Budget booster and fraud finder: Two key attributes of advanced marketing attribution
The marketing landscape has become increasingly complex, and consumer interactions with brands no longer follow predetermined, linear routes. Rather, audiences move seamlessly between online and offline channels and devices, carving out their own unique paths to conversion. To maximise performance at every step, it’s imperative that marketers have the ability to assess the individual performance of every touch point within a campaign. Technology innovations such as advanced marketing attribution hold the key to success.
Marketing attribution enables businesses to better understand how consumers engage with their brand across all channels and at every stage of the conversion path. It brings together all marketing touch points to provide genuine insights into the factors that have the most influence on ROI. But marketing attribution is more than just a performance management tool. It offers other notable benefits such as fraud prevention, making it an invaluable tool for brands.
So how does advanced marketing attribution boost ROI and combat fraud?
Current default measurement standards rely on last click or subjective, rules-based methods. These approaches handicap marketers by giving all the conversion credit to the last touch point, or by arbitrarily assigning weights to each interaction —leading to misinformed budget allocation decisions and a sub-optimal marketing mix. Advanced algorithmic attribution changes all that. Using sophisticated mathematical models, it calculates and quantifies the true impact that each and every marketing touch point has on an organisation’s marketing goals.
Advanced attribution delivers increased ROI by producing actionable insights and recommendations for improving the performance of marketing campaigns. It allows marketers to assess marketing performance, down to the keyword and creative level, to understand precisely what works and what doesn’t. Using this sophisticated approach for analysis, marketers can isolate individual components of a campaign and measure their direct and indirect impact on the bottom line – both individually and as part of the overall mix. Hidden cross channel insights can be revealed, such as the impact of online marketing on offline sales, or the lift that a touch point in one channel generates in another. By assigning a value to each touch point, marketers can predict the likely results of any planned changes and allocate budget to the best performing channels, campaigns, and tactics; effectively optimising their entire marketing ecosystem.
In addition to maximising ROI, attribution can be used to assist in the detection of ad fraud. With bots now accounting for 61 percent of online traffic, ad fraud is an expensive and widespread issue that affects every stage of the funnel – from clicks and impressions to conversions. But by adopting a sophisticated measurement approach, marketers can more easily distinguish between legitimate behaviour and fraudulent activity. For example, while bots can mimic many human behaviours – such as viewing a page or clicking on an ad – there are some actions that they cannot perform, such as buying a subscription or completing a purchase with a payment. By using marketing attribution to quantify the impact that every touch point has on generating revenue or profit, marketers can enjoy a bot-proof understanding of the effectiveness of individual marketing tactics.
In an increasingly complex and fragmented ecosystem, it is vital that brands can measure the successes of their marketing campaigns across all channels and devices to improve both efficiency and ROI. The adoption of advanced attribution methods will empower brands to boost the impact of their marketing campaigns, maximising ROI and even uncovering fraudulent activity. With all that in mind, it’s no wonder that attribution is such a hot topic for global marketers.
Ben Sidebottom is Director, Solution Architecture at leading cross channel marketing attribution software provider, Visual IQ. With over eight years’ experience in the digital sector, Sidebottom has held previous roles at Moneysupermarket.com, where he was responsible for the design, implementation, integration and use of the brand’s online marketing technology stack, and Essence Digital, one of the UK’s leading media agencies.
Expo 2020: SAP Ariba to Digitise and Automate Procurement
Expo 2020, a World Expo that is set to be hosted by Dubai in the United Arab Emirates (UAE), was originally scheduled to run from 20th October 2020 until 10th April 2021, but, as with just about everything in the world of supply chain, the COVID-19 pandemic forced event organisers to postpone the highly-anticipated get-together. The new date for the Expo, which will be hosted in the Dubai Exhibition Centre, spanning across a 438-hectare space, is Friday 1st October, until 31st March 2022. But, there will be limitations to who can and cannot attend the event, so SAP has stepped in to fix the problem.
What is Expo 2020?
‘Expo 2020 and SAP have run a series of onboarding summits for Expo’s valued supply chain network. As Expo’s procurement needs shift from construction to interior fit-outs, facilities management and technology services, Expo 2020 and SAP will continue to provide ongoing one-on-one support, including a dedicated helpdesk, to guide suppliers throughout the evolution to digital transactions and processes.
Expo 2020 Dubai, which will open its doors to the world from 1st October 2021 to 31st March 2022, is the first World Expo and only the second mega-event to secure a Procurement Excellence Award from the Chartered Institute of Procurement & Supply.’
SAP Ariba’s Solution
In a recent announcement, it was told that more than 25,000 of Expo 2020 Dubai’s local and global suppliers would benefit from a real-time, unified digital procurement and payment platform, thanks to technology provided by SAP, the events Innovative Enterprise Software Partner.
The solution, provided by SAP Ariba, will supposedly fully digitise and automate the procure-to-pay lifecycle, providing a streamlined digital experience for Expo 2020’s suppliers while simultaneously enhancing transparency and efficiency across the event’s global supply chain. ‘The global technology company’s cloud-based SAP Ariba procurement solutions run on its UAE public cloud data centre and connect to Ariba Network enabling buyers and suppliers to connect and transact’, according to SAP.
Mohammed AlHashmi, Chief Technology Officer, Expo 2020 Dubai, said: ‘Expo 2020 is a long-term investment in the future that aims to enhance opportunities for sustainable business connectivity and growth in both domestic and international economies. Our partnership with SAP is an example of what can be achieved with the invaluable support of our technology partners to host one of the most digitally advanced World Expos ever. The implementation of SAP Ariba solutions has transformed our end-to-end procure-to-pay cycle and helped set new standards of procurement automation for projects of this scale.’
Through SAP Ariba’s collaborative and mobile-friendly platform, any registered suppliers at Expo 2020 will be able to participate in sourcing events and the negotiation and signing of contracts; users will also be able to submit invoices and track payments in real-time. According to the platform, Expo 2020 has already transacted in excess of AED 1 billion on the platform, ‘highlighting its commitment to driving long-term business growth in the region and beyond, with a particular focus on small and medium enterprises (SMEs).’
Claudio Muruzabal, President of EMEA South, SAP, said: ‘Expo 2020 Dubai is demonstrating global best practices in digitising its procurement process with SAP Ariba solutions to help gain visibility into its spend, tighten collaboration with its suppliers, and achieve process automation, including completely paperless invoicing. Expo 2020 has already brought more than AED 1 billion in spend under management with SAP Ariba solutions.’