Why should prescriptive attribution matter to marketers?
by Egan Montgomery, on January 24, 2018
“Half the money I spend on advertising is wasted; the trouble is I don’t know which half” - John Wanamaker.
The old words of John Wanamaker still ring true more than a century later. The marketing industry is fraught with guessing and guts. Companies are wasting billions of dollars on marketing and advertising initiatives that simply don’t work.
Look no further than Chase Bank or P&G. They are starting to figure out that digital advertising is broken, but these sophisticated companies are still missing the critical knowledge of where they should place their ads.
Can we really fault the marketers?
Certainly not. Never in history has this group of professionals had access to a central source of the truth. We have never had a list of prioritized, quantifiable actions with proven forecasts for ROI.
Sales folks have this...look no further than a CRM.
Finance teams have this... look no further than an ERP.
Marketing teams do not. Until now.
Prescriptive Attribution means we can start thinking about marketing the way Wall Street thinks about financial markets and investment decisions.
Marketers can adjust their advertising “portfolio” to grow revenue, maintain margins, or make any other decision to align marketing investments with a company’s financial goals and objectives.
With prescriptive attribution, marketers and executives can work together to make highly strategic, well-informed decisions about where to invest online to drive the most revenue.
In fact, the real value of prescriptive attribution doesn’t come from attribution at all. It comes from the ability to accurately allocate budget and resources where they will return the most value to a business.