AI-Driven Attribution Meets The $400 Million Dollar Marketer

TLDR: Anthony Pitts, the former VP of acquisitions at DraftKings, shares his insights on digital marketing success, emphasizing the importance of establishing a process-driven approach, data analysis, tracking, testing, and understanding timing. He highlights the significance of accurate attribution of conversions to specific channels, and the need to invest in knowledge and testing to optimize results. Pitts sees attribution heading towards a more precise picture through a mix of different data sources. His customized attribution framework and commitment to data-driven decision-making continue to shape the industry.

In the world of digital marketing, success hinges on understanding the effectiveness of different advertising channels and optimizing them for maximum return on investment. Anthony Pitts, also known as the “$400 million dollar marketer,” is a master of this art. As the former VP of acquisitions at DraftKings, Pitts played a pivotal role in the company’s incredible growth from 651 paying customers to over 2 million in just four years. In a podcast interview with the CEO of Provalytics, Pitts shared his insights on building a customized attribution framework and why committing to a process is more important than the outcome.

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Pitts started his career with a Bachelor’s degree in Economics from Carnegie Mellon and later completed a Master’s in Political Science at the University of Rochester. He has a strong statistical background and a deep understanding of the qualitative drivers of human decision-making. Pitts believes that establishing a process and tracking data are critical components of effective marketing strategies.

One of the key takeaways from Pitts’ interview is the importance of establishing a process. He emphasized the need to have a structured approach to marketing that involves data analysis and performance reviews. Pitts shared how he used estimates and data analysis to determine which channels would receive the most budget allocation. For example, TV was given a higher budget allocation because it had a broader impact compared to other marketing channels. This allowed for subsequent evaluation and adjustments based on performance, leading to better decision-making.

Another important aspect of Pitts’ approach is tracking data. He highlighted the significance of identifying the first point of conversion, which for DraftKings was obtaining an email address. Each channel was assigned a unique promo code to track the original conversion channel throughout the customer’s journey. This allowed for accurate attribution of conversions to specific channels and enabled data-driven optimization.

Timing is also a critical factor in Pitts’ strategy. He emphasized the need to understand the seasonal components of a business and adjust marketing efforts accordingly. Different businesses have their own rhythm in terms of customer acquisition, and aligning marketing activities with these patterns can greatly impact results.

Pitts also addressed the decreasing popularity of testing among marketers. He emphasized the importance of testing and experimentation in marketing strategies and encouraged marketers to continue testing different approaches to optimize results. He also highlighted the need to invest in knowledge, especially when dealing with new channels or platforms, to overcome the learning curve.

When it comes to measurement and multi-touch attribution (MTA), Pitts believes it should be treated as an infrastructure functionality rather than a separate spending class from media. He emphasized the importance of spending as little as possible to achieve desired goals, unless there is a learning curve that requires additional investment in knowledge.

Looking into the future, Pitts sees MTA heading towards a more precise picture through a mix of different data sources. He acknowledged that while there may not be absolute truth in marketing, leveraging multiple data sources can provide increasingly accurate insights.

Pitts’ success at DraftKings can be attributed to his customized attribution framework and commitment to a process-driven approach. His emphasis on data analysis, tracking, testing, and understanding timing provides valuable insights for marketers looking to optimize their strategies. As the marketing landscape continues to evolve, Pitts’ expertise in multi-touch attribution and data-driven decision-making will undoubtedly continue to shape the industry.