How to Decipher Customer Journey with Relevant Advertisement Attribution
Every advertiser has a unique context. Are you enabling the right choices? A large multinational company is launching a new lifestyle product and is looking to gain the attention of high-income, mid-career women across tier-one cities. Their advertising campaign has unique requirements, and they want the best slots suited to their product promotion. How would you guide them to make the best choices and drive premium returns for your platform? You need deep insights on advertising performance across segments that demonstrate the optimal ROI to win the trust of the advertisers. You can promote specific segments, drive higher revenue, and make better pricing decisions based on quantifiable metrics unearthed with actionable analytics. Accuracy in advertising attribution is your key for precise audience targeting, campaign optimization and improved performance that boosts the bottom line while bolstering top-line growth. Campaigns leave important cues. Are you listening? The new product line you launched last week has caught the imagination of young shoppers. Your e-commerce site has an upsurge in traffic. You used different media to advertise and promote the product line, and it has worked. The ad spots on prime-time TV and jingles on FM radio are on for a week now. You placed inserts in newspapers with QR code for discount coupons. The redemption of those coupons is doing well too. Your social media campaign is running in parallel, and you are ready for another round of emails to roll out referral offers. You are convinced that your ad spend has delivered the desired results. It is important to trace your customer journey through all the different touchpoints up to the conversion or buying stage. Your ad spend needs to be rationalized and focused on the media mix that delivers optimum results. In short, you need to analyse ad attribution, to zero in on your campaign effectiveness. Ad attribution unlocks the significance of every touchpoint to conversion. Personalized campaigns demand an intimate understanding of customer behavior, as well as customers’ channel and platform preferences. Your campaign ROI depends on your knowledge of the customers. Advertising attribution processes allow you to trace your customers’ actions across multiple touchpoints to reveal the levels of interaction that brought them to the point of sale. This data is crucial for evaluating past campaign performance and intelligently planning the next ones for better outcomes. Advertising attribution is a quantitative measure of each touchpoint in nudging the customer journey towards conversion. Single-touch ad attribution – for example, measuring the first click or last click for a given promotion on any platform – can deliver straightforward analysis if the action is definitive, such as a discount offer for the first 50 customers within a day, advertised on Facebook. The marketer can assign success to the specific promotion. Multi-touch journeys are deciphered through various ad attribution models. A multi-touch customer journey is more difficult to attribute. For instance, a customer may have seen a newspaper insert ad, noticed a similar advertisement on a social platform, received a promotional offer through a friend, checked out the company website, and then received remarketing enforcement before making a purchase. Now, every touchpoint is a nudge forward and must be accordingly scored. This multi-touch attribution is a flexible scoring model for marketers to assign due credit to each interaction for a comprehensive performance insight. Linear models assign equal value to each touchpoint. Shapely values, such as U and W-shaped scoring models, give more credit to the first and last touchpoints and first, middle, and previous touchpoints, respectively. Some marketers prefer a time decay model that treats the touchpoints closer to purchase as more important than touchpoints at the beginning of the journey. Advanced algorithmic and statistical models leverage AI and ML for ad attribution. The complexity of advertising data requires advanced custom models to assign performance metrics to every touchpoint adequately. Data-driven and statistically evolved, these attribution models leverage AI-based algorithms to score the customer purchase decision milestones appropriately. Machine learning algorithms guide the marketers in deciphering conversion probability to plan promotions accurately. The right choice of ad attribution model drives campaign performance. The pressure on marketing budgets has created a greater need for campaign precision. Marketers must choose the right attribution model to improve campaign performance and sales lift. However, there are no absolutes in this game. No statistical model, no matter how evolved and data-rich can guarantee 100% accuracy. Marketers must consider models that align with their customer journey and campaign intricacies. An advanced AI and ML-powered analytics platform can algorithmically design attribution models to deliver timely and accurate metrics. Making the right choice for ad attribution is intrinsic to campaign success. Marketers can leverage these attributes to design just-in-time campaigns with higher confidence. Which ad attribution model would you bet on for your campaign analysis? Please share your thoughts with us at [email protected]; or to learn more about Tavant’s media solutions, click here.
Tavant and Truterra Deepen Strategic Partnership for Connected Agtech Platform
SANTA CLARA, Calif., February 9, 2021 Tavant, a leading digital products and solutions company, today announced a strategic alliance with Truterra, LLC (formerly Land O’Lakes SUSTAIN) to help expand sustainability management practices while increasing on-farm profitability. Tavant will support Truterra on the next evolution of its Agtech platform, called Truterra™ Insights Engine, which will include both integrations with Microsoft FarmBeats and soil analytics for advanced agronomic insights. The Truterra Insights Engine leverages technical capabilities and agronomic expertise from trusted agronomic and conservation sources to boost the value of a stewardship across the supply chain. It seamlessly integrates satellite and sensor-derived data and AI-based modeling and analytics techniques. “America’s farmers face an increasing number of obstacles that are beyond their control, including extreme weather events and volatile commodity markets,” said Jason Weller, Vice President of Truterra. “By leveraging AI, sensors, IoT analytics, and the Azure platform, we expect to help farmers better manage for these risks while taking take transparency and accountability across the food supply chain to the next.” Added Weller, “We are thrilled to work with Tavant as they never fail to deliver higher levels of efficiency while ensuring a positive customer experience at every level. This collaboration will help us to accelerate the pace of our digital transformation initiatives.” “Data-driven agriculture and predictive analytics provide timely and granular decision-making. However, powerful data modeling in agriculture requires combining high-quality data from sensors with extensively available data from weather and satellite sources to increase the scale and accuracy of predictions. Our continued partnership with Truterra is a giant leap towards ensuring that farmers receive these insights in the flawless customer experience that has become the Tavant standard,” said Vikas Khosla, Executive Vice President, Tavant. “We are happy to support Truterra’ s vision in these digital transformation initiatives in the global agriculture industry. Together, we intend to bring the benefits of data & analytics to farming.” added Khosla. About Truterra, LLC Truterra (formerly Land O’Lakes SUSTAIN) is a leading stewardship solutions provider, advancing and connecting sustainability efforts throughout the food system with scale – from farmers to ag retailers to partners like food companies. Truterra positions farmers for success by providing them tools and resources to establish stewardship baseline and track progress on every field they farm. The Truterra™ network brings together the best in agricultural technology and on-farm business management to drive sustainability across the food system, feeding people, safeguarding the planet and supporting farmer livelihoods. Truterra was launched in 2016 by Land O’Lakes, Inc., a member-owned cooperative that spans the spectrum from agricultural production to consumer foods. Find Tavant on LinkedIn and Twitter.