the need for multichannel attribution to better understand their customer journey," said Rob Stagno, President, Paradysz. "Retailers, in particular, acknowledge the need to properly attribute sales influence to better allocate their budgets. The retail customer journey can be complicated, and the need to understand the influence of higher funnel marketing channels on sales continues to grow in importance. This is especially true when a retailer is maximizing on their brand terms and looking to grow the business through other channels."
How can retailers do a better job not only at understanding multi-channel attribution but at implementing strategies to harness the trend?
First, partner with the pros. And the pros will be different for each business.
"There are several different solutions for multichannel attribution, and it can be complicated to determine which solution is the best fit for your business - not to mention how to implement and decipher the data. Some solutions focus on higher funnel channels, such as Display, while others focus on more of a traditional media mix modeling approach. These solutions serve different purposes, so understanding your goals when selecting an attribution solution is key. In general, retailers definitely need more understanding of how multichannel attribution works, and more importantly, which type of solution is right for their particular situation," said Stago.
Second, have an end-goal in mind and test, test, test.
"Individual channels, such as paid search, set revenue goals based on where an order is fulfilled, and this creates channel conflict. We believe that retailers should agree on an attribution methodology and test vigorously to increase confidence in the accuracy of the results. While there will never be one "answer," companies can get closer to the truth," said Stagno.
Image via Shutterstock
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