John Wanamaker once said… “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”
Nearly a century later, the holy grail of what is known as “multi-touch attribution” (attributing marketing results to all of the elements of your marketing spending) is helping answer this question for today’s “Wannabe Wanamakers”.
As Greenfield described it to me, the reasons are crystal clear why marketers should want a more reliable and trusted approach to attribution.
As data scientists bring their expertise to bear in every walk of business, it’s not surprising that marketing leaders would have to deliver proof of the outcomes for what they spend.
Greenfield notes that no one was expecting that from marketing execs years ago, but they certainly are now.
One of the biggest developments in 2019 will be Accreditation
The second key component for institutionalizing attribution would be a commonly accepted industry standard for when attribution is demonstrated.
To Greenfield, such standardization has been a key to the stability of the TV advertising market for decades. After now several years of consideration, he points out that the most widely accepted “Good Housekeeping seal” of media measurement, the Media Rating Council, has drawn closer to a consensus view of when attribution should be considered as demonstrated.
Buyers and sellers agreeing on what is and isn’t impacting actual business outcomes should help establish what Greenfield sees as a “foundation” of media buying going forward.
Read the rest of the interview at Forbes.com