There’s an amazing scene in the Steven Spielberg/George Lucas film Raiders of the Lost Ark. It’s the chase scene in the marketplace where after numerous fights, Indiana Jones is encountered by a black-clad swordsman—the equivalent of a Ninja.
The crowd separates as the swordsman displays handiwork that would surely slice Indy and his long whip into pieces. The crowd gasps, Harrison Ford pauses, and instead of using his whip, pulls his gun and shoots the black-clad ruffian—using modern-day technology vs. outdated methods.
So what does this have to do with media attribution modeling and Internet advertising? Raiders of the budget. Once marketing budget dollars are lost or taken away—it’s extremely hard to get them back.
But like any good movie, let’s set the scene.
In today’s world of Internet advertising and online budget dollars ($30 billion U.S. spent each year), most online advertisers have no idea the measurement systems dictating what works online…are feebly outdated.
So outdated, it’s like the swordsman displaying his impressive slicing skills; impressive to the crowd, gasps with awe because Internet advertising is the most trackable form of advertising on earth.
But along comes better technology. A full funnel media attribution model—and it blows everything else away.
But just like the crowd in the marketplace—most everyone doesn’t yet know what’s coming…what this new Full Funnel Attribution™ technology is. So let’s discover what it is, right now.
Imagine you’re managing a multi-million dollar online ad budget. And you learn that today’s outdated online ad tracking systems give 100% transaction credit to the very last clicked or last viewed ad before an online transaction.
Example: if four Internet ads contribute to a transaction; today’s outdated systems allocate entire credit to the fourth, last ad–ignoring the first three ads, which actually drove the revenue.
Zero credit to revenue drivers, and 100% credit to the last ad placed. Alarming.
But enter the full funnel media attribution model (disclosure…I’m the CEO of C3 Metrics). Robust media attribution systems like this recognize credit should be assigned to a team of Internet ads versus the last ad.
Superior technology vs. what most of the marketplace is using.
And how does it work? At a basic level, C3 assigns credit to Originators, Assists, and Converters within a transaction.
A media attribution model should capture all online media sources from the top of the funnel where sales are originated…all the way down to the very bottom of the funnel. So in a $100 transaction, an Originator would receive a fraction of $100 attributed to them—and the Assist and Converter would get their fractional credit of the $100 amount attributed to them respectively (100% credit never exceeds the transaction amount).
So 100% of revenue credit is attributed and split among Originators, Assists, and Converters—accounting for the actual drivers of revenue, and matched to media cost to then determine, you guessed it, return on investment (a simple ratio C3 calls, Attributed Revenue-to-Spend ratio).
Using a media attribution model capturing any form of paid media (especially Display) in real-time, is beginning to catch on with smart advertisers—people using superior technology than what’s currently in the marketplace. After completing the longest running media attribution model case study of its kind (two years), C3 Metrics created a seven-figure efficiency in the advertiser’s budget.
Yes, a seven-figure efficiency in the advertiser’s online ad budget. A few million here, a few million there: you’re talking real money.
Smarter advertisers using superior media technology are finding the prize: getting bigger budgets, and becoming a hero.
Make space for your Oscar.