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Why more brands need to embrace multi-channel attribution
There is a new buzzword echoing through the online space: multi-channel attribution. Many look at this kind of attribution as a label: what was the last click that led to a sales conversion. But according to one expert multi-channel attribution is more than a single click.
"At its core, multichannel attribution involves gaining a "true" understanding of what activity actually contributed to a customer action - usually the sale or product order. In the increasingly complex world of digital marketing, lines between channels (i.e. Display and Search) can easily become blurred," said Rob Stagno, President, Paradysz. "Someone might click a Display ad and then click on a Paid Search ad before converting on an Organic search. Which channel should get the credit for the sale? Multichannel attribution helps marketers answer this question, and determine how influential an earlier influencing channel (such as Display in this example) was to the final action (the Organic order)."
Because multi-channel attribution can be so many things to so many brands, is it important? Yes - because knowing not only were a shopper's last click originated but all the clicks leading up to that add to the shopping cart can help to create a profile. Those anonymous profiles can lead to better segmentation, which leads to personalization and a more engaged consumer base.
"What is exciting about multichannel attribution is that we get a read on the ROI influence over time and across channels. All channels have a "sweet spot" which optimizes a conversion funnel. And very often, a combination of touches in the right sequence (i.e., DRTV to web) can produce better results. For example, we've seen mobile engagement correlate highly to point-of-sale revenues," said Stagno. "Focusing on relevancy is what works best across all channels. We favor targeting techniques that allow us to tailor our creative to resonate with individual customer profiles in the context of the moment, location and digital experience of that specific interaction."
More from Rob and Paradysz on Friday, including how retailers can use multi-channel attribution to improve their shoppers' experience.
Image via Shutterstock
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