Adobe has kicked off its promotional activity at the 2018 Cannes Lions Festival of Creativity 2018 with the unveiling of an attribution tool made available via the software giant’s analytics suite, a debut it hopes will tally with the demands of marketers under pressure to justify their media spend.
Dubbed Attribution IQ, the new tool sits within Adobe Analytics Cloud and was unveiled today (June 18) to coincide with the opening day of Cannes Lions, with the company claiming that it can help marketers better discern where to focus their marketing interventions, such as paid-for media, email pushes, etc, thus reducing their reliance on first- and last-click attribution models.
Attribution IQ offers brand-side marketers 10 separate models in order to gauge how audiences are engaging with their branding and advertising activity in a way that assigns “fair credit” to each marketing intervention, according to Adobe.
In a blog post announcing the launch, Trevor Paulsen, Adobe Analytics, senior product manager, said such audience insights would help marketers better decide how to shape and place their creative output, as well as assess the effectiveness of such interventions for their brand, citing the under-fire retail sector as a prime vertical for such an offering.
“Without the proper data, brands make the wrong investments and risk frustrating customers,” reads the post. “As consumers embrace more technologies like voice and connected car, this problem will only get worse.”
He added: “Instead of simply comparing display versus social ads, for instance, users can now see how individual campaigns and even specific keywords performed using a rich set of attribution models.”
Attribution IQ will be available in Analysis Workspace within Adobe Analytics and will offer marketers the capability to visualize the customer journey and all the points at which they interact with the brand (see image).
Marketers are increasingly under pressure to justify their marketing budgets with brand-side practitioners often having to justify their ad spend to procurement departments, many of whom are using zero-based budgeting techniques to rationalize overheads. Mid-way through last year, Unilever went on record as stating how using such methods enabled it to cut elements of its overall marketing spend by as much 30%.
Speaking earlier with The Drum, industry analyst Brian Wieser of Pivotal Research explained the rationale behind such budgeting decisions when he said: "This concept of zero-based budgeting or 'forgetting about everything you did last year and look at everything from scratch' tends to mean lower spending on marketing and paid media."
In his blog post, Paulsen concluded: “When we speak with brand leaders, nothing keeps them up more at night than their budgets. Everyone is trying to show business impact and deliver the most impactful campaigns, but lack the data to justify investments in areas like social and mobile.
“With Attribution IQ, we are delivering a flexible way for advertisers and marketers to show where they drove value.”