Without correct marketing measurement and attribution, strategy and decisions are little more than a guessing game. But despite their importance, measurement and attribution can be challenging to define – much less perform. Given the complexity of today’s marketing initiatives, we can expect to see an increasing reliance on technology in measurement and attribution methods. Let’s look at five key things that will impact marketing measurement in the coming years.
5 Trends to Watch in Marketing Measurement and Attribution
It’s become a cliché to state that data is becoming available faster and in greater quantities than ever before, but it’s true. Plus, today’s audiences expect a high level of adaptability and response from the companies they interact with. In this climate, it’s imperative for marketers to move quickly and to stay up to date with their chosen attribution methodologies. Look for these areas to create new challenges and opportunities in marketing measurement:
Data Quality
Data quality will, of course, be critical to accurate measurement and attribution. With incremental impact becoming more important to established brands, even minor problems in the data can create significant inaccuracies. Thus, marketers will start to pay more attention to the data quality in a quest to obtain the most complete and accurate picture.
Digital + People
Amidst all the emphasis on data and technology, it’s important to remember that the actual audience is humans. So while data will be crucial, it will only be part of the solution. Panels and surveys will continue to be augmented by AI and related technologies. But even in these exciting developments, human observation and insight will remain critical to the decision-making process; as in other areas, the blend of human and machine is projected to produce the best results.
Cross-Device Measurement
Another area that continues to capture attention is cross-device measurement. For marketers, the desirability of being able to understand a customer’s journey across devices is apparent; it provides a detailed, accurate, and very clear record of that journey, which in turn opens up an unparalleled view into campaign measurement and attribution.
However, the other side of the coin is users’ privacy rights. Various solutions are being debated that will allow cross-device measurement (see below); for now, device data, self-reporting surveys, and other avenues can enable marketers to piece together something approaching cross-device measurement. The fragmented nature of this data presents a challenge, albeit one that can be overcome with ingenuity and a little help from AI (see below).
Universal IDs
One such proposed solution is consent-based universal IDs. What is a Universal ID? According to Forbes.com: “A Universal ID is a single identifier that recognizes the user in the digital marketing ecosystem and allows the information associated with the user to be passed onto approved partners in the supply chain. Unlike third-party cookies, Universal IDs open up the ability to create and share an ID
with first-party information for the needs of the entire digital advertising ecosystem while respecting privacy.”
For marketers, Universal IDs allow greater and more accurate measurement while still providing some privacy and control for the user. Ideally, it will enable companies to move away from cookies and other potentially invasive tracking methods and toward a more equitable solution for both parties.
AI & Co. in Analytics and More
Artificial Intelligence (AI) and many of its subdisciplines (machine learning, natural language processing, image processing, etc.) have already been incorporated into marketing research and analytics. We expect them to continue to grow both in adoption and usefulness. As companies continue to reach for data-driven decision-making and data-optimized performance, these technologies will make marketing measurement and attribution easier, faster, and more effective. One area where we can already see the promise is in dealing with the fragmented cross-device measurement data mentioned above.
AI can vastly improve measurement and attribution with data pipelines that deliver real-time information. Companies will be able to approach each marketing campaign with an almost scientific spirit of inquiry, learning what works and what does not – and making adjustments immediately, rather than waiting for months until the data is available.
The Future of AI and Market Measurement
As we’ve discussed, most of the trends and influences around market measurement and attribution will be technology-driven. That makes sense, given how much of marketing (and customers’ purchase decisions) is also technology-driven. But the real value of AI and its ilk is the accuracy they can bring to measurement and attribution and, by extension, to the entire marketing outlook. Organizations that are not currently using AI to optimize their marketing activities must start soon – or risk being unable to cope with the rush of data coming their way.
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