Attribution in marketing terms can be defined as assigning a value to a marketing activity based upon a desired outcome. We colloquially use the idiom “bang for the buck” alluding to the performance of the spend.
For generations, the holders of the marketing purse strings, whether that be in a Brand or Agency, have had limited insight into which marketing activity is actually performing, often relying on anecdotal commentary, gut feel and what might have worked in the past. To add customer data and basket value / contents into the mix was a pipe dream!
This issue of assigning credit to a marketing spend has grown more complex over time due to the explosion of marketing channels (including digital / social) and a multitude of devices. So the challenge for the Marketer is to understand what works where in order to focus on their best performing media channels.
We know that the Marketer has a good range of reporting tools from a digital / online perspective but the real challenge is found in the offline media world.
Is there a silver bullet? We think so and we are shooting from the hip.
Katalyst is helping Brands to attribute each marketing campaign to predefined outcomes whether that be a purchase in retail store, a test drive, product sampling, a visit to the cinema or entering a competition Irrespective of marketing media, (TV, radio, poster, print, video or on pack,) the Katalyst solution interacts with the marketing media prompting audience response via unique call to action, Thereafter our platform is in control of the customer journey and tracks engagement and unique voucher redemption. The platform is able to reconcile unique offer codes back to specific marketing campaigns thereby providing attribution of advertising effectiveness whether that be sales in store, car test drives, sample take up, film trailer downloads or competition entries.
Here’s an example
A major FMCG brand is looking to rollout a free 100K product placement for its new toothpaste brand. Historically they may try giveaways at train stations /shopping malls or redeeming coupons out of a fulfilment centre. Apart from some initial brand awareness there are serious downsides in terms of understanding who has received a product, which demographic, how to retarget, which recipient likes the product and the cost of fulfilment.
Here’s our approach. We understand the Brand’s target demographic and then place ad units onto relevant publisher sites. Once the customer engages with the ad unit the predefined customer journey takes place. Firstly we collect some data normally via social sign in or email address and then based upon that demographic data we have the option of presenting personalised content prior to pushing a mobile voucher which can be redeemed at a chosen retailer. The benefits are obvious in terms of pushing the product to the target demographic, engagement, collecting customer data and driving the audience into a particular retailer where redemption of the voucher takes place. The retailer benefits from footfall, there is no warehouse fulfilment cost and as there is data available on who redeems the offer retargeting can take place. The Brand is able to start collecting customer data, retargetting and understanding who their customers are. There is a side benefit of pushing customers incentivised surveys to gain invaluable consumer feedback.