The evolution of attribution: Giving credit where credit is due
Marketers collect, store and analyze an increasingly rich repository of data about their marketing programs and the changes in customer perceptions and behaviors. But despite this wealth of data, one key information gap persists: attribution. Determining which campaign activities receive proper credit for a sale remains an inexact science, often fraught with miscalculations that can do more harm than good with regards to marketing resource allocation.
In many ways, the challenges around attribution have grown more complex as customer habits change, new marketing channels such as social media emerge, and even more data is added to the mix. The traditional marketing/sales funnel – from awareness to consideration to purchase – is anything but traditional in the current environment, making it increasingly difficult to pinpoint which campaigns influence buying decisions or other outcomes, either directly or indirectly.