As the consumer journey has grown increasingly complex, marketers have been forced to extend their reach over a diverse ecosystem of media. Considering that it takes an average of 56 touchpoints to drive a consumer to make a purchase, determining which of those touchpoints, sealed the deal feels seemingly impossible. The reality is, it likely wasn’t just one exposure, but a series delivered at specific times, in a specific order, over specific channels and devices—an experience unique to each consumer—that moved them to take action.
TJ Sullivan, EVP of Sales at Digital Remedy was recently featured in AdExchanger, where he discussed the value of multi-touch attribution (MTA) in fully understanding the modern customer journey. TJ outlined three key steps marketers should take to maximize their CTV/OTT measurement strategy.
Step 1: Define your attribution timeframe
Decide the proper conversion window for your KPI. How far back in time can an ad still influence an action? It depends on your brand and goal. Define this first, so you can say that exposures outside the window played no part in the eventual conversion. Then, factor in every touch within the window. Consumers rarely see one ad and then convert—so why only count one? Adjust your attribution to a multi-touch model, like linear or time decay, to distribute credit accordingly.
Step 2: Get incremental
Incrementality analysis is intended to take all attributed conversions and filter out ones that the campaign didn’t directly drive—by comparing the conversion rate lift of an exposed against a holdout group. With a sophisticated MTA strategy dictating the number of conversions any one variable drove, and incrementality analysis accounting for conversions that would have happened anyway, advertisers can see the true impact of every aspect of their CTV campaign.
Step 3: Optimize in real-time
The beauty of CTV is that it enables real-time optimization of ad buys in comparison with Linear, which means you are able to move your budget toward the publishers, creatives, dayparts, audiences, and geographies that are working to drive the most action to fully maximize your spend.
While it may be relatively new to some marketers, multi-touch attribution must become a top priority, as it allows you to not only identify the specific touchpoints throughout the consumer journey that triggered the desired action but also leverage valuable performance insights to optimize future campaigns. To learn how you can leverage alternative attribution methodologies within our award-winning CTV platform, visit www.digitalremedy.com/flip.