The current cost-of-living crisis is one that is being felt globally, with 85% of UK consumers believing that brands should cut marketing spend and reduce profits to combat the cost-of-living crisis.
In response to this, leading programmatic advertising and data solutions expert Crimtan is highlighting the best way to optimise marketing spend and help brands predict future outcomes, using a ‘Total Media Attribution’ (TMA) approach.
Developed over the last 5 years, it reads non-personal digital signals to understand what drives performance in real-time, allowing brands to target the correct audiences, and ensure businesses outperform on return on investment by predicting outcomes and recommending the best use of marketing budget.
Accurate marketing attribution has always been the number one goal of all marketers. The concept of a simple customer engagement funnel from start point to end point is now outdated, as customers now encounter brands across multiple channels and touchpoints. Understanding what marketing channels and techniques are currently working and what will work in the future plays a key role in predicted marketing spend, and as businesses continue to cut back and marketing budgets are required to stretch further, it has never been more important for marketers to make accurate and informed decisions on where to put spend across every touchpoint of their customer lifecycle.
Using an attribution model, such as TMA, allows marketers to achieve a prediction accuracy of around 99% and allocate marketing spend more strategically. TMA looks at inputs such as conversions per week and marketing spend per channel, predicting revenue for each channel and identifying small changes in engagement levels by geography. Not only can marketers make more informed and accurate choices, they will also get the most for their money, maximise return on investment and measure performance much more accurately.
Furthermore, while it may be tempting to cut back on marketing spend, there will never be a better time to put money into marketing. With multiple businesses continuing to cut back on spend, fewer people will be bidding on ad space, meaning businesses can get better visibility for a fraction of the price.
Andy Houstoun, Chief Commercial Officer at Crimtan, said: “The fragmentation in measurement caused by the walled gardens of big tech makes it nearly impossible for marketers to now map and understand multiple customer touchpoints and activate paid media spends at the right time in the journey.
“Every marketer has access to swathes of data but making sense of it all is difficult and relying on analytics solutions with a tunnel view to attribution does not give the full picture. With the significant increase in talent globally and more tools and courses to understand big data sets, now is the time for every brand to take ownership of their measurement performance to truly understand what works for them”.
To find out how to incorporate Total Media Attribution and maximise return on investment and download by downloading Crimtan’s guide on Total Media Attribution here.