For radio and TV sales executives and market managers, providing the advertiser answers on how to commit to the most efficient media mix when finalizing a brand marketing strategy is an essential.
But, what can these media pros share with respect to how a spot resonated? Was there any rise in sales in a particular demographic?
Media attribution and data analytics can bring these answers to your clients, and two Veritone executives shared all in a 35-minute webinar hosted Nov. 9 by Radio + Television Business Report.
The webinar featured Veritone Media Senior Product Manager Michael Kennedy and Nathan Aminian, Director of Analytics for Veritone One, describing in detail what media attribution is, and the most common models used in the broadcast media industry.
Asked to describe media attribution, Kennedy said, “In terms of a relatively simple explanation, it’s the accurate measurement and assignment of credit for a defined goal, like a conversation, across all touchpoints. It’s giving credit — where credit is due. That’s not so easy nowadays!”
Why is media attribution more important now than ever?
Kennedy offered several explanations, including intermediaries that have inserted themselves between the marketer and consumer; device fragmentation; and data restrictions involving both Google and Apple.
Aminian commented, “As the media space evolves, businesses expand their reach and provide more opportunities and avenues for consumers to interact with them. We went from a single 800 number to web forms, live chat, applications, posts, likes, shares, views and so on. Because of this there are more paths to purchase and what was once a straight path is now shaped with curves and corners.”
The webinar also discussed some of the common models used in the industry, inherent flaws or drawbacks with these models, and shortcomings of some of the attribution software solutions in the marketplace.