Philip Kotler, one of the famous and renowned marketing authors of all time, in his books has explained in detail the various concepts and trends in marketing. The main concepts like targeting, positioning, segmentation and branding has been given a broader view. It is evident that consumer is the “king” and getting to deal with their needs and wants completes our objective and goal. A kind of “Give and Take policy” we must say!
The terms media planning, media research are quite commonly heard here and there. It comes as a part of advertising. But has the thought of what media attribution means, ever struck your mind ?If not, let’s get to know the value of media attribution now.
It is evident that one should understand the importance of using multiple channels on Consumers-Attribution. Gone are those days when e-mail marketing or a straight forward display were executed and the results were measured and reverted to the respective channels. It is indeed the days of the contribution from various digital channels and their inter relationship between channels in creating a final outcome which is measured.
On the other hand, attribution modeling helps decision makers make effective informed decisions on promotion strategies, media weight budgets or budget parameters in driving the optimal efficiency to the concerned programs. And by this action attribution modeling greatly relies on the advanced data modeling techniques that grades up investments that marketers have made in e-mail, display and so on.
In a nutshell, Attribution helps marketers acquire ideas that help them understand the synergy between media channels and also gives a drastic change to the mind’s perspective. With the new perspective in hand, many channels will be seen reacting to those valuable conversations stated before and the budgets against them will be assigned accordingly.
When creating an attribution eco-system, there are a lot of challenges that marketers will have to face. It is quite a natural process. Blocks inside an organisation, the legacy systems that exist in firms, and tracking methods which are inconsistent within and across channels are some factors due to which an attribution system is required. But in spite of all this, nowadays, introduction of an attribution system which is sound and the amount that marketers get paid as a result definitely paves a path against the expected challenges. Let’s see how it goes as there is still a hope in hand in how this system will be successful!