Marketing Attribution Mistake #1: Concentrating on Consumer Data
Marketing Attribution has become a hot topic of late. Technology industry changes, new regulations and the death of the cookie have all raised the stakes for marketing attribution and are forcing brands to not only change how they think about attribution, but also how they do it. In the work we do with countless brands across industries, OptiMine has a unique perspective on what works, but just as important, what doesn’t – and what common mistakes brands should avoid as they evolve their own marketing measurement away from traditional methods to fully modern approaches.
In this blog series, OptiMine will share the five most common attribution mistakes brands make, how to avoid them, and also how to think differently about marketing attribution to “future-proof” your marketing measurement. In this inaugural post, we’ll explore Attribution Mistake #1: “Concentrating on Consumer Data”.
In many marketing circles, “marketing attribution” became synonymous with tracking an individual consumer across ads and devices, and this did a real disservice to the marketing industry. Why? Because marketers were led to believe that the only way to measure marketing performance was to “know exactly” which ads were seen by a specific consumer. This approach is now running into a myriad set of issues:
(1) Technology: Apple’s ITP and other tech changes are killing this kind of tracking.
(2) Cookie Death: the entire ad tech industry has moved away from cookies (or will be shortly) creating a massive challenge to this tracking-based attribution method.
(3) So-called “Unified” marketing measurement vendors attempted to merge marketing attribution with marketing mix modeling in order to solve the fact that tracking-based attribution could not measure traditional media nor offline conversions. This Frankenstein-like “unification” creates a host of new issues: mismatching or conflicting answers, measurement gaps, and major new costs and complexity of third party data.
With these issues as a background, some brands still mistakenly believe that the Marketing Attribution 1.0 approach of trying to track every consumer and device is the way to measure marketing performance (Hint: there are better ways: ”Measuring the Incremental Effects of Marketing” ). In the process, the brands create major problems and new risks for themselves and end up with measurement that isn’t very accurate or useful (and never was to begin with).
Check back often in the next few weeks as we explore each of the Top 5 Marketing Attribution Mistakes, or skip ahead and download the guide now: https://uscampaign.optimine.com/july-2020-marketing-attribution-mistakes-blog1