Attribution: What’s In It For Your Business?
January 15, 2018 -
Welcome to our second installment of Napkyn’s Attribution Blog Series. If you haven’t subscribed already subscribe to receive updates on this series here or through the banner at the top of this post. Before we dive into the depths of attribution together, I want to give you a sense of the ways your business can benefit from the practice. You know, the WHY before the HOW.
There are a multitude of different attribution products available in the marketplace. Napkyn will be focusing on the Google suite of tools – of which there are three. Attribution is not one-size-fits-all, but all business can see improved marketing measurement by utilizing one of the products. I can help guide you to the right solution for your team.
No Matter Your Organization’s Needs, You Can Choose an Attribution Tool That Works for You
|Google Analytics 360 Attribution Reports||Google Attribution (Attribution Free)||Attribution 360||Notes|
|Data Collection||✔||✔||✔||Pulls in marketing data from numerous sources|
|Allows for Data Outside of Google Products||✔||✖||✔||3rd party cost and context data & custom data uploads. (Napkyn uses Analysis Engine to streamline this process)|
|1st Party Bidding Integration||✔||✔||✔||Budget efficiency curve, cross-channel & intra-channel optimization|
|Data Driven Attribution Modeling||✔||✔||✔||Algorithm-based modeling using the Shapley Value Game Theory|
|Standard Reports||✔ Only Attribution Performance, Modeling Comparison, and ROI Analysis||✔||✔||Attribution performance, modeling comparison, path length, time lag, & conversion path|
|Data Export||✔ Export to BigQuery||✖||✔||Pulls data from the tool into an external platform (Google Cloud integration for Attribution 360)|
|Digital Optimizer||✖||✖||✔||Budget efficiency curve, cross-channel and intra-channel optimization|
|Custom Configuration & Custom Dimensions||✖||✖||✔||Reconfigure data from outside sources and support dimensions from GA|
|Advanced Reporting||✖||✖||✔||Frequency capping, conversion type comparison|
|3rd Party Bidding Integration||✖||✖||✔||Export data-driven attribution conversions to external platform|
|Reprocessing||✖||✖||✔||Reprocess up to 30 days of data per quarter|
|Cost of the Tool||Cost of GA360 + services||Free + cost of services||$$$ (Exact figure TBD, but it will be pricey)|
|Time and Effort for Onboarding||Some time and effort||Least time and effort||Most time and effort||Napkyn has a comprehensive enablement plan for all three tools to help provide streamlined onboarding.|
|Availability||Available now||Release slated for the 2nd half of Q1 (mid Feb – March)||Estimated release is Feb 1|
What You Get Out of Your New Tool
Now that you’re aware of the kinds of products available, you’d probably like to know what to do with them. Attribution can help you streamline your digital marketing efforts in a number of ways.
One Data Repository
One of the most important positives of an attribution tool is that many or all of your data sources are now all in one place. Creating one source of truth for the majority of your marketing data removes much of the guesswork and inconvenience from performance measurement.
Once your data is in one place, you have a better view into your data hygiene. This provides a unique opportunity to clean up your marketing data and create a cohesive data set.
Your organization will now be able to analyze your marketing data against the same set of rules. Now that your data is in one place and clean, your business can make unbiased decisions while holding all marketing to the same success metrics, when appropriate.
With Attribution, your team no longer has to rely on vendors providing their own performance measurement. Asking the person running the race to hold their own stopwatch comes with inherent risks. Your complete and accurate data set, analyzed against consistent success metrics, means you can make marketing decisions with data you trust.
Once you’re set up with the tool, there are endless ways to analyze the data. Here at Napkyn we like to roll them up into two categories. I’ve provided some examples below to get your analytics wheels turning. This is by no means a comprehensive list as the analysis you can pull from Attribution directly correlates to your organization’s business objectives and the data you feed into the tool.
These are the things that are helpful to be aware of and give you a view into your customer and how they interact with your marketing:
- View your customer’s paths to purchase
- See what channels are interacting together with positive and negative results
- Discern what revenue should really be attributed to each channel
- Understand the seasonality of your customer’s online behavior
- Measure the performance of test buys, new creative, or PSA campaign
Analysis that can immediately turn into media activation is where your organization will find the majority of the value in Attribution. For example:
- Optimize each channel to increase ROI and generate more revenue
- Move budget to the paid search keywords garnering the highest ROI
- Allocate budget to the display partner bringing in the most revenue
- Use your high performing creative or messaging more often
- Optimally allocate budget across channels
- Time the flighting of your channels to increase the conversion lift of overlapping channels
- Eliminate marketing waste
- Optimally frequency cap your impression-based channels (Attribution 360)
I hope that this post has helped solidify for you and your organization the WHY of attribution. Next up is the HOW. Now that you have the necessary information to choose an attribution product and an outline of the ways the practice can uplevel your digital marketing performance measurement, you’re ready for our third installment on how to prepare for attribution. If you haven’t subscribed already subscribe to receive updates on this series here or through the banner at the top of this post.