Attribution is one of the biggest challenges facing marketers, as they look to invest in the most effective marketing channels but have to weigh how various channels support each other.
At a recent Brand Innovators event on Identity, Attribution + Measurement, leaders from the industry talked about they are working to create effective attribution that leaders to improved measurement.
“A lot of the analytical partners whose core competency is building these models provide a very sound solution,” said Tim Woo, SVP, executive director, marketing intelligence group at RPA. “They have their relationships across the different technology partners. More often than not, that’s a better avenue to go down versus building your own, which becomes very expensive and very timely. You have a lot of disparate data sources that must be combined and put into place but a lot of the third party partners already have those integrations and that experience. However, it really depends on the client. If you have the team to support and build a model internally, it could be very fruitful. From our experience though, working with these third party partners is the quicker turnaround. Especially in the environment we’re in where you need to make decisions quickly.”
Paul Gelb, Sr. Director, head of media activation & investment at Bayer, says that data is not static and that their digital strategies are always evolving.
“It’s something that is always ongoing,” says Gelb. “We’ve been really fortunate to have leadership come in. They leaned in and focused on being able to be conversant in the topic and support our plan and how we wanted to approach things in the ecosystem. We don’t have a magic beans, silver bullet approach, we have multiple tactics and leverage that we apply to get the objective done. With the talent that we have, the partnerships that we’ve built with key players over time, we’ve not been disrupted.”
Square is hyper-focused on small-to-medium sized business and is always trying to support how these businesses function globally.
The payment platform is consistently keeping up with privacy laws and iOS updates to help ensure their system supports their client needs. These changes can influence a business’ ability to track consumers and how they are measuring their marketing channels.
“What’s the state of play right now with identity and tracking and measurement? What are those implications for the now what? To the first part, I think we have to accept the inevitable,” said Josh Groth, vice president of global performance marketing at Square. “Change with privacy and tracking has happened, will continue to happen, will continue to evolve. iOS 14.5 ripped that bandaid off, then there was the California Consumer Privacy Act (CCPA). If you’re reading the tea leaves of the direction that things are going, there’s something like a dozen different states that have similar legislation that would be mimicking what California has done so you can just infer that more change is going to happen. If you’re being retrospective and lamenting about the way things were, that’s one approach but it doesn’t do us any good. We’re at that stage where we have to embrace our new reality and figure out what is that appropriate path forward.”
