marketingtechoutlook

Streamlining Marketing Attribution with Machine Learning

By Marketing Tech Outlook | Wednesday, September 18, 2019

The incorporation of ML technology into marketing attribution enables organizations to streamline their operations and pave the way for marketing innovation.

FREMONT, CA – Marketing attribution has helped organizations in assessing the effectiveness of the campaigns by quantifying their impact on the outcomes. It has enabled marketers to optimize their budget and maximize conversions. In this digital age, the number of channels has drastically increased, and so has the data available to them. As the marketing channels evolve, marketers have to change their approaches accordingly.

Incorporating machine learning (ML) technology in marketing attribution will enable organizations to consolidate vast amounts of data from multiple sources. It will assist marketers in understanding the source of their best and worst conversions. Businesses must realize that consumers are exposed to thousands of marketing messages, each of which tries to get their attention.

Organizations can go beyond the traditional marketing attribution approaches with the adoption of ML technology. Its integration with customer relationship management (CRM) platforms can lead to the automation of manual operations. It enables the marketing teams to enhance the customer journey through personalization. The ML algorithms can efficiently handle loads of data from multiple sources with relative ease and generate insights which can help marketers scale their efforts accordingly.

Businesses organizations can adopt robust infrastructures for gathering, storing, cleansing, and processing a vast amount of data, helping them boost their marketing objectives. The consolidation of offline, online, and third-party data sources in a single repository offers better access for data scientists to aid in the development of robust ML models. It will also allow marketers to overcome the obstacles and pave the way for innovation.

The automation of manual tasks frees up a significant amount of time for marketers, empowering them to get creative and experiment with their messages. ML technology enhances all the components of marketing attribution, including the attribution of offline outcomes such as store purchases to relevant campaigns, tracking different campaigns across various devices and media channels, and evaluating the effectiveness of the strategies. However, the sophistication involved in marketing attribution is slowly increasing with the fragmentation of customer experience across different channels and devices.

Applying ML technology into the processes can help marketers in overcoming the challenges involved in it. The development of a robust ML model requires business organizations to assess their business needs and set up measures to gather quality data. Marketers have to map out the various channels throughout the customer journey and track the activities of the users in each channel.

The attribution of data to their relevant channels not only enables the marketers to identify the sources but also to ensure the accuracy of the models. The data leveraged in building the models need to be of the highest quality, as it will determine the trustworthiness of the outcomes. It is crucial to address the possibility of missing data to maintain accuracy. A robust model needs the recreation of the entire customer journey up to the point of purchase.

Visualizations can be utilized to illustrate the distribution of conversions from various channels, which will help marketers in determining the stability of the ML algorithm. Early deployment of the model is crucial, as it might delay the ROI, and might even face the risk of becoming obsolete.

ML models leverage historical touchpoints and outcomes to identify patterns and generate accurate predictions. Using this data, organizations can form effective strategies to determine the impact of various touchpoints on sales. The integration of ML with marketing attributions offers a clear guide for marketers to optimize their marketing budget and achieve better results.

Marketing attribution is an evolving field and will continue to play a significant role in the formation of marketing strategies. By choosing ML models over heuristic models, business organizations can save a considerable amount of time and achieve better outcomes. As new channels emerge, the landscape will continue to grow even more sophisticated. Hence, continuous innovation is necessary to keep ahead of the competition.

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