Marketers have been drawn to using algorithmic attribution to track the customer journey and enhance cross-channel spend, but they’re unable to do it at an optimal speed, according to a new study from Forrester Consulting and Visual IQ.
The report noted that with a multidimensional algorithmic model, marketers are able to get granular cross-channel insights and data-driven optimization recommendations, which essentially lead to better performance and higher ROI. In fact, 75% of marketers surveyed said they experience improvements in customer targeting and brand engagement from using algorithmic attribution, with 80% citing that they reach the right customers and 74% saying they serve more effective creative content to customers at the right time.
Other key findings of the study include:
- 43% of marketers said that speedy algorithmic attribution is critical to achieving top marketing goals;
- 67% of marketers use algorithmic insights to adjust media spend across channels; and
- 63% of marketers use them to adjust tactics within individual channels.
"Marketers are challenged to make the most of media budgets, and legacy measurement solutions that don’t accurately allocate credit between touchpoints and channels or identify the right audiences to target are no longer an option," said Manu Mathew, Co-Founder and CEO of Visual IQ, in a statement. "The results of this study confirm the major role that algorithmic attribution plays in helping marketers make the right media investment decisions, yet there is clearly an appetite for near real-time updates and daily optimization."