New feature alert!
Starting in Q4, Velocidi clients can use the customer journey data within their CDP to generate multi-channel attribution reports. A beta version is already live in the platform. Full functionality is expected to roll-out over the coming months, with priority given to existing clients’ needs.
Here’s how it works: Navigate to the attribution reports via the “Report” section of your left navigation. Once you are there you will see that daily reports are automatically generated, capturing the last 30 days. No manual work, no specialized data scientist required. Sorry data scientists.
The purpose of these reports is to show Velocidi clients how much revenue is generated by each source, medium, and campaign. The goal is to help marketers decide how to allocate their budget most efficiently.
Why add attribution to the Velocidi CDP?
Chances are you are already getting some form of marketing attribution from another source. So why do you need another attribution report in your CDP? Let’s compare the alternatives.
CDP attribution vs. individual platform attribution:
Separate marketing platforms will serve attribution reports by tracking when an interaction with their ads can be associated with a conversion event or a transaction on your website. But separate platforms can’t account for customer interactions on other channels.
If you add up the conversions claimed by each of your separate platforms, you will most likely come up with a number that does not match your actual conversions. To get accurate attribution, you need something that can see the multi-channel and multi-device touchpoints of your customer journeys – like a CDP.
CDP attribution vs. third-party attribution.
The next option for you to achieve multi-channel attribution is to turn to a third-party attribution vendor. These companies have platforms that import your multi-channel data and try to make sense of how all the different channels work together.
The first difference between using Velocidi as your attribution provider, and using another third-party provider, is that your Velocidi CDP already has your omnichannel customer journey data. It doesn’t need to go anywhere. So using your Velocidi CDP supports the goal of limiting customer data sharing as much as possible.
The second difference is the presence of first-party identity resolution across devices within your Velocidi CDP. Having this capability means we can link customer activity between devices and channels to one attributable event. If an email delivery, a Google search on mobile, and a direct session on desktop, all take place in within thirty minutes and all events are linked to the same customer ID, Velocidi can confidently identify all three events as one ‘session’ with the attributable event being the email delivery.
Your CDP attribution PLUS third-party attribution
In practice, this is not necessarily an “either-or” scenario. Velocidi allows programmatic API access to attributable events for attribution modeling outside the CDP. This means you can share the data necessary to run attribution with a third party platform, (while still keeping it to only the minimum information) in order to run models that are not available within your Velocidi CDP.
The platform also supports custom attribution modeling. This is most relevant to data scientists with advanced skills.
Ready to test it out? Head over to our documentation to see a guide on how to use it.
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