What is Attribution in Marketing and Why is it Important?

A marketer is only as good as their strategy… but how do they know they’re on to a winner? That’s where the gift of analytics swoops in and saves the day. Just like superheroes, having the correct measures in place when things go awry can make all the difference in returning to a steady footing within your chosen campaigns.

The following article explains what attribution is, how it differs from a TV attribution model and CTV and how all different models are used in marketing.

What is Attribution in Marketing

What is CTV Attribution?

Put simply, CTV (or Connected TV) attribution allows marketing campaigns to be evaluated based on Key Performance Indicators (KPIs) to determine whether it is effective in raising brand awareness. Attribution refers to the scientific analytics behind the scenes that determines which marketing tactics are and are not contributing to conversions or sales. It records how TV viewers and end users interact with the rules set in place and the end-to-end journey to the results (a sale or no sale achieved).

There are two different types of TV attribution model that can each garner different insights:

A Single-Touch Model is split into further attributions that only focus on minute elements of the customer journey. The first is First-Touch, which means the customer converted with the first click (or touch) of the advertisement they saw, so no other data is attributed. The second is Last-Touch, which only attributes the final step (or touch) in the customer journey, disregarding all previous ones.

A Multi-Touch Model, on the other hand, delves into every step (or touch point) leading up to when the customer makes a purchase. There are multifaceted sub-models at play with Multi-Touch that can dictate how credit is divided along the journey within a marketing campaign.

What is Attribution in Marketing?

From a marketing standpoint, attribution can be used by advertisers to make changes to their strategies, depending on the data gleaned by the attribution models in place, both to satisfy customers’ desires and improve their marketing return on investments (ROI). As a result, marketing teams can adjust and customize campaigns to meet the specific needs of individual consumers through data that indicates how, when, and where consumers interact with brand messages.

Why are TV Attribution Models Important in Marketing?

There are many benefits of using a TV attribution model - or series - within your CTV marketing campaign. Some are more expected than others.

1. Improved customer understanding as the result of knowing the messaging and channels preferred by the customers in question. This also brings about far greater targeting throughout the customer journey.

2. As a result of the above, improved communication can be had between advertiser and user by modifying messages addressed to them so they are more relevant, engaging and lead to a higher conversion rate.

3. Spending on marketing is optimized, as marketers know what activities cause the most - and least - engagements. The budget can be adjusted as and when it is needed depending on the changes of the monitored data.

4. In order to effectively reach different audiences and even different profiles within audiences, enhanced personalization is essential. During product development, advertisers can then use the insights they gain from TV attribution models to target the functionality consumers want.

5. Improved creativity is carried through being able to consistently evaluate the creative elements of a campaign to hone in on the visual and messaging elements more suited to target audiences.

6. A higher marketing ROI - as a result of applying all methods shared above effectively.

Knowing how to make changes mid-campaign can be the most powerful way to keep ahead of the times and realize exactly where your customers are clicking. It could mean the difference between success and failure, and we hope this article has given you the basis of how to effectively implement these models within your marketing strategy.

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TechGlobeX: What is Attribution in Marketing and Why is it Important?
What is Attribution in Marketing and Why is it Important?
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