Marketing attribution and performance management (MPM) platforms are tools that enable businesses to measure the performance of their marketing initiatives and analyse their bottom-line impact. This data helps to inform budget allocations and align marketing efforts with business goals. These platforms offer a range of capabilities, such as data gathering, analysis, modelling and orchestration, to allow for an in-depth understanding of customers' purchase journeys and optimise marketing campaigns.
Integrations and data gathering are integral to MPM platforms. They allow businesses to connect to a variety of martech and adtech software, such as CRM, marketing automation, customer service software, ad servers and demand-side platforms. Data can also be gathered from multiple marketing and communication channels, as well as 'walled gardens' like Facebook and Google, and data providers. This data helps to capture information about customers' and prospects' interactions with a brand and conversions.
Analysis and reporting is another key capability of MPM platforms. They employ a variety of attribution models, such as single touch, fractional, algorithmic and proprietary, to tie marketing interaction data with conversions. Reports are generated to provide marketers with actionable insights about their campaigns, and allow for segmentation by various dimensions. The platforms also allow users to choose or tweak attribution models to suit their business categories and goals.
Modelling and orchestration are two other capabilities offered by MPM platforms. They use machine learning and AI technologies to analyse historical or recently acquired data and proactively suggest future campaigns or modifications to existing campaigns. Planning functionality also allows marketers to construct "what-if" scenarios and generate likely outcomes, aiding in budget allocation. Orchestration capabilities enable marketers to act on their analyses by changing targeting, creative or other elements.
MPM platforms offer a variety of benefits, including the ability to measure and optimise marketing efforts to ensure better returns on investment. By providing an in-depth understanding of customers' purchase journeys and the impact of marketing campaigns, they can help businesses make informed decisions about their marketing strategies and budget allocation.
Originally reported by Martech: https://martech.org/what-is-marketing-performance-management-and-how-can-it-help-you/
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