Marketers are being pressured to deliver tangible results for their businesses.
Since I started blogging, I have been obsessed with marketing attribution. It would help if you were open to taking responsibility for your marketing activities’ success or failure.
Although it sounds simple, there are many more factors involved. Below, discover the full scope of marketing attribution and its benefits.
What is Marketing Attribution?
Marketing attribution is the science of determining which marketing strategies drive sales and conversions.
Marketing attribution is the exact evaluation of all marketing touch points a consumer interacts with during their buying journey.
Attribution is about identifying which channels, strategies, or messages impact a consumer’s decision-making. What was it that caused a consumer’s decision to act?
Multi-touch attribution is a tool marketers use to leverage multiple attribution models such as lift studies, time decay, and time decay. Each model provides unique insights into how, where, or when consumers interact with a company’s message. These insights can tailor and personalize campaigns to meet individual consumers’ needs and increase marketing ROI.
With sophisticated marketing attribution, teams can standardize consumer data from different channels and assign weighting to each.
Marketing attribution is only possible with high levels of data granularity. This can only be achieved by a sophisticated marketing analytics platform that can transform big data into actionable, personable insights.
Precise marketing attribution: The benefits
Marketing attribution can be time-consuming. Marketing teams can reap the benefits of attribution when they create an efficient model that evaluates multiple datasets from online and offline campaigns.
Marketing spend optimized
Marketing teams can see how dollars are best spent using Attribution Models. How? Highlighting touch points that lead to the highest levels of engagement. Marketers can use this information to reallocate their budgets to maximize engagement.
Optimized marketing spend can also boost ROI. Attribution models can lower the cost of conversions.
More effective creatives
It cannot be easy to assess the effectiveness of creative elements in marketing campaigns. Marketers can use marketing attribution models to help them optimize their messaging and visual features.
Data-driven product development
Person-level attribution provides unique insight into customers’ needs, wants, and limitations. These data can be used to reference during product updates so that teams can concentrate on the essential features and functionalities.
Types of Attribution Models
Marketing attribution models assign value by statistical analysis of user-level insights. Attribution models are person-centric, unlike other strategies that use aggregated data. Different attribution models use different analytical processes, with some focusing more on engagement metrics while others concentrate on time-based metrics.