Full Funnel Media Attribution
Data-driven decisions...Are one of the reasons that BKV is at the forefront of digital marketing. Ever since online media became a mainstay of advertising, marketers have been striving to make their media buys as efficient as possible. Until recently, the paradigm for performance measurement in the online space has been the “last-click” method, which assigns all the credit for a sale or conversion to the last ad a customer clicked on prior to making the purchase. What’s wrong with this picture? We intuitively know that most customers are being exposed to multiple types of media before they settle on a purchase. Current measurement techniques only look at the bottom of the sales funnel, even though there is clearly a lot of valuable activity taking place at the top of funnel.
Here at BKV, we’re always looking for ways to allocate our client’s budgets as efficiently as possible, which is why BKV’s Analytics team has spent time developing the next generation of media performance measurement - referred to as Full Funnel Attribution Modeling. The wide availability of user-level data combining all media exposures represents a goldmine of information. By combining proven statistical techniques with the savvy of media and account service teams, we have been able to create new and innovative media optimization tools which account for all touch points – the entire funnel of media exposures.
Attribution modeling is typically used in one of two ways: In-Channel Attribution, which looks at performance within a media channel (for example, Paid Search keywords), and Cross-Channel Attribution, which focuses on understanding how entire media channels perform and how to allocate budget across those channels as efficiently as possible (the mix of search and display). Understanding the real value of acquisition media has long eluded marketers, but with Full Funnel Attribution Modeling, we are finally beginning to understand the true impact of media channels and tactics, enabling our media teams to take a holistic view of media performance and allocate media dollars accordingly. A comprehensive test of Full Funnel Attribution with a major BKV client has already shown great promise: orders are up, cost per order is down, and the campaign is consistently more efficient. Moreover, the flexibility of the Full Funnel approach and the experience of BKV’s Analytics team at dealing with large datasets means that client’s campaigns can be optimized on a regular basis and always reflect the latest market conditions.
As digital media continues to grab an even bigger share of marketing dollars, Full Funnel Attribution Modeling will become an essential part of online media optimization, a process well under way at BKV. If you have any questions about Full Funnel Attribution Modeling and how it can make online media more efficient, feel free to reach out!