Put simply, marketing attribution is the analysis of marketing touchpoints that a potential customer encounters in their purchase journey. The purpose of marketing attribution is to find out the messaging, strategies, and channels that contribute the most towards conversions. With the help of attribution, marketing teams can better understand how a potential customer interacts with the brand, where they interact, and when they interact. Based on the information, marketing campaigns can be tweaked to improve ROI.
Attribution models are used to aggregate consumer behaviour and extract insights from buyer-actions. Some of the most popular attribution models are first-touch attribution, multi-touch attribution, time decay, lift studies, and last-touch attribution. Each of these models have their own pros and cons. An attribution model is chosen depending on your marketing goals.
For instance, if your conversion rates are good but you are looking to generate more leads, first-touch attribution model is a good choice. First-touch attribution gives all the credit to the first touchpoint, and hence, all optimization efforts are concentrated there.
Marketers have a lot of options and tools available to measure performance of their campaigns. However, the vast number of choices also leads to confusion, and ultimately, poor attribution.
Despite several tools and models available to analyze strategies, it is important to find out if your attribution data is accurate. Our attribution audits reveal time and time again that marketing attribution data is not accurate, which can silently kill your business. When the data isn’t accurate, you can end up chasing inefficient optimizations in your marketing strategy, which is a drain on your marketing dollars.
As much as marketing attribution tools help you understand your customers better, they aren’t a plug-and-play solution. The marketing landscape is complicated, with paid as well as organic marketing channels involved. In addition, there is more than one way leads are captured – through web forms, landing pages, phone numbers, live chat, bots, surveys, emails, the list goes on.
To make matters even more complicated, there is the case of fragmented customer journeys. For example, a prospect clicks a non-branded Google paid search ad and ends up on your landing page. They see your brand, visit your website within the same browsing session, start a live chat, and end up as a lead in your CRM. Now, the question is, can such a lead and the corresponding sales/revenue be attributed to Google paid search? If so, what about the other touch points? How do you decide what touchpoints get the credit for lead generation and conversions? That’s where attribution auditing comes into the picture.
We map every lead journey from active marketing sources, taking into account all the mediums through which the leads are captured. We also ensure sourcing is preserved through all paths, based on your chosen attribution model. Based on this information, we then prepare a detailed audit of your marketing attribution, listing issues that need to be addressed for better attribution. We also give you recommendations on how to fix these issues, so you can be on the path to better ROI, quickly. In fact, our team can also step in and repair your attribution issues, if needed.
Find out if your attribution data is accurate. Get in touch with us for comprehensive attribution auditing.
Marketing Attribution Audit Diagram