To use an attribution software requires knowledge and knowledge requires a dedicated team. Previously, some companies did not always have the capacity, time and effort to invest in attribution since efforts were often concentrated on achieving sales targets. Having said that, the possibilities that technology offers us nowadays should change mind sets considering that the customer journey towards a sale is becoming increasingly complex.
Today we are facing an environment where making progress without attribution would be like attempting to drive a car blind (and soon this joke will be no more). Referring to Adam Smith’s book “The Wealth of Nations”, the running of a company can be compared to the running of a country. The focus therefore should be on the core offering or what the business does best.
Overall, it is important for businesses to use attributed data and at iProspect, we have a dedicated team of professionals who possess the knowledge of attribution modelling to shape business strategies, enabling a continued focus on core offerings.
The need for attribution is related to several key business drivers:
1. Competition
Companies using attribution are reaping the benefits of partnering with a service provider for more sophisticated and more intelligent business insights. For example, a leading fashion retailer might want to implement attribution technology that will help increase their prospecting and buying efficiency. This will then lower their acquisition cost and increase their market share. Meanwhile, latecomers are likely to lose their competitive edge.
2. Market agility
Where possible, businesses looking to on board Attribution quickly should collaborate with a dedicated team of experts, like at iProspect, who possess knowledge and experience in both technical setup and analysis. This allows businesses to stay closer to the ever-changing developments in the industry.
3. Speed
With attribution as a service, a client can tap into world-class capabilities in a matter of days or weeks. As an example, iProspect successfully implemented attribution services for one client which quickly led to optimisation of media channels with data driven results.
4. Increasing need to use advanced analytics
Attribution as a service is part of advance analytics which is imperative for businesses that are looking to improve their customer experience. Using data analytics & industry expertise to provide insights and ideas will undoubtedly improve performance. iProspect has several successful case studies with Attribution and helped many businesses improve their media mix as well as their efficiency.
5. Ability to tailor attribution to your specific business needs
This is the heart of the value proposition of attribution as a service. It is designed and implemented around specified business outcomes of a company. Whether it is through the increase of revenues, ROI, customer engagement, or buying efficiency, such outcomes can be improved with attribution.
Conclusion: The business-driven promise of attribution as a service
Attribution should no longer be a point of consideration. Companies should be actively using attributive data to inform their marketing decisions.
Organisations are looking for the true efficiency of their media mix, and want to know what channels generate defined business results. Attribution answers the question with budget flexibility, and is implemented consistently with high quality. Our dedicated Attribution team is here to help you achieve this.
