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Marketing attribution means you identify specific actions people take to learn more about your brand and purchase from you. This way, marketers can analyze and assess the value of the events or channels that led to the conversion.
Marketing attribution has been around for decades but with digital transformations, the needs of customers and companies have changed. So, marketing attribution has also evolved. Today, deals and sales are made or lost with a click which explains why attribution models must incorporate the nuances of a global digital world. This post is a brief discussion taking you through the past and present of the concept and trying to see where it might be headed.
Earlier, marketing mix models were the way which included cross-channel coverage of all media types. Dating back to the 1950s, this was the dominant mode to encourage conversion. In a pre-digital world, MMMs were no doubt valuable. However, it is too slow a design to be of any use now, where you can get results on your campaigns almost immediately. Also, it is poor at measuring brand equity, often leading to under-spending on brand development tasks and over-spending on functions at the lower end of the funnel.
With the advent of the digital world, omnichannel marketing is the one great thing to have happened. Marketers now have the tools and techniques to track each customer journey step. This is crucial because making a purchase is not as simple as typing in the web address; a range of marketing attributions ensure multi-channel marketing success in this digital period.
Considering your business goals, model, and resources, you can work with different models of marketing attributions. But if you are not so sure, take a closer look here at a few major ones:
Here you only have one touchpoint, usually the first or the last touch, responsible for conversions. This is a very easy-to-implement attribution mode but quite inadequate since it fails to account for any intermediate interactions. These interactions can significantly change the perception of your company as well as the value of any other channel.
Each channel contributes to the final sale it’s given its due in this situation. You can get a holistic view of the sales process, but you cannot know how much each channel's contribution is.
For your digital marketing, you can use 6 multi-source attribution models:
Linear or the most basic model where each touchpoint is given equal credit.
This a very hotly debated topic, but unfortunately, there is no one answer to this question; you’ll have to carefully consider your budget, beliefs, values, and the company size before making a decision. The time-to-sale is also crucial; a single-touch attribution makes more sense for shorter cycles. Product/service RRP is another factor. Items with higher RRP, like cars or houses, are best suited for multi-touch marketing attribution.
Marketing is not foolproof, and success is not always guaranteed, but specific steps help you make the right decision.
Multi-channel marketing attribution seems to be here to stay, but experts say changes will make the process effective. You will do well to keep a few things in mind, such as:
A creative digital marketing agency like ours can help you make the most of modern tools and systems. So please do not wait any more, and contact us today!
You can also read our other article: Social Proof Your Business With Digital Marketing Agency In Toronto.
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