As the ad dollars spent on data strategy and infrastructure have exploded in recent years, so has investment in attribution in an effort to understand how marketing across channels works together and, ultimately, how to assign credit for driving purchases.
“It’s almost rare these days to find brands who are not doing some kind of modeling approach,” says Rolf Olsen, chief data officer at Mindshare North America, in an interview with Beet.TV.
He notes that the price of attribution has come down considerably. There’s also been an explosion of attribution vendors, like Visual IQ and Adometry.
In the days when attribution was focused only on digital, it was “quite cost prohibitive,” Olsen says. But now there’s a considerable focus on understanding how TV marketing affects digital actions, like doing a search or visiting a website.
The explosion of data and the need to understand the broad spectrum of digital channels that consumers are spending time on has made the media planning process much more intricate, according to Olsen.
“You sort of need to be a data detective to sift through all that information to find those nuggets and create compelling media plans and stories for our clients,” he says.