How to build your first Marketing Attribution Strategy

1. How to build your first Marketing Attribution Strategy All brands want to tell relevant, engaging stories that create a seamless experience for their customers. The brands direct-to-consumer (D2C) compete for their customers' attention and business through digital marketing channels like advertising, email, social media, and more. It is more critical than ever that they gain an understanding of what is and what isn't. Their messaging must be successful and its impact must be assessed holistically across the channels. Far too often, the complex nature of online advertisement and marketing results in fragmented data across different platforms, making it difficult to monitor the consumer experience and understand which platforms or marketing practices affect buyer behaviour. Such a fragmented view of the consumer experience leads to inefficient use of advertising expenditure and flawed testing frameworks — for example, cutting off advertising spending on a channel and seeing its effects, as opposed to evaluating the channel’s efficacy toward desired objectives. Marketing attribution addresses this question by analyzing the events and networks this make up a person's decision to convert. Far too often, the complex nature of online advertisement and marketing results in fragmented data across different platforms, making it difficult to monitor the consumer experience and understand which platforms or marketing practices affect buyer behaviour. Why does it matter? The way people shopped was extremely easy, just as it was a decade ago. Our online and offline worlds have not been as interconnected as they are today: there have been fewer ways to buy, discovering new things have been harder, and shopping (even online) has been mostly linear.

2. Technology — and our relationship to it have drastically changed our way of living, working, and playing online. Given our online and offline lives; our lives have become more fragmented, becoming more linked. Things today are radically different from those even a few years ago. People are still on their mobile, Amazon's online shopping has shifted and you're seeing a once-linear shopping experience replaced by a circuitous customer path with several stops along the way. On average, making an online sale takes about Marketing Attribution touchpoints. Such complexity makes it incredibly difficult to grasp the impact of digital marketing on your end result. Within a world of multichannel, you must know the monetary importance of each marketing channel and operation. Reliable monitoring and analysis lets you figure out what works and does not work, making it easier to bring your budget to the platforms that generate revenue. That's why more advertisers are keen on funnelling money and energy into calculating and attribution across platforms. If you're new to marketing attribution models, or you've already begun your journey, it’s crucial to reiterate that attribution is exactly that — a journey. It is possible to implement several different models and strategies; it is all about finding the best match at the right time for your company. Not Using Attribution When promotions are not calculated, it won't link advertising channels to a desired outcome — whether it's a buy, demo order, download, or signup. Performance is usually calculated against defined cost for vanity metrics, such as cost per thousand impressions (CPM), click through rate (CTR), and cost per click (CPC). These metrics scratch the surface and do not delve into your target audience's nuances; as a result, you miss opportunities to understand your audience and improve your marketing.

3. Recommended next step: To start attribution, you will need to define your goals, know what data points you are collecting and identify the channels from which you will collect them. Once you have launched a campaign that is tied to a specific goal, you can start tracking which channels are delivering results, gain a basic understanding of how customers move along the purchase path, and determine which Marketing Attribution model is best for your business. Taking the First Step with Last-Click Attribution Last-click allocation assigns 100 per cent of the credit to a customer's last action before taking the requested action. This model will suffice if you're just getting started, though it limits your view of your customer's journey. This model is suitable for limited time promotions, or when two marketing platforms need to be measured and contrasted. A more robust management of Marketing performance which goes beyond clicks will help you gain a better understanding of what is really behind your ROI. Recommended step: Start looking at how different goods and promotions affect the consumer experience, and stop restricting your view to bottom-funnel indicators, such as the last per-purchase contact. Once you've learned more about your digital channels.