Modern advertising and marketing experts face new terminologies often. One of the terms they are still trying to understand is marketing attribution. It has been described as the process of giving credit to each touchpoint in a customer’s purchase journey. MA attempts to track all the channels a customer might have used prior to signing up for a free trial.
It assigns value to every touchpoint a customer may have become exposed to before making a purchase. These touchpoints could have been a Google ad, Facebook ad, white paper, an email message or a webinar. Also, they could have come across all these marketing channels and decided to use just one. Rather than undervalue the entire customer’s touchpoints prior to a purchase, MA may recognize all.
Is this process really necessary?
As a marketer, you might want to know if marketing attribution applies to your case. When your business is small and surviving through hardships, you might not see the use for this measurement tool. But as you create more marketing channels, it will be essential to track your customers’ paths to your product or service website. The information you will gather will help you make imperative advertising decisions.
If your current methods aren’t all working effectively, you can do away with the bad ones and improve the tactics that are likely to improve. If you are in the Business-2-Business sector, meaning that you target other businesses, your customers would probably click several channels over the months to eventually find your website. Companies that have been using this strategy have been doing so well. They have grown so fast because of knowing that they were allocating their funds wisely.
Also, they have seen immense success as a result of marketing aggressively using actual performance results. If you also want your marketing campaigns to be successful, you should start tracking your customer’s touchpoints. As a start-up business, you should use the information that is already available online for free to get this right.
The Single-touch approach
Though it is a bit biased, a single-touch attribution is the quickest to execute. If you use marketing automation systems and other entrepreneurial software, this approach is great. You can embed it in these software tools and save time and money. The options you have include: Lead creation, last touch, first touch, stage-based touch and opportunity creation.
This attribution method considers every touchpoint a customer might have faced prior to reaching your product or service page. This approach is not biased at all, as it generates more credible and accurate data about a customer’s touchpoints. The most prevalent multi-touch methods include: weighted attribution, linear, partial-weighted attribution and time-decay.
Any business that is currently using a few marketing channels can try a simple form of attribution. The process of implementing a tracking method is manageable. First, inform and train your marketing team. To come up with your first attribution system, you will require money and your internal marketing staff. As your staffs are new to this too, they require enough training before you can engage them fully. Training will increase their confidence and boost your level of trust. Next, decide on either buying or building your own attribution system.
The marketing attribution field is full of players, including Google Analytics. There are big and small participants, meaning that you can locate one player that could suit your budget. It is wiser to buy first. As you get used to how the system runs, you can attempt to create your own. As you pick among several options, aim to know how each system’s algorithm works and its pricing. Make sure that you start small and acclimatize each day. Track a few channels first, the ones you care about the most. Later on, add some new channels and get a more sophisticated attribution tool.