Advanced TV attribution lets marketers pull the levers in three ways that lead to more successful campaigns with stronger metrics. Speaking at the Advanced Advertising Summit today in New York City, Jim Spaeth, a partner at Sequent Partners (a consultancy for media investments) explained the possibilities.
First and most important is that advanced TV attribution lets marketers make decisions about their creative assets while a campaign is running. They can see what creative elements offer the best returns, then put weight behind those pieces. It’s simple, but it’s the most effective tool available. “Creative accounts for the majority of the impact,” Spaeth said. A little shift in emphasis can lead to big wins.
Second, attribution lets marketers see which media placements offers the best results, then put dollars behind those platforms. Again, it’s a small shift with strong payoffs.
Third, attribution lets marketers refine their targeting while a campaign is running. Perhaps a campaign targets two demos, one of people who intend to buy a car and one of people who intend to buy an SUV. Early results could show much stronger results coming from the more targeted list, letting the marketer focus on that group exclusively.
In this world of attribution, forget about impressions, Spaeth recommends. Instead, focus on sales.
Spaeth and his fellow panelists said advanced TV attribution is often confused with market mix modeling (MMM), but the two tools are quite different. MMM is a tool for measuring ROI, looking at how every dollar spent figures into the return. It’s done after a campaign is finished and works as a report card. Attribution, on the other hand, shows what’s working while a campaign is in progress and lets marketers shift money around to drive better results.
While MMM is about measuring ROI, advanced TV attribution is about managing ROI, Spaeth said.
Getting worthwhile results from attribution studies depends on having quality data, Spaeth emphasized. The data set needs to represent the market at large, so be sure it doesn’t focus on one geographic area, for example. If the data isn’t representative of the overall market, it will be misleading.