It is not enough anymore to simply have advertising campaigns and assume that it will return what you intended. Now, it is as important, if not more, to track the measurements and how the campaign performed. Maximizing effectiveness is the name of the game in advertising. The question is how do you judge the effectiveness?
Two of the main manners of measurement are last click and multi-touch attribution. We have always been fans of multi-touch attribution as it encourages advertisers to look past one interaction and instead focus towards the entire shopper journey. You never know if you caught them at an inconvenient time or your product just happened to not be their priority at that moment. However, many advertisers still like the idea of last click attribution. It is laser-focused on conversions as the main priority. To them, the only action that matters is the one the prompted the conversion. Any other actions have no value to their advertising budgeting decisions.
On the other hand, multi-touch attribution considers the entire journey. Without each interaction, the result may never have come to fruition. The last click attribution method completely ignores any influences that occurred leading up to the conversion. It limits the effectiveness potential for advertising decisions. Multi-touch attribution, on the other hand, gives credit to each step along the journey. It recognizes that each step was necessary and should deserve some credit when it comes to making future advertising budgeting decisions. It is how we recommend and encourage our clients to judge their campaigns with us. Click-through isn’t the only measurement that can demonstrate success in a campaign. View-through can be just as, if not more, beneficial for demonstrating success as it recognizes which advertisements made a lasting impact.
We are not the only advertising professionals that think so! During Advertising Week, multi-touch attribution was hyped at the holy grail. We can’t complain about so much stock was put into this as it adds more weight to what we have been saying all along. What does that mean for eCommerce sites? Partner with your advertising firms (like us, of course) to find the perfect balance of your campaigns to drive views AND conversions. This will open the opportunity for innovation and creativity in campaigns that will drive heightened revenue overtime.
We have also believed that what is easiest may not be best. Last click attribution is one prime example of that. While last click is easier to track, it limits the frame of reference for campaign success. We are willing to go the extra mile with our clients to ensure success for their campaigns and revenue potential. Now, the advertising professionals during Advertising Week agree.
Hivewyre is a forward-thinking programmatic advertising company. Their private data cooperative allows advertisers to share first-party audience data and build targeted campaigns for prospecting new customers based on their competitors’ unconverted shoppers. Hivewyre advertisers have access to fresh, exclusive data that will never be sold to a third party. With over 500 retailers and over 100 million monthly in-market shoppers in our co-op, our distinct advertising strategy allows you to combat rising search engine PPC & PLA costs and the ever-expanding online marketplace growth. In addition to access to the exclusive data, co-op members benefit from full-service account management and detailed reporting of the return from advertising spend. To learn more about Hivewyre, visit www.hivewyre.com.