Rapid change in the advertising industry has led to a disconnect between how brands invest their dollars and the most appropriate ways to measure the omnichannel impact. Marketing Mix Modeling (MMM), statistical analyses first introduced in 1990 and still used today by many global marketers, uses historical data and makes assumptions about the impact of marketing tactics on overall business growth.
The path to purchase has become more complex, since consumers engage with brands at several touch points before making purchases. As behavior has evolved beyond a simple search followed by a purchase, the last-click marketing model has faded in popularity; it can undervalue ads that deserve credit. When approaching the performance of omnichannel campaigns, there are four important things advertisers should do:
- Consider the complex path to conversion and how that goes beyond last-click attribution
- Leverage a multi-touch attribution solution to get insight into how to optimize the media mix and use it to impact planning and buying
- Take advantage of the instant feedback on paid social to iterate along the way to continue driving improved results
- Get comfortable with the difference between media objectives and business objectives
One final point to remember: While viewability is important and should be evaluated, behavioral change and tangible business objectives are most crucial.
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