How to adopt marketing attribution model in your business

1. How to adopt marketing attribution model in your business While marketers recognize marketing attribution as a valuable tool to get the most out of their marketing efforts, according to a recent report many are slow to adopt the practice. What is an assignment? An attribution (related to marketing) involves determining which media are successfully driving sales for a company. Consumers are exposed to various marketing touch-points before making a purchase. Those touch points, for example, could include email marketing, social media, search engine optimization (SEO), organic search, paid advertising, and direct website visits, depending on individual campaigns. Businesses can assign a value to each touch point throughout the customer journey, leading to a conversion or purchase, by using the sales attribution. Lack of knowledge or experience, cost justification, and other prioritized marketing needs (e.g. marketing automation, mobile optimization) are among the factors contributing to marketers' slow adoption of attribution modeling. For example, in 2015, only 35.4 percent of marketers said cross- channel measurement and attribution occupied their time and resources, while in 2016, 57.6 percent expected it to occupy 57.6 percent of their time and resources. Moreover, a 2016 study conducted by an advertising platform also showed interest in marketing attribution among senior agency and marketing professionals, with 81 percent of survey respondents saying they were interested in learning more about multichannel attribution. And it has been estimated in the report that more than half of the companies in the U.S. with more than 100 employees will use multichannel attribution for their digital marketing in 2017. In addition, 65 per cent of marketers surveyed said in a 2017 data-driven marketing report that accurately attributing value across channels is important to their business. Yet, only 45 percent of the respondents reported determining channel-level sales attribution, while 82 percent said using a single- touch attribution approach.

2. Why Marketing Attribution can be the Best Practice Sales attribution can make a positive difference as you strive to make informed budgeting decisions for your marketing investments. If you are planning to develop a marketing attribution model or improve the current attribution strategy for your organization, here are a few best practices to consider: Understand clearly how your customers interact with marketing across all channels at your organization. A typical client today interacts with businesses through multiple channels and devices. For example, a customer may see a promotional email first on a mobile device but buy it online on another device or at a retail location. Begin by determining attribution at the individual customer level to see the broad view before aggregating data. The conversion process is likely to take different paths for your customers. Start selling and work backwards to determine the steps each customer takes along the path of conversion. Establish a way to aid in attributing sales to campaigns for email marketing. This would include the use of promotional codes, particular URLs or direct telephone numbers. Take into account the time elapsed between the transaction and marketing event. Although you may have posted information a few days earlier on your organization's Facebook page, e.g. the email newsletter sent hours ago probably had a bigger impact on the click-through that was happening today. Plus, determining how much influence each marketing campaign has on the final conversion is also important. Google attribution model One of the latest developments in attribution-marketing is the recent announcement by Google regarding the launch of a new, free version of its attribution product: Google Attribution. The objective of this new product is to simplify multi-device and multichannel attribution by leveraging data already available to marketers using Google products such as Google Analytics, AdWords and DoubleClick Search. Additionally, Google marketing attribution model will help give marketers a better understanding of the entire customer journey, rather than using attribution from the last click. Taking into account such information as the customer base and marketing strategy, this model analyzes each marketing channel’s contribution to the customer journey. And when properly done, the marketing attribution model is more accurate compared to the attribution of one source and equal weighting.