Attribution modeling – how to understand your customers’ digital buyer journey
Attribution modeling allows advertisers to analyze and assign credit to marketing touchpoints. But what if there were many digital touchpoints and many different devices?
Benefits of Marketing attribution
The right attribution model, allows you to understand exactly what impact your marketing and advertising efforts have on your bottom-line activity.
Advertisers can align conversion metrics with the goals of their digital campaigns. This offers insights that can bring forward the following benefits:
- evaluate the impact of conversions in real-time based on defined targeting data;
- align and adapt tactics throughout the digital conversion journey;
- target in multi-data mode (applications, web, registrations, shopping basket);
- explore marketing synergies between digital channels that are not visible without a granular view;
- reduce the cost per action (CPA) for advertisers.
What is attribution in digital audio?
Audio is a unique medium, often consumed in different contexts and used on-the-go. So it is s rarely driven by clicks. Even more important it has long-term impact on the memory. This makes audio advertising powerful and effective, especially for brand building, but also challenging for attribution.
As audio is consumed on many more different devices than any other media, the challenge lies in attributing the (sales) conversion event to the audio touchpoint that happened maybe days or weeks earlier and on a different device.
For example, a listener hears an ad on his smart speakers or in his car, afterwards he visits the website on his smartphone but closes the sale on his laptop.
Attribution is a bottom-up method (as opposed to top of the funnel). It addresses this issue of terminal fragmentation by establishing a link between the digital audio ad and the actual point of conversion in the digital world through pixel placement. 90% of users move from one device to another during the course of a day. So multi-touch attribution becomes key.
Example in practice: Génesis (Spain)
In the autumn of 2020, Génesis partnered with Targetspot to drive insurance quote requests and measure the impact of digital audio as a new element of their media mix. This 3-month digital audio campaign enabled Genesis to exceed its lead generation target by 46% and generate savings of 36%.
For example: across all cross-platform conversions, 80% of listeners who started with a mobile phone, continued or completed their journey on their desktop
Attribution reports and cross-platform analytics helped optimize the ongoing campaign, resulting in a monthly performance improvement. As a result, the campaign generated over 30 million impressions, reaching 11 million national listeners with 2.7 ads per listener and a 92.3% ROI. This is a very high score for the online promotion of a financial product.
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