In simple terms, marketing attribution has to do with the value or credit you have assigned to a specific marketing touch-point. Simply, it is the science involved in determining what marketing or media drives revenue.
The more complex, yet still very accurate explanation involved in marketing attribution is the bridge between sales data and marketing data along with credit allocation for engagement or conversion activity. Attribution is also able to provide quantifiable evaluations when it comes to your marketing efforts along with their traceable and direct effects associated with revenue. Within industry terminology, it is defined in the following way: Marketing Attribution links Marketing Function to Revenue Accountability using hard numbers.
Challenges Involved With Marketing Attribution
Even though marketing attribution may sound plain and simple according to its definition, it is a lot more complicated when put into practice. It is a known fact that many marketers only have a vague understanding when it comes to attribution and a lesser understanding of the right ways to assign attribution. After all, it is difficult to define in numbers and with an absolute certainty value for every channel, marketing phrase or touchpoint involved in the entire buying process.
In addition to the complexities of assigning and developing marketing attribution, today’s marketers are now faced with sales funnels that have become increasingly complex and convoluted. This means that you may understand attribution, and you may have already defined your attribution value, but you may find it a challenge to identify the touchpoints when it comes to outside of your channel-silo.
This is where things become even more complicated, as the marketing today is multi-channel, with some channels that are not proprietary, and some that are not in your control. Moreover, when it comes to the correct attribution, it is expected to assign and consider values to every channel, when it comes to correctly evaluating all your marketing efforts along with optimizing your overall marketing budget.
To complicate matters even further, the markets that are continually changing necessitate immediate adjustments to your current marketing-attribution standards. The models that are outmoded do not have the capabilities of keeping up with the customers and marketing channels of today. On top of this marketers also face more challenges associated with current partner contracts and inflexible budgets which makes it a challenge to make changes to these methodologies. To add to these challenges, an investment in time is also required to attribute your marketing efforts correctly, and then interpret these insights followed by developing optimization strategies that are improved.
Tips On How You Can Improve Marketing Attribution
The challenges mentioned above may seem complicated, but they are not insurmountable. To begin with, let’s mention what no longer works. Legacy attribution techniques are not useful anymore because they do not take into account the cross-channel that falls outside-the-silo influences.
If you are looking to improve marketing attribution in the current environment, you need to release all your customer data out of the locked silos and consider the algorithmic-attribution methodologies that are advanced dedicated to marketing attribution.
The correct algorithm will evaluate, assess, and capture your data in an accurate manner across all the channels. In this way, you are offered with a way to leverage these metrics to measure the overall impact associated with your marketing efforts, a way to develop customer engagement strategies that are more precise, which translates into a way to plan marketing campaigns that are far more effective.
The Advantages Of Marketing Attribution
Even though marketing attribution might appear complicated, when it comes to the end goal it is simple. It will determine if you are spending your budget on marketing effectively, which will, therefore, optimize revenue.
The advanced attribution models will make precise connections between different touchpoints, which provides you with an improved way to guide your customer journey. An example of this will be a user who has stumbled on your website blindly will act in a very different way to a brand enthusiast that is loyal that followed the link from their free eBook or from a social media platform. This where advanced attribution identifies differences between the different customers, which will assist you in making marketing decisions associated with each journey.
Better Practices For Marketing Attribution
If you already have an established yet outdated marketing-attribution technique, or you only just recently heard about this term, and you are just starting out, you probably have some of the things you will need to start your marketing attribution.
The secret behind marketing attribution is not to try and “reinvent the wheel.” There are already many marketers that have a complete understanding of attribution, and they can explain the methods clearly. In addition, there are also available data-platforms that have already employed the advanced attribution-algorithms as well as applying them effectively. Here are a few best practices to help you gain the most from your marketing efforts.
– Get Started
At this stage, the barrier associated with entry into marketing-attribution is still very low. The advanced methods offered by companies like Gauges might take budget and time, but you can start for free with analytics when it comes to your social media and your website.
– Decide On What Is Important
Attribution has nothing to do with justifying your current marketing efforts. It is instead about finding the very best and more effective methods to drive your revenue more effectively.
– Choose The Advanced Attribution Method
Avoid the attribution models that are outdated, if you want to work effectively in the current marketing environments. You need the advanced attribution methods which will account for every marketing channel.
– Be Transparent
Once you have run a test, share all this information, even the not so great details that you are not proud of. When you become transparent from the start, it will assist you in refining your attribution and parameters as well as offer you with immediate insight when it comes to all your marketing efforts.