You have your attribution multipliers: what’s next?
Making informed decisions in the world of digital marketing is a complex task, requiring teams to juggle various factors to ensure that the strategies are not only effective but also efficient. In this two-part blog post, we will delve into the critical aspects of multi-touch attribution and how it impacts decision-making. We will also explore some tactics to illustrate these concepts, focusing on Facebook prospecting and non-brand search.
Choosing the Right Tactics
Effective multi-touch attribution necessitates careful consideration of the tactics used. For this discussion, we have selected Facebook prospecting and non-brand search, two common strategies employed by digital marketers. Facebook prospecting is frequently employed by direct-to-consumer (DTC) businesses due to its success in identifying and reaching their target audience. However, the metrics you see in the platform might not always reflect its actual performance. On the other hand, non-brand search often suffers from under-investment, primarily because last-touch metrics tend to undervalue its contribution. Examining these two tactics can shed light on the complexities and opportunities in multi-touch attribution.
Applying, Comparing, and Optimizing in Multi-Touch attribution
In our next post, we will break down the process of multi-touch attribution into three fundamental steps: applying, comparing, and optimizing. These three steps are essential to making informed decisions in the complex landscape of digital marketing.
To apply multi-touch attribution effectively, we need to perform some straightforward media math and use the multipliers we derive from this. This allows us to calculate the new advanced attribution cost per acquisition (CPA) and return on ad spend (ROAS). And no worries, we will walk you through the process of doing this math.
The comparison phase is crucial in making sense of the data generated through multi-touch attribution. This stage involves comparing the newly calculated advanced attribution CPA and ROAS against predefined goals. The thought process here is similar to analyzing last-touch metrics, albeit with more comprehensive insights.
Once comparisons are made and the results are understood, the optimization phase begins. This is where decisions about budget allocation and tactic-specific adjustments come into play. We will explore both macro and micro optimization strategies: macro optimization involves reallocating budgets across platforms, while micro optimization focuses on fine-tuning tactics to enhance performance. Learning how to create efficiencies at both levels is key to unlocking greater opportunities in digital marketing.
You don’t have to set out on the journey of multi-touch attribution alone. Many organizations rely on external partners, such as measurement solution providers and agencies, to guide them through this intricate landscape. These experts can offer recommendations on macro optimization decisions. However, understanding the finer details of optimization and being able to communicate effectively with your partners is essential to ensure that every aspect of your marketing strategy is optimized for success.
By mastering the art of multi-touch attribution and optimizing strategies with precision, digital marketers can unlock the full potential of their campaigns. In the ever-evolving world of marketing, informed decisions are the cornerstone of success.
