Marketing Attribution: How Can It Improve Your Marketing Strategy?

By Brandon Gains

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Today’s marketing landscape is more complex and broad that it has even been: Marketers face more choices, more channels, and more customers.

Marketing strategies have evolved to be multi-channel: where marketers design campaigns that seamlessly interact with customers across multiple touchpoints and create a consistent brand experience.

Marketing attribution makes the landscape seem a little less complex by giving marketers the opportunity to see and understand the internal workings and results of their marketing efforts.

Marketing Attribution Defined

Short Definition of Marketing Attribution: The process of identifying a set of user actions (“events” or “touchpoints”) that contribute in some manner to a desired outcome, and then assigning a value to each of these events. (Wiki)

Long Definition of Marketing Attribution: Marketing attribution is the science of determining which touch points the customer interacted with before making a purchase. These touch points involve any branded interaction from a television commercial to a promotional email offer.

Marketing Attribution Model: A model governed by a set of rules that determine how to assign campaign influence.

8 Strategic Benefits of Marketing Attribution

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Marketing attribution is a powerful thing for those who can uncover the inner workings of their efforts and use this knowledge to create game-changing marketing strategies.

According to iProspect, “The typical outcome of implementing attribution is a 15 – 35 percent gain in media efficiency and corresponding increases in ROI.”

  • A Clear View of the Buying Process: Marketers attribution lets marketers look inside their campaigns and determine channel ROI.
  • Accurate Revenue Attribution: A clearer view of the customer journey allows marketers to make more accurate decisions regarding each channel/touchpoint.
  • Solve Problems: Marketers can use this campaign insight to creatively solve problems that their company and customers face.
  • Understand The Customer: Marketing attribution also reveals data on which touchpoint has the highest engagement to inform additional buyer persona and audience targeting.
  • Understand The Value of The Customer: Marketing attribution models can also show the customer lifetime value influence of each touchpoint and help determine campaign spend across acquisition/retention programs.
  • Create Effective Marketing Strategies: Marketing attribution takes a detailed look at each individual part of a marketing strategy. This allows marketers to make marketing strategies that are truly effective on every level.

Pros Vs. Cons of Marketing Attribution Models

First-Touch Attribution

How it works: The First-Touch Attribution model gives full credit to the touch points that drove a visitor to your website for the first time, regardless of the outcome. This model focuses on the beginning of the customer journey. This works for marketers who are solely concerned with lead forms and demand generation.

Pros: This model is easy to implement via Google Analytics.

Cons: Since this model emphasizes a single touchpoint, it over-emphasizes a single part of the customer journey. This model doesn’t allow for optimization since it doesn’t reveal what actually drove a customer to a sale.

Last Touch Attribution

How it works: The Last-Touch Attribution model gives full credit to the touch points that drove a customer to make a purchase. This model focuses on the end of the customer journey.

Works Go to the full article.

Source:: Business2Community

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