Marketing may no longer be the ineffable art it was in the past. It used to be the case that “marketing” was essentially a black box that you’d pour money into, hoping to see a sales increase at the other end. But these days, marketing, and especially digital marketing, has become highly focused on data, analytics, and determining the return on investment for initiatives launched under the marketing banner.
Marketing executives have become practically obsessed with tracking every dollar spent on ad campaigns, sponsorship, blogging, video content, social media, influencers, and other data points. It’s a healthy obsession, as long as the metrics being evaluated are sound. No stone is left unturned in the quest to attribute spent marketing dollars to lead generation and other sales-boosting efforts.
The eternal CEO question is, where did the marketing department’s budget go? Despite conscious efforts to stick to data-driven analysis with the goal of providing accurate and specific answers, attribution is still not where it should be. Part of the reason for that is an ongoing divergence of opinion over the type of measurement model to use.
Let’s take a deeper look into Attribution Modeling, its various subtypes, and another option called Marketing Mix Modeling, to see if we can discern which is the correct protocol for attribution measurement.
What Is Attribution Modeling?