Attribution

This article covers my eighth- week review of studying Digital Analytics Minidegree at CXL Institute. What is CXL Institute?

CXL Institute is a paid training program institute and it provides mini degrees and online certification courses in marketing. All the programs at CXL Institute are taught by industry leaders and top marketers which makes this perform the best place for team marketing.

CXL Institute providing Minidegrees in 5 scopes of Digital Marketing and they are:

1. Conversion Optimization
2. Customer Acquisition
3. Digital Analytics
4. Digital Psychology and Persuasion
5. Growth Marketing

CXL Institute currently has 48 online courses divided into CRO & UX, Analytics, and Marketing. In this article, I am going to talk about what I've learned this week. To begin with, I would like to talk about Attribution modeling.

What is Attribution?

I'm trying to be able to cover up how that's specific for B2C, B2B. And I'm going to place that in the marketing context. So attribution will go in and out of marketing. There's significance in other industries as well. So it's very important for the audience to realize that.attribution has been a bit of a buzz phrase in the industry throughout the last 10 years. one of the things that are really essential for us to realize is that it's a word that can mean many different things. When it comes to pictures, it really just means attributing the meaning of the image to the right person. Attribution is mostly about comprehending the customer. Why this is really crucial because it doesn't merely interact with the technologies behind attribution. It's not just about the attribution of tactical deployment or just the strategic outputs. And eventually, the thing many people think about and perhaps one of the main aways from this course is how we strategically use attribution to make informed decisions. Even if I move back, attribution is about knowing the customer. This is not just about knowing people who have bought or generated leads for our organizations. Attribution has a difference in terms of B2B and B2C.B2C if it is most often the better choice because you have a clear connection with an entity or a household during the whole journey. And you can assume that the system that went through the journey was continuously the same person. One of the challenges we have in attribution for B2B is that it maybe six, seven, twenty separate individuals in an enterprise that wants to participate in the ultimate conversion of the brand through. This section is, attribution is not only online since marketing is not just online. We kind of overlook, as digital marketers in the modern age that much of history has been marketing out of home in print, TV, radio. And attribution is still required to understand the success of those activities. Now, one of the challenges in the process of data collection is we, as digital people are used to being able to see anything when it comes to the data available to marketers. We can see every single visit, every single transaction, and every single interaction, and we can say who did it and when. For example, in the offline world, it's much more difficult. TV, you can't tell, in many cases, that they saw the TV ad before they bought the product. So attribution has a range of problems when it comes to conventional marketing, whether it's TV, from home, radio, printing. There are a number of things we can do to get that data in a much more tidy place. There are modern advances in TV analytics where we can see a lot more information right behind exactly what spot time, so the spot that advert was on TV, by location to a fairly low granularity. And then we can overlay that into what we see in-store or offline. What we have been also able to do in print, we can use what is known as short URLs, specific defined URLs for each issue of a magazine, or individual issues of a newspaper, and then be able to tell, of the people who saw the connection and came to the website, these are the people we saw engaged in the conventional context of print. TV is now turning more onto video on demand, not just via terrestrial or satellite. And with the advances in video-on-demand tracking, the data available is very similar to what we can get from the YouTube and Vimeo worlds as it stands today. This will link a lot of advertising spending on TV with the same rationale we use in the digital world. This opens up a huge amount of information that we can bring into attribution models to correlate advertising output, and thus the ads that were bought back to an individual online purchase and conversion, and then store them as well. And thinking about retailers, retail has a big opportunity to move forward by linking the point of sale dates and when you go to a shop, the specifics about when that individual bought what they bought can be passed back to an attribution model. It's not just location data that can be used as well. And the advances in analytics to store and pull the information out and use it in most often aggregate form to overlay on top of what is physical, reliable, granular data would allow brands to tell what is the true output of all our operation via ultimate conversion, whether that conversion occurred in-store, through POS data or, indeed, through digital journeys online. Combining these two is called ROPO, either online research, buying offline. Or online research, buying offline. It depends on what your objective is from your study and how you actually test the data. Attribution is not just another number on a report and it’s not analytics. Attribution shouldn’t be a part of your marketing, it should be the way you do marketing – the start, middle, and end. Attribution isn't just another number on a report. What we sometimes see is that people have their last click, which is the number they normally get out of Google Analytics, or Adobe Analytics, and match that up with an attribution model performance. So one of the key questions people are asking is, do I even need any attribution? Some of the aspects you can really think about is what you want to learn from attribution. Most companies don't even understand how their customers are interacting with them. They 're looking for what Google Analytics or Adobe analytics reveals. But what they don't realize is what customers think they're going on the process. When you look at conversion optimization, we have insights into that, and you start concentrating on the experiences of a person on a particular website. Attribution takes it out and acknowledges the experiences of individuals during their entire journey. One of the first things you need to ask when you go, do I need attribution even? So, how many times in their lifetime does the person personally interact with you? Not only do they buy or convert with you for the first time, but also during their whole journey. It is not only limited to online interactions, but it can also be in display ads or in emails. So you need to be mindful of how many times and how much the person communicates with you. For many marketers, their view of this is blurred based on past analytics setups.