While much has been said about complementary media strategies, the secret to inducing it genuinely work is cross-channel attribution. And to induce cross-channel attribution successful, marketers must think about two things: 1) the technology used to make it happen; and 2) the role of business-critical elements( media, marketing and so on) and how they work together.
First, letas look at multi-touch attribution( MTA) and marketing mix simulate( MMM) and what they can tell marketers.
MTA vs. MMM: What about both?
Recently, thereas been a lot of noise around cross-channel attribution, with vendors launching new products or features — whether itas marketing mix simulate( MMM) on top of a multi-touch attribution( MTA) platform or linear Tv attribution based on traditional econometric modeling.
MTA and MMM models are critical components to inducing cross-channel attribution happen, but there are pros and cons to each.
An MTA model answers the question, aWhat is the true contribution of a measurable marketing action? a It can tell you whether a specific action changed the outcome of a client conversion and, if so, by how much.
Where MTA is constrained is in providing a full view of the customer journey, especially in relation to how offline impacts online.
An MMM model offer a longer-term view of the online and offline impact of marketing actions. It does this by looking at the statistical relationship between expend/ aggregate actions and business outcomes( typically sales ). For MMMs to be successful, an extensive time-series of granular data is required — usually two to three yearsa worth.
Read more: marketingland.com