The latest LeadsRx Marketing Attribution Channel video tackles the oft-misunderstood topic of deterministic vs. probabilistic attribution.
While deterministic approaches continue to dominate marketing, brands and marketers need analytics to survive a potential consumer-tracking apocalypse. Marketers should be thinking about a probabilistic approach to marketing as data privacy continues to hamper the ability of marketers to track consumers.
In this video, Lucas Sommer breaks down:
- Defining deterministic and probabilistic attribution, and what the difference is between the two approaches
- What to do today to prepare for the deprecation of consumer tracking and, worse-case scenario, all tracking going away
- Creating your own first-party universe
- The pros of probabilistic attribution, including how it will still allow you to optimize your marketing campaigns, for instance
- The cons of probabilistic attribution, including the data being less accurate and less scientific
- And more…
An additional resource on this topic can be found in this AdExchanger article “The Pros and Cons of Probabilistic Attribution,” authored by LeadsRx CEO & Co-Founder AJ Brown. Here’s a snippet:
“It’s critical that marketers own their data-driven marketing ambitions and become proficient at mastering data and analytics. Among the important things to consider is whether you take a deterministic or a probabilistic approach to marketing. Which methodology is best for cross-device measurement, and how can you prepare for the possibility of an apocalyptic change to tracking consumer behavior?”
Check out the full article at the link above.