In 2010, attribution was simple. Users clicked on an ad and it was attributed to the sale. But with the increasing complexity of marketing channels, the marketing funnel was created to accommodate this change.
However, traditional attribution models struggle to account for all marketing channels and factors influencing purchasing decisions. This has made it difficult to measure the ROI of top funnel activities, despite their importance for brand awareness.
The introduction of stricter GDPR legislation and cookie banners has further complicated measurement efforts.
What are the options?
While attribution is a great tactical tool, it may not be ideal for strategy. On the other hand, econometrics, while great for strategy, can be expensive and slow.
Implementing a simple and high-level measurement framework will enable you to stay on track at all times.
What does a good measurement framework look like?
A good framework consists of a set of KPIs that summarize the overall performance of a business. Tracking 4 to 6 key measures can provide clear insights into channel effectiveness and identify areas for improvement.
To determine what these measures should be, consider your business goals such as increased brand visibility, product interest, sales, or long-term retention.
