The events of 2020 have a long tail. As marketers enter 2021 with decreased marketing budgets, ROI is of increasing importance. Analytics and the ability to evaluate performance are key, especially as media mix is evolving. And it’s a great time for marketers to check in with their plans and confirm they are still looking at the right metrics.
For as long as there have been marketers, there have been marketers who need to justify their marketing spend. While this is the same for all of us, the differences lay in how we measure that spend, and what we learn from that measurement. For some marketers, it is enough to maintain sales while staying within budget. For others, it’s enough to see incremental growth and a few attributions to explain it.
Marketing attribution, the process of identifying the “touches” that led to a sale, has never been more popular. Now, with social media marketing playing an ever-increasing role in marketing campaigns, companies are scrambling to trace the dollars spent on campaigns to specific sales. How many widgets did that tweet sell?
It always surprises me when I encounter a marketer who uses direct, singular attribution as the core of their marketing analytics. Don’t get me wrong; I understand the allure.