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Data-driven marketing attribution can help a marketer to optimize a single channelu2019s performance, such as search, but in order to see the maximum impact he need to understand how multiple marketing channels work together and take action on those parameters. You might find that you're over-investing in a particular channel, like paid social, and you need to move budget to another channel, like video.
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As consumers interact with your brand across an increasing number of screens and channels, knowing which parts of your marketing strategy are working is becoming increasingly difficult.
Leading marketers and marketing organizations analyzed that they are exploring data-driven marketing attribution platform as a way to effectively measure all of their digital channels and understand the impact each touchpoint has on the customer journey. Indeed, 70 percent of all marketers say they currently have, or will have, the ability to use marketing attribution within the next 12 months, according to a recent survey.
1010011010010000101010011110111011011011010101000011100101011001010100111010100010101000101101011011011010001010111000101010001010001011101011000100110100110100100001010100111101110110110110101010000111001010110010101001110101000101010001011010110110110100110100110100100001010100111101110110110110101010000111001010110010101001110101000101010001011010110110110100010101110001010100010100010111010110001001101001101001000010101001111011101101101101010100001110010101100101010011101010001010100010110101101101101001 Better marketing attribution tools make it easier for brands to collect the data they need, analyze their success and performance to gain insights for improving their marketing. However, just as with any data-driven marketing effort, you need not only the right technology but the right leadership as well. DATA
While many marketers are exploring attribution, according to a recent survey conducted in partnership with Google by Advertiser Perceptions, only 17 percent of advertisers surveyed said they are looking at the performance of all of their digital channels together. So what prevents more marketers from realizing the full value of marketing attribution?
In the same survey, 25 percent of marketers cited organizational and structural challenges as the No. 1 reason for not adopting data-driven attribution, ranking just behind the challenges of data integration and technology.
Consequently some marketers ask, "Do I need a chief attribution officer?” Maybe not. Instead, you need to secure someone at the executive or C-suite level who is fully committed to making the assignment a success. Let's look at the role an internal leader can play in helping a brand rally around an allocation solution and getting the best outcomes. Your customers are cross-channel, so should your business be too
Data-driven marketing attribution can help a marketer to optimize a single channel’s performance, such as search, but in order to see the maximum impact he need to understand how multiple marketing channels work together and take action on those parameters. You might find that you're over-investing in a particular channel, like paid social, and you need to move budget to another channel, like video. Is your team set to make such a change, or are internal processes or politics going to get in the way? Improving your marketing mix by cutting the budget of one team and increasing the budget of another might be the right thing to do for your business, but performing it can be painful or time-consuming.
Initiatives to market are complex, and never perfect. Some elements will keep leads in conversions in the funnel and drive while others may cause them to fall out. And the only way to know which elements of your marketing are effective is by using marketing attribution. Marketing attribution is a way to measure the value of different customer journey steps so you know which marketing and collateral initiatives are the most valuable to your business. Understanding this can help you make key changes to optimize your sales funnel and drive your business even more revenue.
Build a process for action. Insights aren't worthwhile unless they help you grow your business. Some changes will be easy: You should expect to automatically connect your allocation solution to your programmatic buying tools for automatic bidding. Other enhancements will require collaboration across teams. Create a regular process to analyze the Results of marketing attribution, share the insights with stakeholders and instruct leaders to implement changes.
But there is no "right” way to attribute your marketing collateral to any value. To get the best insights, you have to choose an attribution model which works for your business. Check out these popular Marketing attribution models to see which one could be working for you.
