Marketing Attribution | marketing attribution analysis 2023 is the identification of user behavior in various marketing channels that contributes to a goal or specific outcome.
Now, more than ever, marketing and sales leaders are making critical considerations about where to allocate resources and how to staff their teams.
Attribution modeling is one of the best tools available to give you clear guidance on what is working and what is not.
Marketing attribution is a way for advertisers to determine how their marketing tactics and subsequent customer interactions contributed to their goals, such as sales and conversions.
What Is Marketing Attribution?
Which channels are most influential in each phase of the sales cycle?
Which content formats are more or less influential in marketing and sales enablement efforts?
Which campaigns generated the most revenue and improved return on investment (ROI).
The most common sequence of online or offline events a prospect was exposed to before becoming a customer.
Why is Marketing Attribution Important?
In an advanced marketing attribution program, the marketing team must aggregate and normalize consumer data for each channel to ensure that each interaction is weighted appropriately. For example, if a consumer contacts a display ad and an email campaign and converts after seeing a special promotion in the email, marketers can recognize that the email played a greater role in driving sales than the display ad.
They can then devote more resources to creating targeted email campaigns. To achieve the level of data granularity needed for effective attribution, marketing teams need an advanced analytics platform that can accurately and efficiently extract big data and convert it into individual-level insights that can be used for optimization within campaigns.
B2B Marketing Attribution
This is another specific form of marketing attribution associated with the B2B sector. Companies in this field sell products and services to other companies and professionals in their industry; whereas B2C attribution is more likely to be associated with small purchases, B2B attribution may be associated with larger purchases from a company, member, or lead.
What are some common marketing attribution models?
Let’s take a closer look at these types of attribution models.
First Touch Attribution
Last Touch Attribution
Multi-source attribution (several types are explained below)
Weighted Multi-source Attribution
There are a variety of approaches to marketing attribution, ranging from basic single-factor models to more sophisticated models that incorporate complex algorithms and logic. However, every attribution approach has its strengths and weaknesses, making it one of the most hotly debated areas of marketing today.
Why Are Attribution Models Important in Marketing?
Attribution modeling is, simply put, a framework for analyzing which touchpoints and marketing channels should be evaluated for conversions.
At the core of marketing attribution is the idea that marketing activities should be carefully tracked and analyzed to understand how different activities contribute to overall success.
Attributing success to specific marketing efforts using a marketing “attribution model” is an important part of this process. This allows marketers to identify which strategies are most effective in driving short- and long-term conversions.
To quote the old saying, if a click is made today but no one converts until three weeks later, who knows what drove that sale?
The answer to that question can vary depending on the type of attribution model used in the client’s campaign. Some attribution models focus on the second half of the sales funnel, while others evaluate earlier marketing channels for conversions.
Marketing attribution models
There are various approaches to marketing attribution, each revolving around different types of analytical models and approaches to weighting the various data points that influence customer behavior.
At a high level, these models can be divided into two categories.
1. 1. single-source models: simpler, focused on identifying the single touch point that has the most influence on conversion.
2. 2. the more complex multi-source model: evaluates the relative influence of multiple touchpoints.
Next, let’s look at the different attribution methods available in these categories.
marketing attribution analysis
Annotations do not provide the statistical value of a marketing evaluation program, but they can help you determine the potential impact of your actions. Annotations allow you to evaluate high and low traffic while tying events and activities together to understand why different potential customers take different actions. Additionally, Google Analytics is arguably the most used marketing platform. Adding automatic annotation of ad campaigns, holidays, and Google updates is critical to understanding peaks and valleys.
What is a touchpoint in marketing attribution?
A touchpoint is an event that moves a user or prospect toward an expected outcome (see Goals and Conversions). Here are the most typical touchpoints measured in a marketing organization.
Digital Touchpoints – measured in impressions and clicks
Paid search, also known as SEM or SEA
Organic search, also known as SEA
Paid Social
Organic Social
Email marketing, also known as EDM
Display advertising
Video Advertising
Direct Traffic
Offline touchpoints – measured using econometric models
Radio
TV
Billboards
Magazines
CRM touchpoints (only where applicable)
Tradeshows and Events
Sales meetings
Webinars
Track offline conversions with attribution
Do you use offline marketing channels such as television or print? These can be difficult to track success. It is also even more difficult to understand how they impact the customer journey.
Additionally, with conversion types like phone calls, it can be difficult to associate new leads with marketing campaigns.
In fact, 62% of marketers using phone calls as a conversion tool say they have difficulty tracking phone calls.
With marketing attribution, offline marketing campaigns can be better measured and revenue can be attributed to those campaigns.
You may also like
free email marketing software | 5 Top Email Marketing Services
New Top 10 Affiliate Marketing Software Platforms to Maximize Sales in 2023
What we want to do next
Add marketing sources such as ad impressions and email
Add acquisition costs, such as average cpc for paid search based on Google’s Click Report and Keyword Performance Report
Add revenue associated with conversions from transactional databases>
Consider different attribution models, such as bathtubs and time decay.
Split attribution by additional dimensions such as device type and campaign information
Consider conversion types or model intent to convert.
The Importance of Call Attribution
Many marketers capture attribution data for online campaigns and touchpoints, but many overlook an important part of the customer journey: inbound calls to their business. Call Attribution allows you to tie inbound calls into your attribution model. The solution allows you to track which marketing channels, campaigns, keywords, and web pages are bringing in calls and how those calls are contributing to conversions.
Where should you start?
This depends on the maturity of your organization and access to data. Many companies start with single-touch attribution. This is the easiest and less complex from a data perspective. More advanced marketing organizations will be moving away from single-touch and trying to improve their capabilities with more sophisticated multi-touch attribution methods.
Multi-touch/Channel Attribution
This model evaluates all channels and touchpoints that a customer interacts with throughout their journey.
This model is used when you want to evenly or weight certain interactions.
There are several variations of the multi-touch model, including time-decaying, linear, U-shaped, W-shaped, and J-shaped.
What Each Digital Marketing Channel Means
Once you have researched your audience and competitors, you need to evaluate all digital channels and consider how they fit into your B2B lead generation strategy.
Here is a brief description of each platform
SEO – This is where you provide answers to your questions.
Paid Media – is a way to increase awareness, nurture and convert.
Media Buying – is a great way to create awareness and consideration.
Outbound Marketing – used for targeted efforts.
Social Media – to build awareness, cultivate audiences, and lead to conversions.
Public Relations (PR) – is a way to gain widespread awareness.
Reporting and Analytics – needed to track actual results, KPIs.
Events and Campaigns – the central core of all other campaigns.
You may also like
marketing attribution models | marketing attribution tool | marketing attribution company | marketing attribution hubspot | marketing attribution analysis | marketing attribution analysis | marketing attribution platform | what is attribution in digital marketing | attribution marketing example .