Weekly News Review – 01 Apr 2019

A weekly review of news articles regarding Marketing Attribution and its impact on businesses by SpectData.

1 Apr 2019

Overall Commentary

Information available at our fingertips helps us to create a record of action and preference. Almost 4 million searches,49k Instagram posts,176 skype posts, 13 million messages, and 4.3 million videos are watched every minute of a day.

Ambient technology is an emerging discipline that brings intelligence and sensitivity into our midst every day. This new way of accessing creates new opportunity.

According to the survey reports, “Technology consists of one or two main core functions and the remaining is a projection for the package as something robust than it actually is”.

Attribution analysis is the identification of a set of user actions “events” or “touch points” that results in the desired outcome, and then assign the value to each of these assets.

There are 5 methods that lead to efficient marketing attribution.

The key step to finding a solution is to analyze the available data thoroughly. Identifying a solution requires you to have a quality framework. With excellent leadership, you can also absorb and make decisions based on your findings

Marketing attribution software can be defined as the software which is being used to determine or analyze how events or action during pre-sales, sales & post sales contribute towards the success of the marketing & sales team.

This basically helps the team to analyze or calculate the ROI, estimating how effective & efficient their actions are in the whole marketing process of a product or a service.

Marketing Attribution refers to a set of user actions that aims at achieving the desired outcome. The aim of attribution in marketing is to discover the challenges faced by the brands. Today, we can take authority over their own data by improving better marketing decisions.

43% of people are neither or nor interested in new marketing measurement technology for the accounting year. On average business companies use, 7 types of software to extract the insights of data.

The major problem faced by the modern consumer is that they exhibit various complex behavior. They change from channel to channel and device from device to research, to read a preview on the web or other media. There is no set pattern of behavior.

We need to know what we are looking for or it becomes hard to extract the data. According to Clark “Dashboards can be comforting illusions, but they do not present the truth”.

The hurdles faced are data complexity, difficulty providing Return On Investments (ROI), lack of budget other problems including difficulty providing the customer journey, concerns that the insights won’t lead a change to other, internal politics, lack of time and limitation over existing technology.

A recent report by Boston Counseling Group states that 2% of brands are best in class at data-driven marketing

The piece of information available through this method is used to determine how to scale or replicate marketing efforts based on your audience. This information is used to know the touch point of marketing.

Six step framework provided by the Chris – Clean: Prepared well and free of errors, Complete: No missing information, Comprehensive: Must answer the questions being asked, Chosen: Free of irrelevant or confusing data, Credible: Collected in a valid way, Calculable: Must be workable and usable by business users

5 Marketing Attribution methods: #1 Last touch attribution is defined as An attribution model is the rule, or set of rules, that determines how credit for sales and conversions is assigned to touch points in conversion paths.

#2 Assisted conversions Attributes: Assisted conversions are Google’s measure of any interaction, other than the final click. #3 Attribution Modelling: An attribution model is a rule, or set of rules, that determines how credit for sales and conversions is assigned to touch points in conversion paths

#4 Machine Learning: Machine-learning models capture the complexity of human behavior. #5 Deep Learning: It provides a multi channel marketing attribution data in most accurate way. A recent (Jan 2019) current paper from Stanford University uses a Recurrent Neural Network to model incremental multitouch attribution.

Global Integrated Practice Management Software is used in marketing as a researching tool. It prepares reports on the basis of recent development, product launch, joint ventures, mergers, acquisitions, and competitive research by several key players that driving the market.

This top-class report consists of detailed market analysis and inputs from industry experts. This gives a bright intro on the company profile, product specifications, product value, and contact information.

This widely used to create reports for Common Annual Growth Rate(CAGR) projections for the historic to forecast period. IPMS market is an absolute synopsis for the market. It looks at all aspect of marketing based on the various parameters and the prevailing trader landscape. Exploring emerging trends and major data challenge and opportunity for the market in the ABC industry.

Global Marketing Attribution Software has increased digital marketing by projecting a rise in the estimated value of USD 1.86 billion in 2018 to an estimated value of USD 5.56 billion in 2026. According to a prediction, the CAGR will be increased in by 14.68% in the forecast period of 2019-2026.

Major Global Marketing Attribution Software developed by few competitors are Google, Oracle, Sap, A visual IQ, LLC, Rockerbox, Inc., Neustar, Fospha, WIZALY, Singular, LeadsRx, LeanData Inc., OptiMine, etc.

A complete analysis of market drivers and restraints. Key market players are involved in marketing. Detailed market segmentation Analysis is done by the key players of the market.