Strategies for developing advanced methods of marketing attribution for integrated commerce ecosystems
By Prabhpreet Sidhu & Craig Elston, Mars UnitedSM Commerce
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In today’s complex marketing landscape, it is crucial for brands to optimize performance and maximize return on investment for all their commerce efforts.
The following report explores two powerful methodologies that have emerged as essential tools for determining marketing attribution: Multi-Touch Attribution (MTA), and Marketing Mix Modeling (MMM). Examining their strengths, limitations, and use cases provides marketers with the insights needed to leverage these tools effectively and drive marketing success in the age of connected commerce.
Introduction: The Attribution Imperative
The proliferation of marketing channels and touchpoints has made it increasingly challenging for marketers to determine which elements of their marketing mix are truly driving results. As media categories continue to simultaneously fragment (into areas such as social channels) and consolidate (as with newspapers), and as new channels continue to emerge, mature, and commercialize (e.g., retail media), the need for a granular understanding of the short- and long-term effects of marketing investments has never been more important.
John Wanamaker famously quipped, “Half the money I spend on advertising is wasted; the trouble is, I don’t know which half.” This challenge only intensifies as customer journeys become more complex and data-driven decision-making becomes paramount within brand organizations.
Enter Multi-Touch Attribution (MTA) and Marketing Mix Modeling (MMM), two distinct yet complementary approaches to marketing attribution that have become indispensable for marketers seeking to optimize their strategies and maximize return on investment (ROI).
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