About 150 years ago, the legendary retailer John Wanamaker quipped, Half the money I spend on advertising is wasted; the trouble is I dont know which half. Throughout the ensuing decades, many CEOs have echoed Wanamakers lament as they have struggled to quantify their return on marketing investment. Some marketers have despaired of ever being able to connect a sales impact to a specific and unique element of complex and multi-faced marketing plans preferring instead to use their gut to guide marketing decisions and to rely on anecdote or vanity metrics to justify the results. However, in our era of data-driven marketing, this know-nothing approach has become increasingly untenable as CFOs and CEOs demand more exacting demonstrations of marketing ROI. And indeed the science of marketing attribution has come a long way since Wanamakers day.
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