As a current business owner, I’ve had first hand experience in the bottom line – profitability, growth, and revenue. We’re always looking for the most effective means to provide a superior product, generate income, target new customers, grow our return customer base, stretch advertising dollars, and save money on our outbound spend without hindering any of the above. Sounds tricky doesn’t it? It can be, however, there are quite a few marketing techniques to make the waters more navigable.
Marketing attribution translates into BIG results
The landscape for marketing is quickly changing and growing, all for the positive. New ways to measure and analyze data for clients are continually developed, lending marketers to stay on top of their go-to reports and unleash more accurate methods of generating data to show you a return on investment. One of these ever evolving methods is marketing attribution and multi touch attribution.
Marketing attribution defined
Marketing attribution provides a way to dedicate a quantified value to each channel who scores a staring role in influencing the consumer to complete a purchase or create a conversion. Attribution specifically tracks user behavior throughout the conversion process, from the first engagement all the way through the actual sale.
Through marketing attribution and multi touch attribution, insight into the customer influencers allows marketers to optimize media spend for conversions and compare the value of all marketing channels utilized. Translation: Maximizing Your Dollar.
Marketing channels may include:
- Paid and organic search
- Affiliate marketing
- Email marketing or E-promotions
- Inbound strategy
- Offline advertising
- Display ads
- Social media networks
Harnessing the ability to isolate what channels work, those that don’t, and ones that work in sync, controls the company advertising spend and serves as a virtual filter.
Marketing attribution low-down
Let’s say Joe Black finds your website organically by conducting an online search, he clicks through and visits your website. Next, Joe visits your website again through an affiliate site. Later, Joe is surfing his Facebook feed (hopefully not during work hours) and returns to your website via a linked social post. Then Joe ultimately makes a purchase (or converts) after clicking on a paid advertisement.
4 interactions is not uncommon – it’s actually a killer inbound marketing strategy at it’s best!
So, where does the conversion credit go? Your SEO? Social? To your affiliate or to the paid advertisement? Do we call it a day and just give the credit to Joe?
Credit where it’s due
Marketing attribution and multi touch attribution takes the guess work out and gives credit where it’s deserved. Each channel played a role in Joe’s conversion, that’s a fact. Marketing attribution identifies the actual percentage rate of every channels part in the conversion process. This percentage rate is derived by quantifying the individual marketing channel influence calculated by how far away that channel was from the final action. This method is much more effective than the linear way of only assigning value to the final click through.
Here, you’re able to maximize your spend and account for specific revenues generated. Further, an opportunity arrises to enhance and solidify affiliate partnerships – an expanding must explore avenue for company growth.
Marketing organizations across the board are recording significant gains in client business growth through the use of marketing attribution, with reports coming in from 90% of companies per a recent Forbes report and an awesome detailed Forbes blog from Daniel Kehrer.
Those in marketing, and those doing it right, have a tool box of resources to properly create a marketing attribution tracking funnel customized for each client. We utilize our platforms to analyze the data and are able to present you concrete reports. It’s our job to work for you and show results.
When looking for a marketing agency or meeting with your current one, take the time to ask about marketing attribution, multi touch attribution and how they can effectively manage this for you. It’s important the marketing company you choose has attribution capacity to keep you on the fast track to business growth. This way you can focus on what you do best – running your company.