
Why Your Marketing Attribution Numbers Never Agree
Last-click says one thing. Your CFO doesn't believe it. Your incrementality test says something else entirely. None of those numbers are wrong — they're just not measuring the same thing. In this episode of Inside the Blurb, I sit down with Madan Bharadwaj, founder and CEO of M-Squared. Madan has built four companies inside the attribution and measurement space, including Visual IQ (one of the first multi-touch attribution platforms) and Measured (the industry's first pure-play incrementality company). We cover: -Why nearly everything brands use to measure marketing is "correlational" and carries built-in bias . -Why incrementality testing is deceptively hard to run well -Triangulation — turning conflicting attribution, MMM, and incrementality numbers into one multiplier and one decision -A real story about an AI model recommending a brand cut $25M in Amazon ad spend, and why it was wrong -Why causal data has to be built, not mined -Who actually needs this level of measurement (and who doesn't) Read the full breakdown + key takeaways: www.themartechatrix.com Check out M-Squared on Blurbs: https://www.trustblurbs.com TIMESTAMPS 00:00 — Introduction: welcome to the Matrix 01:00 — Madan's origin story: from computer science to a $10M/month PPC bidder 07:01 — 2005 vs. 2026: what's changed in measurement, and what hasn't 10:55 — How GDPR, CCPA, and walled gardens shrank trackable behavior 13:07 — Why brands still lean on last-click even though it's incomplete 16:10 — Why incrementality testing sounds simple and is actually hard 18:30 — Designing a "feasible test" before you run it 20:07 — Do marketers use data to confirm what they already believe? 24:42 — Why the best marketers combine data with business instinct 26:45 — Causal vs. correlational, defined 30:08 — What makes M-Squared different 33:51 — Triangulation, explained 38:38 — The causal insights program 41:38 — Who actually needs advanced measurement 42:58 — Why AI can't manufacture causal data 44:07 — The $25M Amazon ad spend story 46:56 — Why domain expertise still matters 47:10 — Squared Collective: next workshop September 10, Boston 49:10 — Closing thoughts ABOUT INSIDE THE BLURB Inside the Blurb is a podcast by The MarTech Matrix where Sean Simon interviews founders and leaders from the vendor side of marketing technology. Website: https://www.themartechmatrix.com Blurbs: https://www.trustblurbs.com LinkedIn: https://www.linkedin.com/in/madanbharadwaj/







