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Posted by Tina Moffett on June 5, 2014
By now, we know that attribution is essentially the answer to many marketers’ prayers: more accurate performance metrics, better cross channel insights, and a more informed marketing spend. While the benefits to attribution are clear, many CI pros and marketers still need to make the case for attribution. They need funding, and support from their executives. In light of this aversion to investing in attribution, the recent business case report, Measure the Impact of Cross-Channel Attribution, will help CI pros build the business case you need to convince executives that implementing cross-channel attribution is definitely worth the time, effort, and money. As you follow our guide to building the business case, you will cover all necessary bases by laying out the costs and benefits of attribution, while also planning for any possible risks you may run into along the way.
While most business cases may provide industry best class examples, and case studies, the essence of a strong business case for attribution is an ROI model that addresses all benefits, costs, and risks associated with implementation and management of an attribution measurement approach. Why is an ROI model important? Because attribution measurement will require some investment to make the shift from a channel focuses measurement approach to a more holistic approach to measure performance. The toolkit attached to this report, Forrester’s Attribution ROI Calculator, will show you how to specifically build that model. The ROI Calculator allows you to showcase the tangible benefits of an developing an attribution strategy, such as more precise performance metrics and more accurate campaign targeting, against the costs that come from pricey technologies, data connectivity, and vendor services fees. Most importantly, the ROI model will ensure a successful and well-rounded business case by planning for unexpected risks of attribution through the development of a realistic project plan, the support of executive sponsors, and the gradual integration of data.
We hope that this ROI framework will help you to build the strong business case you need to convince your organization that attribution is a smart investment in the short- and long-term. Keep in mind the benefits, costs, and risks of implementation will vary by industry, and to do this well, organizations must wholly shift their focus to embrace this new way of measuring marketing effectiveness. So, please let us know your thoughts, and would be happy to speak with you further about attribution.