Measure Marketing Effectiveness with Location Attribution
- 3 Min Read
A shift in focus from channel-specific Key Performance Indicators (KPIs), such as impression and clicks, to a more business-centric approach for measuring success has been evident the past few years, with many industries including tourism, foodservice, healthcare and retail taking note.
Marketers are no longer measuring marketing success by the number of clicks their ads receive. Instead, they’re more interested in learning how many people actually visit their destination or use their services, and how much revenue was brought in as a result. Makes sense, right? So why hasn’t this always been the case?
The ability to attribute specific media efforts to an individual consumer hasn’t always been possible. But due to recent advances in location attribution technology, data has come a long way, now enabling marketers to view a more three-dimensional marketing effectiveness model.
By using a combination of GPS data, bid-stream location data and attribution analytics partners, we’re able to see attribution results by tactic, including info like how long it takes a user to make a transaction after visiting a store, or how long it takes for them to visit a destination after being exposed to a message. ,These tools have enabled us to refine our marketing goals, alter creative strategy and rethink client media mixes based on results.
The percentage of U.S. companies using multichannel attribution models is expected to rise 7.2% in the next two years, with many businesses devoting resources to coming up with better ways to report, measure and attribute media efforts. Because when you efficiently utilize evolving data resources and technology, you are better able to track the effectiveness of media and correlate it to more exact ROIs.
If you want to learn how utilizing location attribution technology can help your company, contact us. We’d love to chat.
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