Many activities can be included in a multichannel marketing strategy.
You must be able to identify what works and what doesn’t to ensure you are spending your time and resources wisely.
This is what marketing attribution can assist you with. This topic has been a subject of my writing for quite some time. It is complex. It’s something that only some marketers can do.
This post will help you if you need help attribution ROI to market activities and trying to figure out the best budgeting for next year.
What is Marketing Attribution?
Marketing attribution is the process where marketers determine which actions are driving revenue. To put it another way, what steps can they attribute to the success of their marketing plan?
However, most sales or revenue-generating actions can only be traced to one event.
Digital marketing is a new way to market your brand. Most consumers will have many interactions with you before making a purchase.
Marketing attribution allows you to plan your entire campaign using several touchpoints. Many businesses will use multiple marketing channels. Each channel might have several touchpoints.
A customer might search the internet for information on solving a problem. They may then visit your website, read blog posts, subscribe to your mailing list, and finally click through to purchase one of your products. Each interaction is an individual touchpoint that contributes to the final sale.
Every customer encounters these touch points on their journey from making a purchase. Each one adds to the overall value of the company.
Marketing attribution allows you to spread this value across every touchpoint to determine which ones have the most significant impact.
Marketing Attribution Models
It is difficult to assign a particular figure to every customer as they encounter many touch points along their journey toward purchasing a product.
You have a variety of models that you can use in order to determine how much value each marketing touchpoint should be attributed. These models include:
First touch attribution
This is the most straightforward attribution model to follow, but it’s also one of the most inaccurate. This model credits all the customers for attracting them and generating revenue at the first touchpoint.
This usually means a first visit to your website. You can easily find this information by looking at your website analytics data. This will allow you to see how much traffic came from search engines, social media channels, referrals, and paid searches.
This model will help you determine which channels are most effective in raising awareness for your brand. However, a visit to your site does not necessarily mean a sale. Other models can be more helpful in optimizing customer journeys and analyzing conversions.