LOS ANGELES: Most marketers are using at least six tools to collect performance data and the pressure to adopt advanced attribution methods is going to grow significantly over the next couple of years, according to a new survey.
A survey by IDG Connect for marketing analytics platform Conversion Logic polled more than 250 enterprise and SMB marketing executives on their measurement strategies and tactics for its report, Seeing the Forest for the Trees: Unified Analytics for Modern Marketing.
This found that almost one quarter (23%) of marketers still relied on last-touch attribution to measure performance, while a similar proportion (26%) were using more accurate statistical modelling and algorithms to calculate marketing impact.
That left around half feeling their way towards a more sophisticated approach but held back by a range of factors.
The main obstacles to greater adoption of cross-channel attribution were identified as cost justification (70%), lack of appropriate skills on the marketing team (56%), and integration with existing measurement methods (48%).
Six in ten (59%) saw data collection and centralisation as their biggest challenge while half had concerns about accuracy.
But 78% of those surveyed were committed to deploying cross-channel attribution within the next two years.
As well as using six or more tools to collect data – from marketing analytics to sales automation – four in ten marketers planned on using at least six channels to reach their target audience.
"Truly understanding ongoing performance requires timely integration of data from all of them," said Bob Johnson, lead IDG Connect analyst on the survey.
"What we are seeing is that marketing appears ready to embrace a single source view to better measure and analyse key marketing performance indicators.
"A holistic cross-channel approach with a single solution is one way to address this need," he concluded.
A survey by IDG Connect for marketing analytics platform Conversion Logic polled more than 250 enterprise and SMB marketing executives on their measurement strategies and tactics for its report, Seeing the Forest for the Trees: Unified Analytics for Modern Marketing.
This found that almost one quarter (23%) of marketers still relied on last-touch attribution to measure performance, while a similar proportion (26%) were using more accurate statistical modelling and algorithms to calculate marketing impact.
That left around half feeling their way towards a more sophisticated approach but held back by a range of factors.
The main obstacles to greater adoption of cross-channel attribution were identified as cost justification (70%), lack of appropriate skills on the marketing team (56%), and integration with existing measurement methods (48%).
Six in ten (59%) saw data collection and centralisation as their biggest challenge while half had concerns about accuracy.
But 78% of those surveyed were committed to deploying cross-channel attribution within the next two years.
As well as using six or more tools to collect data – from marketing analytics to sales automation – four in ten marketers planned on using at least six channels to reach their target audience.
"Truly understanding ongoing performance requires timely integration of data from all of them," said Bob Johnson, lead IDG Connect analyst on the survey.
"What we are seeing is that marketing appears ready to embrace a single source view to better measure and analyse key marketing performance indicators.
"A holistic cross-channel approach with a single solution is one way to address this need," he concluded.
Data sourced from Conversion Logic; additional content by Warc staff
