With marketers facing increasing pressure to demonstrate the value of the budget they're allocated for programs, marketing attribution and predictive analytics solutions are tailor-made for proving how tactics and media channels contribute to the bottom line. But deciding whether or not your company needs a marketing attribution and predictive analytics tool calls for the same evaluative steps involved in any software adoption, including a comprehensive self-assessment of your organization's business needs, staff capabilities, management support and financial resources. You can use the following questions to help you decide:
- How do we currently manage our marketing campaigns? How many and what martech and ad tech systems are employed in executing campaigns? Is one the "master" or dominant system? Are they tied together in any way? How many and what channels do we typically deploy campaigns on? Depending on the complexity of your campaigns and the length of the typical purchase cycle you're measuring, you may not need the advanced capabilities offered by a dedicated marketing attribution and predictive analytics solution.
- How do we currently analyze success? Is there a central analytics solution? How flexible is the system? Are we able to arrive at insights that are actionable?
- How would we use a marketing attribution and predictive analytics platform? What are the first problems that we would use it to solve?
- Is your organization ready for a marketing attribution and predictive analytics platform? Do you have the staffing to use the tool to its full capacity or would you need to hire a data analyst or train an existing employee?
- How will we define and benchmark the success of a marketing attribution and predictive analytics system?
- Do we have management buy-in? You'll be much more successful with a new tool if you have an ally in the C-suite who can advocate for you and advise on rolling it out across the company.
- What is the total cost of ownership? Be sure to consider things like adding staff, training existing staff, any development costs for the integration.